perks

The Financial Perks of Being in Your 20s

Tim Lemke — Wed, 03 Jan 2018 10:00:07 +0000

Being young is supposed to be awful these days. Jobs for new graduates pay a pittance, the cost of housing is high, and you are drowning in a vast ocean of student loan debt. With such daunting financial challenges on your plate, how are young people ever supposed to get ahead?

Cheer up! Despite all the negative news, things aren't so bad for people in their 20s. You've got flexibility, perks, and time on your side. Here's why being young isn't so bad from a financial standpoint. (See also: The 6 Biggest Financial Decisions in Your 20s)

Your expenses are low

While it's true that young people may be saddled with student loans, and the cost of housing may be high in places where they are seeking work, people in their 20s can generally afford to get by without big budgets. You are less likely to have children at this stage of your life, which means a smaller food budget and no expenses related to child care or schooling. You can be comfortable in a smaller living space, perhaps with roommates who will share the rent burden. If you need a car, you can probably get by with a subcompact with great fuel mileage and low maintenance costs.

Your investments have time to grow

When you invest for retirement, time is your greatest ally. The earlier you start, the more time your investments have to grow. If you are in your 20s, you may have as many as 40 years to contribute to a retirement plan, and you'll see the enormous power of compounding gains. There are undoubtedly people in their 40s and 50s who look back on their life and wish they had saved more money at a younger age. If you are under age 30, relish the opportunity to invest aggressively now and see a huge stockpile of cash later. (See also: 7 Personal Finance Milestones Every 20 and 30 Year Old Should Hit)

You can stay on your parents' health insurance

One of the more popular provisions in the Affordable Care Act allows a person to remain on their parents' health care plan until they turn 26. This is a huge benefit to young people who may still be in school or dealing with unsteady employment at first. If you are 25 or under and on your parents' plan, you may be able to save more than $200 in monthly premiums.

If you pay for health insurance, it can be cheap

Even if you don't get insurance through your folks, you may find that insurance is relatively inexpensive for a person your age. People under 30 are generally pretty healthy and don't represent a high risk pool for insurers, so premiums are likely to be manageable at this stage of your life. According to a price index report from eHealth, a private online insurance exchange, people between ages 18 and 24 paid an average $217 in monthly premiums in 2017, and those between 25 and 34 paid $283. Premiums jumped to $361 for those aged 35–44, and $478 for those aged 45–54.

Additionally, because young people are generally healthier, they can afford to take a calculated risk by purchasing insurance with lower premiums in exchange for a higher deductible.

You can mooch without guilt

Go ahead, sleep on your friends' sofa for a few weeks. Accept that offer for a free lunch. Tell your brother you'll pay him back later for that movie ticket. It's OK, no one will judge you too harshly.

I'm not suggesting you have a free pass to bum off your friends and family, but we do have the tendency to give young people a break when they ask for free stuff. If you're under 30, we assume you aren't yet established in your career. We assume you may have student loans. We assume you're driving a beat-up old car. We assume you're still developing personal finance skills. Even if these things aren't true, we're lenient in dishing out small "loans" or offers of free food or places to stay. We tend to be far less sympathetic to people over 30.

Many industries prefer young people

It's a troubling reality that some employers prefer to hire young people, because they assume they will have skills that older people don't possess. This is especially true among startups and in the tech industry. Job site Indeed surveyed 1,011 U.S. tech workers and found that 43 percent of respondents worry about losing their jobs due to being too old. The survey also revealed that millennials make up the bulk (46 percent) of the tech workforce.

I hesitate to characterize this as a "perk" for young people, but it's clear that being young can be an advantage when looking for work in certain fields.

You are less likely to be tied down

You are being recruited for your dream job at a hot startup company — but the catch is that it's 3,000 miles away in California. So? Pack up and go!

At this stage of your life, you have very little keeping you from pursuing opportunities. You are less likely to be married with kids, less likely to own a home, and less tied to whatever community you're living in. If a great career opportunity comes along, you can feel free to take it, even if it means uprooting.

You can get discounts

We tend to think discounts are set aside for seniors or little kids, but that's not true. Businesses are happy to offer discounts to young people if it gets them in the door and turns them into repeat customers.

Did you know that in New York City, you can get discounts to Broadway shows if you are under 30? Some travel companies offer discounts on package deals for young people. And there are plenty of discounts on everything from restaurants to movie tickets if you are still in college or graduate school. Don't be afraid to exploit your youth for discounted stuff.

Being poor is culturally acceptable

Young people can get away with almost bragging about how poor they are. They wear their "I survive on Chef Boyardee" stories like a badge of courage. No one looks down on them if they get by on cheap food, take on roommates, move frequently to find cheaper rent, or drive a crappy car. Young people can take that low-paying job because it will get them the experience they want. It's all part of being young and alive.

As you get older, being broke isn't as cool. You now have a family and responsibilities and bills to pay. You need to wear nicer clothes, pay the mortgage, and shell out cash for your kids' activities. As you age, there's pressure to make money, save money, and actually act like a responsible human.

