Travel Rewards Refresher 2022 | Lyn Mettler
Episode 393

Episode Title: Travel Rewards Refresher for 2022 with Lynn Mettler

Hosts:

• Brad Barrett
• Lynn Mettler

Episode Summary: A travel rewards refresher highlights the strategy of using smart credit card habits to maximize travel experiences without breaking the bank. Brad Barrett and Lynn Mettler discuss how travel rewards can enable families to enjoy vacations for free or at significantly reduced costs. Key components include the importance of obtaining signup bonuses, the benefits of the Chase Sapphire Preferred card, and the invaluable Southwest Companion Pass, which allows for substantial savings on flights. The episode emphasizes the significance of intentional spending habits and simplifying the travel process through strategic rewards management.

Key Takeaways:

• Maximize Family Travel with Smart Strategies 00:02:08

  • Travel rewards allow families to travel more while working toward financial independence without significant expenses.

• Importance of Signup Bonuses 00:04:45

  • Using smart credit card habits can lead to significant rewards; accepting signup bonuses can amplify the benefits from regular spending.

• Chase Sapphire Preferred Card 00:08:35

  • This card offers great value with a 60,000 points bonus, making it a favorite among travel enthusiasts.

• Utilization of the Southwest Companion Pass 00:14:42

  • The Companion Pass allows one person to fly free when accompanying a paid ticket holder, maximizing savings on travel.

• Current Travel Landscape in 2022 00:23:48

  • Challenges include staffing shortages leading to delays, but flexibility in booking accommodations is essential.

• Rental Car Options 00:41:52

  • Turo as an alternative rental car service offers convenience and flexibility compared to traditional car rental companies.

• Prioritizing Flights Over Accommodations 00:42:21

  • Booking flights first is crucial, especially when utilizing travel rewards for free or discounted trips.

Timestamps:

• 00:00:00 Introduction and context of the episode
• 00:01:34 Introduction to Travel Rewards
• 00:02:08 Understanding how travel rewards work
• 00:04:45 Credit Card Habits & Signup Bonuses
• 00:08:35 Chase Sapphire Preferred card details
• 00:14:42 The importance of the Southwest Companion Pass
• 00:23:48 Discussing the current state of travel in 2022
• 00:41:52 Booking rental cars and accommodation strategies
• 00:49:10 Final thoughts and resources

Actionable Takeaways:

• Explore smart credit card habits to maximize travel rewards.
• Consider acquiring the Chase Sapphire Preferred card to benefit from travel rewards.
• Make use of the flexibility with Southwest when booking flights.
• Use Turo for car rentals to skip long lines and find better deals.

Related Resources:

• Families Fly Free Website
• Chase Sapphire Preferred Review

Key Quotes:

• "Maximize family travel while achieving financial independence with travel rewards." 00:02:08
• "Financial independence is about enhancing life enjoyment, not deprivation." 00:03:33
• "Leverage points with companions for doubled travel value." 00:14:52

Q&A:

• What is travel rewards?

  • Travel rewards allow you to earn points that can be redeemed for travel-related expenses, enabling affordable vacations. 00:02:08

• Why is the Southwest Companion Pass important?

  • It allows one person to fly for free with a paid ticket, maximizing savings significantly. 00:14:42

• How do credit card rewards work?

  • Earn points or cash back for purchases, redeemable for travel or other benefits. 00:04:45

• What should I consider when booking travel accommodations?

  • Look for flexibility and cancellation policies in the uncertain travel environment. 00:42:21

Unlock Your Family's Travel Potential with Smart Rewards Strategies

Traveling with your family doesn't have to break the bank. The key to enjoying affordable vacations lies in mastering travel rewards and the smart use of credit cards. By following some essential strategies, you can create lasting memories without overspending.

Understanding Travel Rewards

Travel rewards are points earned from your credit card spending, which can be exchanged for travel-related expenses, enabling budget travel. This method allows you to continue to travel with your family while working towards financial independence. The right approach to travel rewards can lead to a significant reduction in travel costs, allowing for more family adventures and enjoyable experiences.

Credit Card Habits & Signup Bonuses

To maximize travel rewards, focus on cultivating smart credit card habits. This means:

• Pay off balances on time: Always pay off your credit cards in full every month to avoid interest and debt accumulation.
• Use everyday expenses: Instead of using cash or debit for daily purchases, use your credit card to easily rack up points.
• Take advantage of signup bonuses: Many banks offer substantial signup bonuses on premium travel rewards cards. For instance, it is common to find bonuses ranging from 60,000 to 100,000 points when you reach a spending threshold within the first few months.

Be strategic in your applications; don't open cards just to chase bonuses continuously. Limit yourself to a few well-selected cards that align with your spending and travel goals.

Recommended Credit Cards for Travel Rewards

1. Chase Sapphire Preferred

   • Currently offers a signup bonus of 60,000 Ultimate Rewards points when you spend $4,000 in the first three months.
   • With an annual fee that can be offset by travel credits, this card provides excellent value for travelers.

2. Southwest Airlines Cards

   • These cards help you earn the coveted Southwest Companion Pass, which allows one passenger to fly for free with a paid ticket, maximizing savings significantly.
   • The points system allows for lower redemption thresholds, making it easier to plan affordable trips.

3. Capital One Venture X

   • This card has recently gained popularity for its flexibility and generous rewards structure, including a large welcome bonus and various travel benefits.

Importance of the Southwest Companion Pass

The Southwest Companion Pass is often called the holy grail of travel rewards. It allows a companion to fly for free on Southwest flights, meaning when you book one ticket, you can also bring someone along without additional costs. To earn this pass, focus on acquiring two Southwest credit cards within a specific time frame, aiming for the required qualifying points.

Booking in Today's Travel Landscape

As of 2022, the travel landscape has changed. Due to increased demand and staffing shortages, airfares have surged. To navigate this effectively:

• Be flexible with your travel dates: Booking early morning flights or choosing off-peak periods can help you avoid crowds and potentially enjoy lower prices.
• Use carry-ons only: This minimizes the hassle associated with checked luggage and helps you avoid potential delays in receiving your bags.
• Consider utilizing Turo for car rentals: Turo offers a convenient alternative to traditional car rental companies, often at lower rates and with a better selection of vehicles.

Accommodations: The Importance of Flexibility

When booking accommodations, consider these points:

• Prioritize flexible cancellation policies: Given the unpredictability of travel in 2022, it’s crucial to have accommodations that allow cancellations without significant penalties.
• Explore vacation rentals: These generally provide more space and can be more economical compared to traditional hotels, especially for families.

Additional Resources for Maximizing Savings

Explore platforms like Families Fly Free for tips on how to optimize your travel experiences. They offer webinars, personalized strategies, and downloadable resources tailored specifically for families looking to travel affordably.

Final Thoughts

Implementing these strategies will not only save you money but also enrich your family's travel experiences. By utilizing credit card rewards effectively, understanding the importance of the Southwest Companion Pass, and considering flexible bookings, you can create unforgettable memories without overspending. Start planning your next vacation today and enjoy the journey towards financial independence through smart travel rewards!