HOW TO GET A TRAVEL CREDIT CARD

Credit cards are omnipresent in modern day society. People use them to pay for everything from cars to groceries to sticks of gum. The US is a credit card loving country and you’ve probably seen all the ads for bonuses if you sign up with this or that credit card be advertised by some celebrity. With so many cards to choose from, it’s hard to know which one is actually good for travel and which one is total BS.

Travel credit cards offer a great opportunity to earn free points that can be redeemed for airfares, hotels or cold hard cash. In the race to get customers, credit card issuing companies partner with various travel brands (or just simply offer their own card) that entice consumers with sign up bonuses, loyalty points, special discounts, and more. Their desire to get you, the consumer, is really your gain. By milking the system, you can get tons of free air tickets, hotel rooms, vacations, and even cash back.

I’ve accumulated close to one million points through sign-up bonuses alone. I use so many points each year; it would take an entire book to just list them off to you. I am cash poor, miles rich man!

All those points and miles have allowed me to travel the world on the cheap. And they can do that for you too, which is why signing up for a travel credit card is so important. It’s your gateway to free travel.

So how do you pick the right travel related credit card?

There is no perfect travel card – they all offer different benefits that fit different people. I use an AMEX card for booking flights (3x per dollar spent), Chase Sapphire for my everyday spending (and sometimes a Starwood card), and a different card for my business! But I have friends who only want cash back and others who only want United miles. So first know there is no one perfect card – there is only the perfect card for YOU!

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I look for cards that offer the following (Note: This advice works for Canadians too!):

A huge sign-up bonus — A big sign-up bonus (after you meet the minimum spending requirement) is what jump-starts your mileage account and gets you close to a free flight (sometimes these bonuses even get you a few free flights!). Don’t sign up for a card unless it offers a high sign-up bonus.

Bonuses work like this: in order to get the large bonuses, you must make either a single purchase or meet a minimum spending threshold in a certain time frame. After that, depending on the card, you can earn 1-5x points per dollar spent.

For example, the Alaska Airlines card comes with a 25,000 mile bonus. To get that, you just need be approved for the card (and pay the $75 USD annual fee).

You can get 50,000 points with the Citi Prestige card when you spend $3,000 USD in the first three months.

On the other hand, the Starwood Preferred Guest American Express gives you 25,000 points after you spend $3,000 USD in the first 3 months.

Typical card bonuses range between 25,000 to 50,000 points, though sometimes they can be as high as 100,000. That’s why cards are so great—you get an instant balance of thousands of points for very little work.

Added category spending bonus — Most credit cards offer one point for every dollar spent. However, the good credit cards will give you extra points when you shop at specific retailers, or, if it is a branded credit card, with a particular brand. This will help you earn points much more quickly. I don’t want one dollar to equal just one point. I want the ability to get two or three points every time I spend a dollar. For example, with the Chase Sapphire Preferred card you get 2x points for travel and dining at restaurants, the Chase Ink gives you 5x points for office spending, and the American Express Premier Rewards Gold card 3x points on airfare. I try to get and use cards in my day-to-day spending that give me more than just one mile per dollar spent.

Low spending minimum — Unfortunately, in order to get the great bonuses these cards offer, there is usually a required spending minimum. While there are ways to fake your spending, it’s best to be able to get the bonus using normal day-to-day spending. I typically sign up for cards with a minimum spending requirement of $1,000–3,000 USD in a three- to six-month period. My favorite spending minimums are the offers that require you to make one purchase in order to unlock the bonus!

While you shouldn’t necessarily avoid high-minimum spending cards as they have substantial rewards, it’s a good idea to start small because you don’t want to get stuck with so many cards that you can’t meet the minimum spends. Once you get the card, you can’t reapply for the card, so don’t go overboard and miss out on the sign-up bonus.

That’s why having a goal and starting small is important with credit cards. You don’t want to dive into the deep end before you’re ready because one mistake in this game can leave you stuck with spending requirements you can’t meet (and bonus points you can’t earn)!

It’s easy to go crazy and sign up for 10 cards in a short amount of time. But then to get the bonus points, you might find yourself stuck with having to spend $10,000-30,000 USD in a very short period of time. That’s a lot of pressure.

Managing your ability to meet the minimum spending requirements is key because if you are spending more money than you usually do just to get these points, the points are no longer free. Only spend what you normally would and not a penny more.