Some "trends" are just ways to save money in disguise

Have you ever considered that some cultural shifts often result in fewer expenses for young people? When you think about it, young people in recent years have pushed for changes that, either intentionally or unintentionally, result in cost savings.

The whole beard trend among young men? Yeah, that's saving them hundreds of dollars in shaving costs each year. Casual dress codes? So long, expensive suits and ties. The desire to work remotely? That's reducing commuting costs. The sharing economy? Young people deciding that it's cheaper to borrow than buy.

People in their 20s are the ones establishing and taking advantage of some of these trends. Some of it is due to lifestyle or fashion preference, but make no mistake that saving money is also a big part of it.

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This article is from Tim Lemke of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

11 Credit Card Perks That Make Life Easier and Way More Fun

Carrie Kirby — Fri, 24 Nov 2017 09:00:07 +0000

I thought I knew all there was to know about using credit card perks. And then last year, I needed — and I mean, needed — tickets to a certain musical theater production. When I got an email invitation to a members-only presale, I realized that the wallet full of credit cards I've accumulated for the miles and points have other great perks that I might not be using.

Let's look at some of the timesaving, weekend-improving bennies you might already qualify for based on the cards you hold. (See also: 14 Awesome Credit Card Perks You Didn't Know About)

1. Concierge service

You have a night free in a strange city, and you want to make the most of it. If only you had someone to pick a restaurant and a show for you and charge everything to your credit card...

If you have an elite-level credit card, you do have that person in the form of complimentary concierge service. You can ask your credit card concierge to buy tickets to a concert or show that is likely to sell out, so you don't have to drop what you're doing to get online the moment they go on sale. You can ask them to have flowers delivered to your partner or even to have them send a limo to get your kids from school. You pay for the cost of the goods or services — you can set a limit in advance — but the concierge's time is free.

I have a friend who loves to dine at Michelin-starred restaurants, and reservations can be hard to get. She has used a credit card concierge service to score tables all over the world.

"I even had them find me a place in Atlanta for a coworker that has lots of dietary restrictions," my friend said.

You think that's excellent service? Then consider that other clients have successfully had credit card concierges track down obscure or in-demand items and had them delivered to their door. If your kid wants a popular toy this holiday, it might be worth asking a credit card concierge to find it.

Personally, I want to take my Broadway-obsessed teen to a show in Chicago over the holidays, but don't know which show to get tickets to. I might just call my credit card concierge for both advice and booking. (See also: What Do the Concierge Services From Credit Cards Really Provide?)

2. Members-only spaces and experiences

You're probably aware that some credit cards get you into airport lounges. But did you know there are also members-only lounges with complimentary beverages in some theme parks, including Universal Studios, and at big events such as the Super Bowl? And at Disney World, certain credit card holders have access to exclusive character meet-and-greet sessions.

Certain high-end cards even host members-only events, such as private dinners by celebrity chefs. These events aren't free — in fact, some cost thousands of dollars — but they are exclusive. (See also: How to Get the Most Out of Airport Lounge Access)

3. Shorter lines

Some theme parks and other attractions have a dedicated line for certain credit card holders. If you visit often, I can see holding a credit card for that benefit alone.

4. A smoother trip through airport security

A number of high-end travel cards reimburse users the $100 application charge for Global Entry, which also comes with membership to the Transportation Security Administration's PreCheck program. Membership in both these programs means that you can go through a quicker security line in domestic or international airports, and when you're returning from abroad, you can skip the immigration line and simply scan your passport at a kiosk.

5. Free museums

At least one card-issuing bank partners with museums nationwide to offer cardholders free entry on certain days.

6. Hotel room upgrades

Certain hotel chain credit cards offer cardholders status, which can lead to getting an upgraded room when you check in. It can also get you free Wi-Fi at the hotel, late checkouts, and other perks. Some cards even offer spending credits for certain hotel stays. (See also: The Best Credit Cards With Free Hotel Status Upgrades)

7. Free rides

At least one credit card offers a monthly credit for a ride sharing service, smoothing everything from business travel to barhopping without a designated driver.

8. Free shipping

Some credit cards offer membership to free shipping programs that work at multiple online stores.

9. Freedom to pack more stuff

This holiday season, my family will be checking suitcases instead of relying on carry-ons, because I hold one of the airline's premium credit cards that gives cardholders one free checked bag. Because we have that privilege, we can tell the grandparents they don't have to limit gifts to digital downloads! (See also: 12 Travel Perks You Didn't Know Your Credit Card Had)

10. Free internet

Some credit cards give you membership to wireless plans so that you can get online on participating flights or in other public places.

11. A sweeter ride

Some credit cards give you instant status with car rental programs, which can unlock free upgrades and shorter waits at dedicated booths at the airport. So make the most of your membership to rent that sports car you've always wanted to drive!

