Credit Card Rewards Programs/travel-hacking?

[indiana260]

Any of you all use a credit cards reward program for your expenses?

I hadn't, but after adding up my expenses this year (especially w leads) I could have racked up some nice cc rewards (either cash or miles). Of course I only mention this being beneficial if you pay off your card in full each month.

So I googled to see the cards out there that might work and came across the term "travel-hacking". Apparently people spend a lot of time and research on this and change cards up to every few months. Just spoke to someone who took their family of five to Hawaii for free

Regardless, just wanted to see if any of you guys have done this in the past and the results you've see and or card(s) you prefer.

I use Amex Fidelity. It is tied to my investment accounts and I roll
the points into my Roth. Nothing like spending g for retirement

 

[springbokhouston]

American Express is absolutely the way to go. I've had my card since 1992 and paid it off every month. You get one point for every dollar spent and the points never expire. The most important thing is that it teaches you to be careful with your credit card spending out of the gate because you have to pay that sucker off when the statement comes.

I got my wallet stolen in Cambodia a few years back and Amex Platinum had $2000 cash waiting for me at my hotel in an envelope the next morning. They were also more than willing to help with lost passports, ids, plane tickets etc. Expensive but worth the cost if you really use your cards a lot.

 

[dabulls]

I know this is an old thread but I thought I would share the best method to maximize points/free trips.
The key is opening new CC with BIG sign up bonuses. Lead orders are perfect for meeting the required spend. I have about 10 or 11 open accounts with no balance. DO NOT SPEND WHAT YOU CAN NOT AFFORD TO PAY OFF!
First question I always receive is "doesnt that make your credit score go to hell?" Each new account may drop a few points initially but within a few months of paying off the card it makes for an even stronger score. For reference I have a 790 Fico.

Now the important part. From mainly buying leads and gas in this business over about 2 years I have racked up about $14,000 worth of points (valuation of about .02 a point). My wife and I have already been to Hawaii, flew first class both ways and stayed in Maui and Kauai at Hyatt locations all on points. Last year we went to Cancun at the Hyatt Zilara (all inclusive amazing food and alcohol) all on points, which was my favorite. We also use points all of the time to go to close vacations i.e. Nashville, Savannah, and Charleston.

Anyways if people are interested there are guides for getting started.

 

[Agentguy5]

Yep, we're going to Punta Cana next month and staying in a 5 Star resort... all on reward miles. Total cost is under $400 for the week.

 

[HoosierLife]

This is good. I have done something similar for the past few years. I would open a new CC every year just for the bonus points.

My credit was ok a few years back (680). But my name was on nothing, not the house or cars. All in my wife's name cause her credit was higher.

Only thing I've done is have these cards and paid off $40-$60,000 a year in a timely fashion.

Went to go get a new vehicle a month or so back and my car credit score was in the mid 800s.

So this method will def help your credit score.

 

[dabulls]

Yep, we're going to Punta Cana next month and staying in a 5 Star resort... all on reward miles. Total cost is under $400 for the week.

Nice Doug. Is that just from the one I told you to sign up for?

 

[Agentguy5]

Nice Doug. Is that just from the one I told you to sign up for?

Yes sir, it certainly is. Here's the crazy thing. We still have enough miles to do a vacation in Europe or Hawai.

 

[dabulls]

Yes sir, it certainly is. Here's the crazy thing. We still have enough miles to do a vacation in Europe or Hawai.

That is crazy! The other half of the hobby is getting the most value per point. Well done

 

[senior-advisor-indiana]

I usually just cash my points out because the cost of flights and everything else is ridiculously priced. What card are you guys using that offers decent prices on flights and hotels? Chase definitely sucks in that department...

 

[dabulls]

I usually just cash my points out because the cost of flights and everything else is ridiculously priced. What card are you guys using that offers decent prices on flights and hotels? Chase definitely sucks in that department...

The key is not to use the chase or amex points to book flights directly, instead transfer them to the airlines and point them with the airline points
An example first class round trip for my wife and I was 110,000 points. Had we paid cash it wouldve been about $7,000 if I recall correctly.

Cashing in points from Chase does not give you a good return, AMEX is far worse even.

If you don't want to travel then cashing them in could make sense, you just lose a lot of potential value.

If anyone wants to be pointing in the right direction shoot me a pm. Disclaimer: it does get a bit addicting lol