If you’re looking for ways to meet your minimum spending requirements to “fake” your spending, there are plenty of creative ways to become a travel hacker.

Have special perks – All of these travel credit cards offer great perks. Many will give you special elite loyalty status or other extra perks. I want cards without foreign transaction fees, free checked baggage, priority boarding, free nights, and much more. It’s not just about just getting miles; it’s about what else comes with the card that makes my life easier!

Annual fees – No one likes paying annual fees for credit cards. Many of the fees for company branded credit cards range from $50-$95 per year. I pay an annual fee. For those who travel a lot and fly a lot, I think it is worth it to get a card with a fee. Fee-based cards tend to give you a better rewards scheme, where you can accumulate points faster, get better access to services and special offers, and get better travel protection. With these cards, I have saved more money on travel than I have spent on fees.

Foreign transaction fees

The majority of credit cards charge a 3% fee when you use them overseas. Credit cards are great to use because you get a good exchange rate from them but if you are paying a fee every time you use the card, then it doesn’t become as good. The simplest card for avoiding foreign fees is the Capital One Venture Card. There is no yearly fee but there’s also no rewards structure (OK, there is but it sucks. Here’s why). This card is for people who want simplicity and don’t care about points (though that’s just crazy talk). However, if you decide you want points and see the value in the yearly fee (which is usually pretty low. See above), the best cards for avoiding overseas fees are the Chase Sapphire Preferred, Starwood American Express, any airline branded card, Barclay’s Arrival Plus, or Chase Ink. They are way better than the Capital One card but everyone’s spending needs are different, right?!

Will This Hurt My Credit?

While it’s true that “churning and burning” i.e. opening an closing a lot of credit cards at once can hurt your credit, applying for a few credit cards over a period of time won’t kill your credit score. Your credit score will slightly dip every time there is an inquiry into whether that is a credit card or home loan or car loan. It’s how the system is set up. But so long as you space out your applications and maintain good credit, you won’t find any long term damages to your credit. Your credit rating rises over time as long as you maintain it, you aren’t going to have a bank officer tell you years from now “sorry, because you cancelled three credit cards in 2012, your loan is denied.” I once cancelled 4 credit cards in one day and the impact on my score? Nothing.

What If You Have Poor Credit?

Many travel rewards cards are only available to those with a high credit score, and if you have a low score (650 or less), you may find yourself being declined often and limited in your options.

There’s no magic bullet to suddenly fixing your credit score. If you have a low credit score, you need build it up. There are ways to do that and point-earning cards that can get you there.

First, here are five ways to improve your credit:

1. Go to AnnualCreditReport.com and get a free copy of your credit report. This site lets you know what your credit score is so you can see what areas you need to work on.
2. Dispute any incorrect information on your credit report with the credit reporting agencies—Experian, Equifax, and Transunion. Don’t let mistakes bring you down.
3. Get a secured credit card. These cards require you to put down a cash deposit, think of it like a pre-paid credit card (or a credit-card-in-training). If you decide to put $500 USD in your secured credit card, you can use up to $500 USD each month and then pay it off. Spending and paying off your balance in full each month is a good way to build up your trustworthiness. A good secured card will have automatic reporting to the three major credit bureaus. This will help you build good credit history and increase your score. For example, HSBC offers a secured Visa card with a $0 annual fee for the first year and $200 USD minimum deposit. Check with your local bank or any credit card issue to see what they offer and get it. Overtime, you can raise the limit and this will raise your score allowing you to move to a regular credit card.
4. Become an additional cardholder (authorized user) on the card of someone else with good credit—you will inherit their score. It’s like they’re vouching for you. This can instantly improve your score. Warning: Your missed payments will also appear on their account, so don’t add someone or have someone add you if they aren’t on top of their finances. This works both ways
5. Pay all current bills on time and don’t get into more debt (and move your current debt to low- or zero-interest cards. I love the Discover and Chase Slate cards for this.

Credit scores improve over time but they don’t take forever….and you don’t need to be debt free to make it happen. A few smart months of money management and you’ll see your score rise.

For those with low or no credit, Capital One, Barclays, and Discover all offer cards for people with little or bad credit. Moreover, ask your local credit union (or call one of the banks above) if they have any prepaid cards you can get, call up the major banks or walk into a branch and ask the teller. All financial institutions have products for people with poor credit. Get them and constantly work at it. If you’re passive, it won’t improve, but if you push the banks and prove you’re not a risk, you’ll soon be getting the good cards that can get you the good bonuses!