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This article is from Carrie Kirby of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Ways to Tell If a Credit Card Offer Is a Good One

Annie Mueller — Tue, 10 Oct 2017 08:30:10 +0000

Credit cards can be a powerful tool for your finances if you use them wisely. In order to do that, though, you need to know exactly what you're getting into with each credit card. Here's what you should look for to determine if a credit card offer is good or not.

1. Look for the lowest interest rate

Saying "low interest rate" and "credit card" in the same sentence is almost paradoxical; credit cards are high-interest loans, which is why carrying a balance on them is such a bad idea. However, within the limited world of credit card interest rates, you want to go as low as possible.

Credit card interest rates can range from 13 percent all the way up to 22 percent. You'll want to consider two interest rates when you look at a credit card offer: the introductory interest rate, and the annual percentage rate that kicks in once that introductory period is over. (See also: The Best Low Interest Rate Credit Cards)

2. Consider the introductory interest rate

Sometimes it's worthwhile to take a card with a higher APR if it also provides a longer, lower introductory interest rate. It depends on how you plan to use the card. For instance, if you're going to make a big purchase on a card and pay it off within a few months, you might want to get the card with the 0 percent introductory interest rate for 15 months, even though its annual rate is higher than another offer.

The key here, of course, is to be sure you stick to your plan and pay off the balance before the introductory term is up. Be aware, too, of factors that could cause that introductory rate to go away sooner than expected; one missed or late payment, for instance, might cause the 0 percent interest rate to turn into that 19 percent interest rate you really want to avoid. (See also: 6 Things You Might Miss in Your Credit Card's Fine Print)

3. Look into the points and perks

Some people use credit cards to their advantage by accumulating reward points or other perks. If you're smart with your credit card use and pay off your balance monthly, that can be a good plan.

But it's only worth the trouble if the points or perks are things that have value for you in real life. If you travel frequently, for example, a credit card that gets you hotel room discounts and better airfare can be a great deal. Shop around for the best points-per-purchase ratio so you get the most return for your dollars spent. (See also: The Best Travel Reward Credit Cards)

And, of course, you'll need to be aware of any fine print that might keep you from accumulating those points or perks. For example, are there particular types of purchases that don't count for credit card rewards? If so, can you still use your credit card enough on other, valid purchases to accumulate the rewards you want?

4. Check out their protective policies

Identity theft is a very real issue, and you'll want to know that any credit card you use has good security measures in place to prevent it from happening. You should also look for a card that will protect you and your assets in the case of identity theft or fraudulent purchases. What are their terms for protecting your identity, and what action will they take if your card is lost, stolen, or used fraudulently? (See also: 14 Awesome Credit Card Perks You Didn't Know About)

Most legitimate credit card companies offer fraud protection, but don't assume that's so. Read the fine print to be sure that the card you're considering will cover any fraudulent charges. Will they require you to provide proof of any kind in order to receive reimbursement?

5. Check out all possible fees

Are there hidden fees for every possible scenario? It's standard for a credit card to come with fees for late or missed payments, of course. How much are these fees, and when are they assessed? Do the fees increase if you accumulate more than one? Are there unexpected ways in which you could end up accruing fees? There may be fees for particular types of transactions (such as cash advances or balance transfers). Look for a card offer that designates the fees it will assess and the amount for each one so you can be sure to avoid them. (See also: The Best Credit Cards With No Balance Transfer Fees)

6. Consider all potential use limits

How you plan to use the card is a big factor in which the credit card offer can benefit you the most. For example, if you want a credit card to use while traveling, you'll need to make sure the card is accepted at most places where you are going, and has no foreign transaction fees. If, on the other hand, you want a credit card for your child to use at college, you might prefer a card with a lower credit limit and a more forgiving interest rate. (See also: 4 Important Ways College Students Should Use Credit Cards)

Consider how you'll use the card and search for an offer that gives you the maximum benefits for the precise use you have in mind. Knowing how you'll use a credit card is key to using one wisely, and remember: In all cases, paying off the balance as quickly as possible is key to keeping more money in your pocket. (See also: 12 Travel Perks You Didn't Know Your Credit Card Had)

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This article is from Annie Mueller of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Why Now's the Right Time to Jumpstart Your Career

Damian Davila — Tue, 26 Sep 2017 08:30:11 +0000

Data from the U.S. Bureau of Labor Statistics' has shown an interesting trend in the years since the Great Recession: More Americans are quitting their jobs than ever.

The Bureau's Job Openings and Labor Turnover (JOLTS) reports show some surprising numbers. In July 2014, 2.5 million Americans voluntarily left their jobs, leaving the national quit rate at 1.8 percent. Compared to 2017, those numbers have increased dramatically: 3.2 million people quit their jobs this past July, at a rate of 2.2 percent.

You may be wondering why people are leaving their jobs in such droves. It's good news. The trend indicates that workers are finding new, better jobs, and the JOLTS data shows that more job openings and opportunities are available than in years past. How can you take advantage of this employment trend? By bettering your career path. Here's your game plan.

