1. Wait for Elevated Sign Up Bonuses (SUBs)
When you can, wait to apply for a new credit card when the SUB is elevated
For example:
Capital One Venture X has a regular SUB of 75k miles
However, an elevated SUB was available at 100k miles in 2022 (photo credit: Offer Optimist)
We took advantage of this when the offer was at 100k: @dang_familyfi
Elevated SUBs are unpredictable, but there will always be elevated SUBs that pop up throughout the year - IMO - they are worth the wait!
Here's a great site to reference historical elevated SUBs for various credit cards: https://www.offeroptimist.com/
2. Refer A Friend (Player 1/Player 2)
Work with a partner or friend as your P2
Once you (P1) opens a credit card you will then refer your partner/friend (P2)
For example:
Instead of both my husband and I signing up for the Capital One Venture X at the same time, I signed up first (P1), waited to get my card, then provided my referral link to my husband (P2) which gave us an additional 25k bonus miles
3. Sign Up for Business Cards
For those who may have reached the 5/24 rule (where a bank may not approve you if you've opened five or more personal credit card accounts from any issuer in the last 24 months), then business cards are the next move.
Adding business cards is an important strategy when collecting points. Business card SUBs are lucrative if you are able to meet the minimum spend, which are typically higher than personal cards.
The ultimate benefit to opening a business credit card is that it does not show up on your personal credit report and won't affect your credit score.
4. Luck Out on Transfer Bonuses
You pretty much hit the jackpot when you can take advantage of transfer bonuses
Transfer bonuses are discounts given when you move your credit card points to a partner airline or hotel
A transfer bonus that seems to occur yearly are point transfers to Air France
Example of a 25% transfer bonus from Amex to Air France:
Price of ticket on Air France = 60,000 points
With transfer bonus, you would only need to transfer 48,000 Amex reward points!
Unfortunately, transfer bonuses are unpredictable and the general rule is to only transfer points to airlines or hotel partners if you are certain you will be redeeming them ASAP!
5. Don't Hoard Points
Points and miles should not be hoarded as they tend to devalue...
However, I will admit that I always hoard enough points to help me purchase travel for the next year. Therefore, credit card bonuses that I receive in 2024, won't be used until travel in 2026.
Why? Because it will be too late for you to book with points when you finally find a flight you want. By the time you apply for a credit card, meet minimum spend and then get the points, that award flight may be gone!
Lastly, and this is where personal finance meets points and miles -
DO NOT open credit cards for the SUB if you cannot meet the minimum spend
DO NOT open credit cards for the SUB if you cannot pay your balance in FULL each month
DO NOT open credit cards for the SUB if you cannot pay for the annual fee for the first year (your points will be revoked and you may get denied for future cards)
Have fun and enjoy the process!
We have been in the points and miles business for about eight years and have redeemed over $200,000 in travel using points and miles (but have also paid around $20k in fees and surcharges)!
If you can be financially responsible with managing multiple credit cards, while acquiring the skills with finding optimal travel redemptions, you too can be rewarded with luxury travel at the fraction of the cost - cheers!
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