Happy New Year, traveler! We hope you’ve got big plans to see the world in 2016, because we’re ready and excited to help make sure you’ve got the right points-earning credit cards to get you to where you want to go.
Because a new year is a natural time to hit reset on both your finances and travel goals, we’ve put together a simple checklist of things you should do right now to make sure your wallet is ready. Ready, set, go!
5 Things to Do Right Now to Get Your Wallet Ready to Earn Maximum Points & Miles in 2016
1.Check Your FICO Score
Start the new year knowing what’s on your credit report. You can get your credit score at myfico.com for a fee, or sign up to get it for free from a variety of different credit cards. If your score is lower than you think, it may be a good time to learn how your FICO score is calculated, and make some goals to increase it.
2.Inventory the Credit Cards You Have
Make a list of all your active credit cards, or update whatever credit card tracking system you’ve already got in place. Taking inventory at the beginning of the year keeps you ahead of the game and helps prevent costly errors in the months to come (like forgetting an annual fee is coming due on a card you no longer use). Important data points to track are anniversary dates, annual fees, and available bonuses. If there are cards you think you may want to cancel this year, make a note of them and set reminders in your calendar a week or two before the anniversary date.
3.Decide Which Bonuses You Want to Target This Year
A number of credit cards for travel offer bonuses when you reach a certain spending threshold in a calendar year. The Starwood Preferred Guest Business Card from our partner American Express, for example, grants you automatic SPG Gold Status when you reach an annual spend of $30,000 or the Citi Executive AAdvantage MasterCard that gives you 10k American Airlines qualifying miles for a $40,000 annual spend. Review the cards you have on your inventory and determine if there are bonuses you want to try to hit.
4.Determine Your Primary Spending Card(s)
Think about where you want to travel this year, what points and miles you need to get you there, and what big expenses you may have in 2016. Make a plan for how you can most strategically use your cards.
Will you put all your spending on the mighty Chase Sapphire Preferred card and earn as many flexible Ultimate Rewards points as possible? Or will you use your Chase Sapphire Preferred for all dining and travel expenses, and focus all your miscellaneous 1x spending on a card on a different card until you reach an annual spending threshold?
There isn’t a “best” one-size-fits-all strategy in choosing this, but we guarantee that it is worth taking a few minutes early in the year to figure out what plan will work for you. When it comes time to redeeming your points for travel, you’ll be glad you thought ahead
5.Stay on Top of the Best Card Offers
There’s a good chance that in addition to wisely using the cards you’ve already got in your wallet, you’ll want to add a new card or two in 2016 when the banks release a new bonus or special Limited Time Offer. Make sure you are subscribed to Cards For Travel updates to get all the latest and greatest offers directly into your inbox.
Happy New Year & Happy Travels!
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