Every client I have ever had always thanks me for this one piece of advice.
Pay for EVERYTHING with a credit card that gives you miles/points whenever possible. Both my budget conscious as well as my high-end luxury clients love this approach. If you are going to spend the money to plan a wedding or a significant event why not get something valuable back in return. You could have the potential to score enough points for a free honeymoon or at the very least a free coach plane tkt to your next vacation destination.
Already have a card that gives you valuable points or miles? Then make sure your spending power is available on your credit line. Pay down/off your outstanding card balances and free up some space to get more points.
Don’t have a miles or points based card yet? Get one if it’s financially feasible. Go on line and look at credit cards that offer high sign up bonuses. There are airline, hotel and membership points cards available. Figure out which one appeals to you and go for it.
If that’s not an option then try to find a close family member who has one of these cards and is willing to put you on as an authorized signer. You can build up your points balance there for future use. Of course you would want to do this with someone you trust who has agreed to allow you access to the points you have accumulated. No arguing over points please.
I’ve had clients adopt this strategy and paid for all or part of a future vacation/honeymoon with points or miles. I personally have gone to many exotic locations like Tahiti on miles. They are also great for short-haul flights. Miami to the Caribbean on miles? Yaassss.
Things to keep in mind.
If you have a major financial obligation in your near future like a mortgage then definitely consider how a new credit card application could impact those goals. Talk to a financial advisor for guidance.
Make sure you are able to pay down your balances as soon as possible. You don’t want to be saddled with high credit card debt long after your vacation is over.
If you are each able to apply and can responsibly manage your cards and payments then you should each apply for a high bonus card so you can achieve your points balance goals. Double your points and head to that exotic locale even sooner.
Now be prepared for friend and family envy (or as my people say….”red eye”). With more trips or hotel stays in your future some may wonder if you hit the lottery and didn’t share the news.
Enjoy your points and happy “Wow Tripping”
For information purposes only.
This should not be deemed in anyway as financial advice.
Any action you take upon the information in this blog post is strictly at your own risk.We will not be responsible or liable for any losses and/or damages in connection with the use of this blog post information.