You may not get the best deals or cards right away, but you will eventually. It just takes time.

Which Credit Card Should You Get?

With so many credit cards to choose from, which ones do you pick? Well, the short answer is: all of them. Grab as many as you can. Why put a limit on how many points you can get?

But that being said, when you are just beginning to learn this stuff, you should start off with the following question:

What is Your Goal?

Are you interested in loyalty to a brand, free rewards, or avoiding fees? Do you want to milk the rewards and bonus system to get free flights or do you just want a card that won’t charge you a fee for using it at that restaurant in Brazil? Is elite status the most important perk for you?

For example, if you’re a loyal flier with American Airlines, the best cards to start off with would be the Citi American AAdvantage card (50,000 point sign-up bonus) and the Starwood American Express card (25,000 sign-up bonus plus 20% transfer bonus that you can use with your AA account).

If you just want points to spend wherever you choose, get the Chase or American Express cards because you can use their points with a variety of travel companies (I will discuss this more when I talk about point systems and redemption in later chapters). They each have their own rewards programs (Chase Ultimate Rewards and American Express Membership Rewards), and points can be transferred to multiple airline or hotel partners and used to book travel directly through their sites.

Just want free hotel rooms? Sign up for hotel cards.

By first focusing on what you want, you can maximize your short-term goals and get the hang of travel hacking. For example, I tend to avoid hotel cards since I rarely stay in hotels. I dislike Hilton and Marriott and would rather focus on getting points related to Starwood (I prefer their hotels) or miles for flying. So unless there is an excellent sign-up bonus for a certain card, I concentrate my efforts on what matters most to me: using cards that get me airline miles or that have good transfer bonuses to airline programs.

There is always a card that will help you get there but without starting with a goal, you’ll be too spread out. When you start using travel rewards credit cards, focus on the couple that help you reach your goal and then expand from there. This keeps way you’ll never run out of cards and always flush in frequent flier points and traveling for free. When you start out, you don’t want to spread yourself thin, especially if you’re a low spender. Stick with a couple of cards that help you reach your travel goals.

MY FAVORITE CREDIT CARDS (BESIDES BRANDED AIRLINES ONES)

• Starwood Card from American Express (This is my favorite rewards card)
• Chase Sapphire Preferred (My second favorite card)
• American Express Premier Rewards Gold Card (3x points on flights)
• Chase Ink Bold (Best business card)
• Citi Prestige/Premier (Great perks and transfer partners)
• Barclaycard Arrival Plus World MasterCard

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22 WAYS TO SAVE MONEY FOR TRAVEL

Vietnam travels glad to share with you experiences in saving money, from the very small thing like: rent/mortgage, car payment, cell phone, insurance, room mate, coupn.... And it sure will userfull for you

This article in  Vietnam travel tips

Then write down all your discretionary spending. This is what you spend on food, movie nights, drinks, shopping, that daily coffee from Starbucks, cigarettes, sports tickets, your daily midday snack, and other similar things. If you don’t know what you spend money on, go track your expenses for a two-week period, see what you spend, and come back.

Add that all up — what did you get? Probably a large sum of money. And I bet there will be many expenses you didn’t realize were there. Financial experts call these “phantom expenses” — we never know they are there because the expenses are so small. People bleed money without realizing it. A dollar here and a dollar there adds up. Even a daily bottle of water or candy bar can make a substantial difference over the course of a year.

What does this have to do with travel? One of the main reasons why you think you can’t travel the world is money. “I can’t afford it,” people say to me, “I have too many expenses.” Most of us certainly have expenses we can’t cut (though remember when you travel the world, all those expenses disappear), but if we cut our phantom expenses, reduce our set costs, and find other ways to save we can build our travel fund much more quickly.

No matter how cheap we want to be, travel requires some money. There’s no way to avoid that, so in order to save for our trips, we need to cut our expenses. Here are some simple and creative ways to cut your expenses, make money, and get on the road sooner:

Cut the coffee – Love your Starbucks? Well, Starbucks loves your money. Coffee is a daily expense that quietly drains your bank account without you ever noticing. That daily $5 coffee costs you $150 per month. At $1,800 per year, that’s two months in Southeast Asia. What’s more important: your daily cup of Joe or spending more time on the beaches of Thailand or exploring the jungles of Borneo? Give up the coffee, switch from cappuccino to a standard brew, start drinking tea, or brew your own cup.

