The most efficient way to accumulate and use credit card points
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Just $11 for roundtrip airfare from New York to Nashville? Now that I could get used to. Thanks to 20,000 miles’ worth of travel rewards points, I felt like I had scored a major wallet win—but my head wasn’t in the clouds for long. Soon after, I read about Alex and Erin Miller, a couple who maximized rewards to take a 24-day, round-the-world trip valued at $55,000 for just $2,173 and 311,000 miles.
Relying on perks from airline accounts alone is leaving a lot of travel opportunities on the table—and not just the tray table. With a rewards credit card, my everyday spending on groceries and dining could earn me double points—even more valuable than ones earned in the sky.
Only 1% of Alex’s points have come from flights. As he puts it, “You do not need to fly to earn points. … Over the course of a year, people may spend three to four grand a month on living, and you get extra points for doing those things.” Check out his tips for the best ways to accumulate and redeem credit card bonuses.
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ONE CHART ANSWER
Banks may restrict accounts by age, but it’s never too early to make your own money, save and plan for financial freedom. Kids are starting young, with more than half of U.S. teenagers possessing a bank account. Even though the law requires those be joint or custodial until age 18, the early years are a great time to begin earning interest and figuring out how to manage a charge card. Capital One’s online-only teen checking account offers young ones (and not their parents) a no-fee debit card with a 0.25% annual interest rate to boot. On top of that, it automatically converts into an adult account when the minor ages out.
Not sure what happens if you default on your loans, if your boss can make you attend off-site training or if you can afford that vacation abroad? Send your questions to askbankable@forbes.com. We’ll publish articles to answer as many as we can. We won’t print your name, but details could reveal you, so be thoughtful.