1. Request better workplace benefits

According to Glassdoor, three out of five people report benefits and perks as being among the top deciding factors in accepting a new job. And 88 percent of respondents to a 2017 Fractl survey reported that they would even give "some" or "heavy" consideration to a lower-paying job with better health, dental, and vision insurance compared to a higher-paying job with less impressive health benefits.

It doesn't end at health insurance, however. Job-seekers are increasingly interested in other benefits such as flexible working hours, student loan repayment, more vacation time, additional fund options in retirement plans, and free day care. As employers are competing more fiercely to attract and retain qualified workers from a shrinking pool of talent, you have a stronger case for asking for additional benefits. Generally, it's cheaper for employers to provide a benefit to an existing employee rather than hiring someone new, so the economics are on your side.

2. Seek education and development options

A college degree can boost your lifetime income by a matter of millions. The problem is that the average graduate from the class of 2016 owed $37,172 in student loans, up 6 percent from the year before. And that number keeps growing. This is why today, we're seeing more and more employers offering student loan repayment as a benefit. (See also: These 17 Companies Will Help You Repay Your Student Loan)

Even better, many employers are going one step beyond student debt reduction and are looking to prevent it in the first place:

AT&T pays employees up to $3,500 per year for approved courses.
Fidelity Investments reimburses employees 90 percent of qualifying education costs (up to $10,000 per year).
Nvidia reimburses employees up to $5,250 each year for qualified job-related educational expenses.
Smuckers reimburses up to 100 percent of tuition costs for approved college courses.

Completing a degree on your company's dollar empowers you to improve your career path within your current employer — and future ones.

3. Work on soft skills

The idea of the ultimate expert working in a dark corner is long gone. Even in the fields of engineering or programming, employers value people who get on well with others and can work as part of a team. Knowing how to get along and communicate with your peers is key for your career growth, wherever that path may take you.

Cat got your tongue? Work on your communication, public speaking, and leadership skills with Toastmasters International for about $110 for the first year. And then practice those skills every day on the job. When the next big career opportunity comes knocking, you'll have a leg up on the competition. (See also: 10 Ways to Improve Yourself for $100 or Less)

4. Become a thought leader

Information is power, but so is the ability to deliver that information in a meaningful way. Companies are always looking for subject matter experts who can make presentations, serve on discussion panels, or contribute to industry journals or publications. Depending on your company policies, you may be able to receive additional income for these activities or just the reimbursement of eligible expenses involved with those activities.

The true value of becoming the face of your organization is that you're increasing both your value to the company and building your own personal brand. Both of which may come quite handy for the next time that you ask for a raise, receive an offer from another employer, or decide to set up your own shop.

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This article is from Damian Davila of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Beyond Silicon Valley: 7 Side Benefits Your Job Could Offer Soon

Paul Michael — Tue, 12 Sep 2017 08:30:09 +0000

Jobs usually come with an array of benefits. Depending on the size and generosity of the company, those benefits can be huge. Corporations know the value of getting and retaining good employees, and attractive benefits are one way to do that.

But what will those benefits look like in the near future? Here are some possibilities that may be coming your way sooner than you think.

1. Long-term paid maternity and paternity leave

Sadly, the United States is at the bottom of the class when it comes to maternity and paternity leave. The U.S. has no mandated paid time off for new parents, but that could soon change. Some companies, like Amazon, Google, Starbucks, and Etsy are leading the charge by giving their employees a generous amount of paid time off when welcoming a new baby to the family. Many companies are also expanding these benefits to employees who adopt or use a surrogate. With such big name brands setting the example, we may be seeing these benefits become much more common in the near future.

2. A self-driving company car

Make no mistake, self-driving cars are going to be a mainstay of everyday life. So why wouldn't employers embrace them as benefits? Think about the upsides: For starters, self-driving cars are considered safer and more reliable. They also give you time to work or read to and from the office, which means greater productivity for the company paying your salary. Your insurance rates will go down, which adds an additional benefit that the company doesn't have to pay for. You'll never get a speeding ticket, and your chances of being in a collision go down dramatically. If your future employer wants to attract the best and brightest talent, offering a self-driving company car is a no brainer.

3. Identity theft protection

Identity theft is here, and now. It affects millions of people every year, and costs the economy billions of dollars. It's no surprise that employers around the world are already starting to offer identity theft protection as an employee benefit. When someone is a victim of ID theft, it can turn their life upside-down. There is additional stress and pressure on the employee, and that spells bad business for companies. If your employer can cover you for a small cost, it's in their best interest to do so. It's estimated that around 70 percent of employers will offer this benefit by 2018. By 2020, it could be standard, just like health insurance and sick time.