This is an easy, low-hanging-fruit expense that can yield big savings right away.

Learn to cook – We all need to eat, but restaurants are getting quite expensive these days. I have increasing sticker shock every time I go out to eat. You want how much for pasta?! To keep your food bill low, cook more often. I learned to cook while in college (a skill that has helped me ever since) and before I left for my first trip, I cut down my eating out to two times per week. Every other meal I cooked myself. I would save the leftovers from dinner for lunch the next day, thus saving more money. You don’t need to be a whiz in the kitchen, either. There are a million and one cooking sites that will teach you how to cook fast and healthy meals — perfect for people without much time.

LEARN MORE: HOW TO EAT CHEAP AND SAVE MONEY ON FOOD

Lose the car – Cars are crazy expensive to own, between insurance, repairs, loan payments, and filling your tank with gas (current average price of gas: $3 USD per gallon). Get rid of your car if you can. Learn to love the bus, take the subway, bike, or walk. It took longer to get to work using public transportation, but I found that I didn’t really need a car as much as I thought. I understand that this tip may not be feasible for everyone, especially those in smaller towns that don’t have an extensive public transportation system, but an alternative is to sell your car and buy a cheaper used one, which you will only need until you leave for your trip. Buying a throwaway car will allow you to pocket the money from your more expensive car and put it toward your travels.

Find a roommate – You’ll see a huge gain in your savings by lowering your housing costs. Downsize your apartment or bring in some roommates. If you can, try to move in with Mom and Dad. Six months before I went abroad, I moved in with my parents. I didn’t love being 25 and living with my parents, but I saved over $3,000 in rent as a result. If this is not an option for you, bring in a roommate. Turn that living room into a spare room if necessary. In NYC, people turn living rooms into bedrooms and studio apartments into two bedrooms by putting a folding screen in the middle of the room. It’s not the most ideal living situation, but it does save money.

Get rid of cable – In the age of Hulu and free (and legal) streaming TV, there’s no reason for you to be spending $50 per month on cable television. Get rid of it and just watch everything online for free.

Ditch your landline – I honestly only know about 10 people these days who have anything other than a mobile phone. You don’t need both a mobile phone and a landline. Ditch your phone line and avoid doubling your phone expenses.

Downgrade your phone – Having an iPhone costs about $83 per month (unless you have T-Mobile, which I switched to from Verizon because it’s the best carrier for US frequent travelers). While smartphones are handy devices, getting a cheap phone without any fancy apps will cut your monthly phone bill in half. You might get bored on the train not being able to read the news, but saving an extra $500 a year will allow you to spend a few more weeks in Europe, buy fancier meals, or learn to scuba dive in Fiji.

Get a new credit card – A travel credit card can give you free money, free rooms, or free flights. After accruing miles and rewards points with your card on everyday purchases, you can redeem them for free travel on your trip. Travel credit cards are a big weapon in a budget traveler’s arsenal. You’ll even earn huge sign-up bonuses when you get a new card. When used properly, these cards generate free money. Start early. As soon as you decide to travel the world, get a travel-related credit card and begin earning points on your daily purchases. Here is my guide on how to pick a good travel credit card.

Open an online savings account – While saving, you can have your money grow a little bit more by putting it in a high-yield online savings account. I’ve done this since the time when I was preparing to go away on my first trip and I netted a few extra hundred dollars. Interest rates are pretty low these days but you can still get 1-2%. Good online US banks include:

Discover Bank, interest rate: 1%, no fees, $2,500 USD opening deposit

Virtual Bank, interest rate: 1%, no fees or monthly minimums, $100 USD opening deposit

Canadian? Check out this website.

British? Check out this website.

Australia? Visit this one.

Kiwi? This one is for you!

Get a Charles Schwab account – Charles Schwab bank refunds all your ATM fees and has no account fees. With this card, you’ll never pay an ATM fee again. For more on saving money when you bank, read this article.

Sign up for travel newsletters – No one likes to clutter up their inbox, but by signing up for mailing lists from airlines and travel companies, you’ll be able to get updates about all the last-minute sales or special deals happening. I would have missed out on a round-trip ticket to Japan for $700 USD (normally $1,500) if it wasn’t for the American Airlines mailing list.

