Anyone that runs a business has costs. Some more than others, but regardless, they exist.
Typically speaking, we pay our bills as we get them. We'll use direct transfer, or we'll pay by credit card knowing that we have 30, 60 or 90 days to pay the balance. What many of us DO NOT do well is use these everyday expenses to our advantage.
Most of us are familiar with 'Flyer Points' or 'Reward Points', however it would probably be fair to say that most of us also don't really give them much attention.
Occasionally, we'll look at our balance to see if we can score a free trip anywhere, or if we can use our points to upgrade our toaster, but what you'll learn in this podcast is how you can redirect some of your spendings in a SMART way so that we're earning maximum points and using them to achieve our travel goals.
Some of the key things that I learned in this podcast include:
- Choosing your credit card is the LAST step in the process
- Domestic flights chew your points up
- Credit card points don't always match reward points 1 for 1
- Upgrading using points is not ALWAYS the best option
- Use different cards for different transactions
- Never pay more than 2% on a credit card transaction
- Rewards ONLY work if you never pay interest
Here are the podcast highlights. There is so much gold in this podcast, I could have timestamped every sentence, but you get the idea.
- 00:28 - Mark's question about credit card points
- 04:03 - Being in control
- 05:53 - Reward systems only work if you don't pay interest
- 07:09 - Setting up a direct debit means a ZERO balance every month
- 11:34 - Credit cards help you create great business relationships
- 15:30 - Getting 4 to 5 times better value using points
- 19:22 - Airlines make all their money off suckers that pay full price for business and first class
- 23:56 - A points framework
- 27:32 - Upgrading doesn't guarantee your seat, but booking does.
- 28:45 - American Express vs Visa and Mastercard
- 30:58 - The best 'points airlines' to fly domestic and international
- 37:20 - Using the benefits beyond the points
- 40:00 - bank points are not airline points
- 42:33 - Steve's 'Points App'
Enjoy the podcast and reap the 'rewards'
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