4. Student loan assistance

The average college graduate leaves university carrying over $37,000 in debt. That's a heavy burden for someone just entering the workforce, and it's one that future employers might be willing to take on for the right candidate. Several companies are already helping their employees pay down their student loans, including Nvidia ($6,000 annually), PricewaterhouseCoopers ($1,200 annually), and Fidelity Investments ($2,000 annually). As the acquisition of the best and brightest minds heats up, we might see large corporations start to cover the entirety of the student loan burden for qualified employees.

5. Free health care for healthy employees

Few employers would offer completely free health care to every member of staff. But, if the employee could prove they were in the peak of health, free health care would be a generous reward. How could this happen? Well, some companies are already instigating large health care discounts in return for employees taking physicals, getting skin cancer screenings, and reporting weekly exercise routines. A healthy, fit employee is far better for the employer than one who is unhealthy and takes more sick days.

6. A home office

As each year passes, more companies are giving employees the option to telecommute. It makes good financial sense, and also saves time and effort. A long commute wastes gas, leaves the employee feeling frazzled and rushed, and eats up time that could be spent doing other things. So, it will behoove companies of the future to furnish their employees with everything they need to work from home. From a computer and smartphone, to a videoconferencing system and mail station, employees of the future may increasingly be offered an office away from the office — all at the expense of the company.

7. Catered meals

Good nutrition is the foundation of good health. Companies of tomorrow could encourage this practice by offering free catered meals to every employee. This will, of course, mean that your employer will have a say in what you eat, but having two of your three meals provided free of charge, Monday to Friday, is not only saving the employee money, but the time taken to go out and get meals or prepare them at home. Some companies, like Twitter, already do catered meals for their employees. Expect this trend to catch on as employers look for out-of-the-box ways to entice top talent and encourage healthy living.

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This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Don't Carry a Balance? Here's Why You Still Need a Credit Card

Mikey Rox — Fri, 25 Aug 2017 08:00:06 +0000

Anybody can go into debt, quickly. Giving into impulse buys is only a swipe away with plastic in your pocket. It's easy to lose track of how much you're spending, which can spiral out of control before you know it.

For these reasons, maybe you avoid credit cards or feel they aren't worth the hassle. That's one way to stay out of trouble, of course, but even if you're committed to limiting your amount of personal debt and you refuse to carry a balance, there's a case to be made for using credit cards. Take a look.

1. You'll build or maintain a good credit score

If you're interested in building a credit history, owning and using a credit card is often necessary. The trick, of course, is managing the account responsibly.

The way a credit card impacts your credit score and personal finances has everything to do with the way you handle the account. Just because one person you know had a bad experience with credit doesn't mean you'll have the same experience, especially if you stay on top of things.

Paying off your balance every month or making timely minimum payments adds positive activity to your credit report. This is essential to establishing credit. And if you already have a credit history, periodically using a credit card keeps your account active and helps build an even stronger credit score. (See also: How to Use Credit Cards to Improve Your Credit Score)

2. You can receive rewards based on usage

Another reason to use a credit card is the opportunity to earn rewards for every purchase — because who doesn't love a good freebie? Your rewards can come in the form of points, miles, or cash back redeemable for a check, statement credit, airline tickets, hotel stays, gift cards, or merchandise. The more you use the card, the more free or discounted stuff you can score.

The downside is that reward credit cards tend to have slightly higher interest rates than non-reward cards. But if you're disciplined enough to pay off your balance in full every month, you don't have to feel guilty because there won't be any interest to worry about. (See also: Best Cash Back Credit Cards)

3. It'll help you survive an emergency

It doesn't matter how responsible you are with money: Most people go through a rough patch at some point in life. If you hit a financial low or deal with a string of unexpected expenses, a credit card can function as a short-term loan providing cash for urgent situations. You'll pay interest on these charges if you carry a balance, but this option is cheaper than a short-term cash advance loan, and you'll maintain your privacy since you won't have to borrow from friends or family. Just make sure to prioritize paying off this balance when your emergency is handled.

4. It's safer than cash

Using a credit card is also safer than cash, especially when traveling. If you lose or have your wallet stolen, you can't replace the cash inside. But if your credit cards are lost or stolen, your bank can issue a replacement card and remove fraudulent charges from your account.

Since bank debit cards are linked to your bank account, credit cards are sometimes safer than these cards. If someone uses your debit card fraudulently, this person can drain your bank account, resulting in overdraft fees. Your bank will reimburse your money — not all is lost — but it can take up to 10 days to sort through the mess and get your money back. (See also: 4 Reasons Credit Is Safer Than Debit)

5. It'll help you keep accurate expense records

Credit cards also are useful for keeping track of spending for business and tax purposes, especially if you're not the best at saving receipts. Since credit card statements include a record of your purchases, use your credit card for business-related purchases, and then refer to your statement when recording business expenses. For this to work, keep a close eye on how much you're spending throughout the month to avoid going overboard and getting into long-term debt.

6. It buys extra protection

A credit card isn't only practical during an emergency or when you're looking to earn reward points, it also buys extra protection when used for certain purchases. For example, some credit cards offer rental car coverage at no additional cost, which means you can decline a car rental company's optional coverage when booking your reservation.