In addition to signing up for airline and travel site mailing lists (check out the resource page for my favorites), I have a weekly mailing list where I find the best travel deals of the week and send them to you. I do the work of looking for deals for you.

Build a network on Couchsurfing – Building a network on Couchsurfing can help you make friends with locals and get free accommodation when you do travel. But if you have never used it before, you might not get many responses. After all, someone who hasn’t been vouched for and has no reviews isn’t an appealing candidate. Before you go away, sign up for Couchsurfing, find a local meetup (there should always be at least one in your area), and attend. You’ll make friends, be added to people’s profiles and vouched for, and have a network you can utilize when it is time to actually go away.

LEARN MORE: FIND OUT MORE WAYS TO SAVE MONEY ON ACCOMMODATION

Replace your light bulbs – Seriously! Electricity costs money and since every penny counts, using energy-efficient light bulbs will cut down on your utility bills. Fluorescent light bulbs now cost as little as $2.50 USD for a pack of two, and replacing just five bulbs can cut $75 per year off your electric bill. Plus, due to energy efficiency initiatives in certain states, many electric companies will give you a rebate if you buy fluorescent bulbs! (Be sure to check out which rebates your local energy company offers…no matter where you live in the world!).

Going green can save you green!

Buy second-hand – Why pay full price when you can pay half? Use websites like Amazon (discounted books and electronics), wholesale websites, and clearance sales to buy at discount.

Cut coupons – The Entertainment Book, grocery coupons, Groupon, and loyalty cards all reduce the price you pay at the register. Clipping coupons might make you feel like an 80-year-old grandmother, but the goal here is to be frugal and save money, and coupons definitely help with that.

Sell your stuff – Before I went overseas, I looked around my apartment and saw just a lot of stuff I had no need for anymore: TVs, couches, tables, stereo equipment. Instead of keeping it in storage (which costs money), I decided to just get rid of everything. I sold it all and used the money to travel. After all, I’m not going to need my couch while eating pasta in Rome! Sites like Craigslist, Amazon, and Gumtree are excellent places to sell your unneeded consumer goods.

Skip the movies – I don’t know about you, but I find movies ridiculously expensive. It can cost up to $15 for a ticket, and that much again for the popcorn and soda. Cut out the movies or rent them online via Netflix ($7.99 per month) or iTunes ($1.99). Whatever you do, cutting out trips to the movies will save you a bundle.

Stop drinking – Alcohol is expensive. Cutting down the amount you drink is going to have a big impact on your budget. While this might not apply to everyone, those of you who are carefree might go out with your friends on the weekend. Drink before you go out to the bar or simply don’t drink at all. Cutting down the amount of alcohol you consume is considered low-hanging fruit — an easy way to save money.

Quit smoking – Smoking kills not only you, but also your wallet. A $10 pack per day amounts to $3,650 per year. Even half that amount would still yield enough money for close to two months in Central America. If you don’t want to stop smoking for your health, do it for your trip.

Stop snacking – A snack here and there not only adds calories to your waistline but also empties your wallet — another example of phantom expenses. We don’t think much of them because they cost so little, but they add up over time and eat into our savings. Eat fuller meals during lunch and dinner and avoid the snacks.

Earn extra money on the side – The sharing economy has made it really easy to earn extra money on the side. You can rent your spare room out on Airbnb, drive with Lyft, cook dinner on EatWith, or lead personalized tours through Vayable. No matter what skill or unused asset you have, there is a moneymaking service for you. Use these websites to boost your trip savings and travel cheaper. Here is a full list of sharing economy websites you can use to earn some extra cash on the site.

Buy a metal water bottle – Plastic water bottles are not only harmful to the environment, they are also harmful to your wallet. One or two water bottles a day at $1 per bottle will add up to at least $30 a month. That’s $360 a year! You can spend a week in France with that much money! Instead of plastic, buy a metal water bottle and fill it with tap water.

Cutting your daily expenses, being more frugal, and downgrading to a simpler way of living will allow you to save money for your trip around the world without having to find extra sources of income. I know these tips work because I used them before my first round-the-world trip (and still use them to keep my living expenses low). These tips alone will help save you thousands of dollars that will suddenly make your dream trip seem less like a dream and more like a reality.

Tham khảo gói Vietnam Custom Tours của MERCURYTRAVEL.

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