Some credit cards have an extended warranty policy on select purchases too, giving you an extra year of protection after a manufacturer's warranty expires. Other credit cards may include travel insurance protection which compensates card members for costs incurred due to trip cancellation, lost luggage, travel accidents, etc. (See also: 14 Awesome Credit Card Perks You Didn't Know About)

Benefits vary by card, so contact your credit card company for information on member perks.

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This article is from Mikey Rox of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Steps to Picking the Best Airline Credit Card for the Most Rewards Value

Holly Johnson — Wed, 17 May 2017 08:30:07 +0000

If you're ready for a change of scenery but have limited travel funds, an airline credit card might be a dream come true. With an airline card, you'll earn valuable frequent flyer miles you can use to book free airfare and seat upgrades. Some of the best co-branded airline credit cards even offer additional perks that make travel cheaper, such as free checked bags, companion ticket deals, and discounted award bookings.

But with so many airline credit cards out there, choosing one can seem overwhelming. Before you can truly benefit from an airline credit card, you need to learn about these cards and weed out the options that won't work for you.

To get a handle on your choices, you should consider several factors including your airline preferences, your travel style, and your spending habits. Follow these steps, and you'll have the ideal airline credit card in no time.

Step 1: Figure out which airlines you can fly

First things first. To pick the right airline credit card, you need to know which frequent flyer miles you can actually use.

To find out which airlines you should consider — and which you should mark off your list — check your local airport's website. You might discover that nearly every major airline flies into your area, or that only a few do. Finding out which airlines fly out of your home airport is the best way to narrow down your options fast.

Step 2: Ask yourself where you want to go

Now that you know which airlines are at your disposal, you can ask yourself where you want to go. Maybe you have family that you fly to visit frequently, or you have a list of dream vacations that you want to tackle. Knowing where you want to fly in the near- to medium-term is key to narrowing down which airline's frequent flyer program you'd like to concentrate on.

Larger and more established carriers such as American Airlines and United Airlines fly almost everywhere. Smaller regional carriers often offer limited travel schedules, but they may be the best option for your home airport or for the airports you'd like to fly into.

Searching airline websites for flight availability is the best way to figure out which local airlines offer fares to destinations you desire.

Don't forget about airline partners. Some airlines are owned by the same parent company, which allows you to use points from one airline program to get award seats on another. In addition, most airlines are part of a larger network, which will also allow you to use points from one airline program for another. (See also: How Airline Partnerships Work and How to Use Them to Get More from Your Rewards Points)

Step 3: Compare credit card rewards earning programs

Once you know which airlines operate nearby and whether or not they fly to your preferred destinations, you can begin comparing airline credit cards in terms of their earnings structures and any bonus points you can earn by signing up for the cards.

Most airlines have several credit cards to choose from. They differ in the amount of rewards and perks each offers, and the more the card offers, the higher the annual fee. If you can take advantage of all those extra benefits, the annual fee will be well worth it. These cards let you earn miles faster, and give you a better travel experience. But if you aren't a frequent flyer and just want to be able to slowly earn points through your usual spending, you'll want to stick to their basic, no fee card.

Step 4: Take a closer look at annual fees and perks

Plenty of other perks are worth considering as you narrow down the list. For example, some cards offer free checked bags for cardholders and a certain number of guests on domestic flights. If you plan to fly within the U.S. often, this perk can save you $50 per round-trip ticket, or more, each time you fly. Some airlines don't charge for checked bags at all. Knowing some of this information ahead of time can help you determine which airline cards offer the best value. Other travel perks credit cards offer discounts on in-flight purchases, priority boarding, free upgrades, and airport lounge access.

Step 5: Choose the airline card that makes the most sense

Tally up the rewards points you'd earn with each card, consider the additional benefits and perks (and the costs), and decide which card will give you the most value. Sometimes it makes sense to pay that higher annual fee, if it'll get you to your vacation sooner, and you'll enjoy the extra benefits. But sometimes you can get the card that gives you fewer rewards, at a lower cost, so that you can save that annual fee for something else. (See also: How to Get a Free Vacation in 9 Months With Credit Card Rewards)

Alternative Option: Consider a flexible travel credit card

If you're still unsure which airline credit card might leave you better off, a flexible travel rewards credit card is worth considering. These credit cards give you more options for redeeming rewards for travel. Some allow you to book travel through any airline or travel site, and you can redeem points as statement credit to pay for it. Others let you transfer your points to a selection of airlines at a favorable ratio. (See also: Airline Credit Card or Flexible Rewards Card: What's the Best Way to Earn a Free Flight?)

See our guide to choosing the best travel rewards credit card if you are unsure which is the best for you.

This article is from Holly Johnson of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

12 Times Your Credit Card Has Your Back

Carrie Kirby — Fri, 05 May 2017 09:00:09 +0000

Many of us view credit cards as much more than just a way to pay for things. They can help us accrue miles and status in rewards programs, get us into airport lounges, and even help us snag hard-to-get theater reservations.

But did you know that calling your credit card company can be like calling your dad when things go wrong? Glitzy perks like concierge service get most of the attention, but the perks that kick in when things go wrong may actually be the most valuable. Let's look at services some credit cards offer when you're in an accident, have a problem with a purchase, or are facing other dire straits. (See also: 14 Awesome Credit Card Perks You Didn't Know About)

(As you might imagine, credit cards place restrictions on all of these benefits, such as per-claim and per-year reimbursement ceilings. If you need access to one of these benefits, consult your card agreement and/or call customer service.)

1. Return protection

You buy a beautiful rug. When you get it home, you realize it's way too big for your room. Now the retailer won't take it back. What do you do?

If you're using a card with return protection, you can file a claim and get reimbursed for some or all of the purchase. One typical limitation: no holiday decorations (so don't even think about returning your Christmas tree in January).

2. Extended warranty

You buy a grandfather clock with a one-year warranty. As your luck would have it, 53 weeks later, the thing stops working. If you purchased it with a card that offers extended warranty coverage, any repairs covered under the original warranty may now be paid for by your credit card's extended protection. Make sure to call the card issuer before you pay for any repairs.

3. Purchase security

You buy a new bike, and the next day, it's stolen! Your homeowners insurance won't help, since the cost of a replacement is lower than your deductible. Are you out of luck? Maybe not.

If you bought the bike with a card that offers purchase security, and you submit all the required documentation, you could get reimbursed for the stolen bike. Besides theft, purchase security can cover damage due to fires, plumbing leaks, vandalism, and a number of other threats. Most cards require you to file the claim within a certain window — generally within 90 days of the incident.

4. Price protection

This has got to be one of the most underutilized protections that credit cards offer. Make a mental note to save all of your receipts and try it this year!

You splurge on new TV. A month later, you see the same TV advertised for hundreds of dollars less. Instead of throwing the remote at the screen, call up the credit card you used to buy it and ask if they offer price protection, which could get you a full or partial refund of the price difference, subject to per-item and annual limits. One typical restriction is that the lower price must appear in a printed ad, not just online.

5. Travel insurance

You are planning to fly your family to Paris, but your daughter breaks her leg and you have to cancel at the last minute. The tickets are nonrefundable. If you purchased them with a card offering travel insurance, the policy might reimburse you for the flights you can't use.

The same policies might also provide a lump-sum payment if you are injured (or killed) on the trip, as well as also cover the expense of buying new clothes or belongings if your bag arrives a few days later than you do. Some policies will even replace baggage that's permanently lost.

Restrictions abound. I recently tried to use this coverage when I had to cancel an Airbnb stay due to an Amtrak delay (which was in turn due to flooding). The agent at my credit card company told me their policy would only cover airline tickets or fees, not lodging. However, other cards state that they cover the cost of lost tours and lodging as well as airfare. (See also: The Best Premium Credit Cards)

6. Roadside assistance

Like with AAA, a card that offers this benefit may dispatch someone to your house to jump start your car, or they may tow you from the side of the highway to the nearest repair shop. Check the fine print; there may be limitations on how far they will tow you or how many times a year you can use the service for free. (See also: Best Credit Cards for Road Trips)

7. Rental car damage waiver

Many credit cards offer rental car insurance. If you're paying for a rental in full using one of these credit cards, you can decline the damage waiver offered by the rental company.

With this perk, your credit card's rental coverage is secondary to your personal auto insurance. For example, let's say you are in such a hurry to get on the road in your rented PT Cruiser that you accidentally drive right through the exit gate, causing thousands of dollars in damage to the car. If you used a card that offers a collision damage waiver, you'll first need to file a claim with your auto insurer. From there, your card may cover the deductible as well as any fees the rental car company charged. Your auto insurance will pay the rest.

If you don't have personal auto insurance, any credit card that offers secondary coverage will become primary, and should cover the whole cost of an accident. It's extra important to note restrictions in this case, since the out-of-pocket costs for anything the service doesn't cover could be really high. There may be limits on how long of a rental period this covers, as well as on the kind of vehicle it covers or even the countries you are covered in. Most importantly, these policies don't cover personal injury or liability, so you'll need to purchase some kind of liability coverage as well.

8. Primary rental car insurance

A few cards offer this benefit, which is better than the standard collision damage waiver because it acts as a primary auto insurance policy for your rental car. This means that if you swerve to avoid a wombat on your Australian vacation and accidentally total the Holden Caprice you rented, you don't have to file a claim with your auto insurance. This could save you on rates in the future.

9. Airline fee credits

I've made some very expensive mistakes booking air travel. One time, when calling an airline to ask if I could change a flight because I'd booked the wrong day, I found out that the change fee was more than the cost of the ticket. If I had booked the flight using a card that reimburses me for airline fees, the ticket might have been salvageable. Instead, I had to abandon it and buy a new, more expensive ticket.

This benefit typically comes with cards that have higher annual fees, and has an annual limit, such as $200 in fee reimbursements each year. Besides change fees, they're typically good for other costs, such as baggage fees, airline lounge passes, and upgrades to seats with extra legroom. (See also: 12 Travel Perks You Didn't Know Your Credit Card Had)

10. Identity theft hotline

If your credit card offers this service, you can call for help if you're ever a victim of this obnoxious crime. Typical services include sending you the form you need to file with the credit bureaus, having the credit bureaus place an alert on your account, and providing you with form letters you can use to cancel checks or other accounts. (See also: Best Credit Cards that Offer Free Credit Scores)

11. Assistance in a travel emergency

You're in another country. You don't speak the language. You wake up in the middle of the night with unbearable stomach pains. What do you do?

If you hold a card that offers travel assistance, you can call their international hotline, where they may direct you to the nearest appropriate hospital, and get a translator or U.S. doctor on the phone if necessary. They may even arrange for money to be wired to you, or send messages home to your family. If the emergency is of a legal nature, they can connect you to a lawyer — or a bail bond provider, if necessary. They're not going to pay for your doctor or lawyer or post your bail, but they can make the connection.

12. Trip delay reimbursement

The first leg of your international trip goes fine, but when you arrive at the gate in Taipei, you find out that your flight to Beijing is canceled until tomorrow. The airline offers no hotel vouchers. Where are you supposed to stay, on the terminal floor?

Good news: If you booked the trip with a card that offers trip delay coverage, your hotel and meals may be a reimbursable expense.

This article is from Carrie Kirby of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Which Credit Card Should You Use to Get Free Hotel Stays?

Holly Johnson — Wed, 08 Mar 2017 10:30:30 +0000

If your goal is earning free hotel stays, it's hard to know which type of rewards card to get. While co-branded hotel credit cards are an obvious pick, general-purpose travel credit cards that let you redeem points for different kinds of travel rewards can work well for free hotel stays, too.

Which card is best? It depends on your travel style and vacation goals. Let's dig into both types of cards to see how they work, whom they're best for, and where they fall flat.

Co-Branded Hotel Credit Cards

Each major hotel chain — Hyatt, Carlson, Marriott, IHG, Hilton, and the like — offers a unique set of options. Some hotel brands offer several options for credit cards, and even co-branded business cards, too, giving you even more ways to rack up points.

These co-branded cards have several benefits and drawbacks, compared to more flexible travel rewards cards.

Focused Strategy Generally Nets Extra Points and Perks

Hotel credit cards can offer great value if you're an enthusiast for a specific chain. Some offer automatic elite status just for being a cardholder. Co-branded cards generally offer very high bonus points for stays at its properties. They also often feature generous sign-up bonuses that can cover free stays for a few nights. (See also: Tips for Using Hotel Reward Points to Get the Most Value)

You're Stuck With One Chain

The downside with hotel credit cards is that they aren't as flexible as general travel credit cards. With a co-branded hotel credit card, you can only book free nights at a hotel within that chain. So, if your travel plans change or you want to try a different hotel brand, you might be out of luck.

Award Availability May Be Limited

Another downside with hotel credit cards is that even though most major hotel brands advertise "no blackout dates" for award nights, they still may limit award availability. So, even if you have the points to burn, you may not be able to use them for the exact dates you want.

Hotel Credit Cards Are a Good Fit for You If:

You like to stay with the same hotel chain. This is a particularly good strategy if you travel for work and are able to book your own room and then get reimbursed by your employer.
You love earning special hotel status and room upgrades.
You tend to have flexible travel dates when you want to redeem rewards.

General-Purpose Travel Credit Cards

General-purpose travel cards come in a couple of different flavors, but they all offer one trait that co-branded hotel cards simply cannot — flexibility. With flexible travel cards, you can usually use reward points to book nearly any hotel you want.

Statement Credits Make Rewards Redemption Simple

One type of flexible travel card lets you use points to get a statement credit for a travel purchase you've already made. You earn points with your purchase, and to redeem, simply book any hotel you want with your card, then use your points as a statement credit toward your travel purchases. You can book directly or through a booking site. Most travel purchases are eligible. Each point is usually worth one cent.

Travel Booking Portals Let You Book at Multiple Hotels

Other cards have their own travel portal that allows you to use points (or cash) to book travel, usually at a nice discounted rate. The benefit here is that you can use your points to book a room with any hotel chain of your choosing, from high-end luxury hotels to cheap roadside motels, and you'll usually get more value per point than just one cent. Often these portals can even allow you to transfer points to hotel partners at a 1:1 ratio.

Flipside of Flexibility: Earning Less Concentrated, Extra Perks Scarce

The main drawback of these more flexible cards is points accrue slower. The rewards you get for your hotel stays will be much lower, but generally you do get more rewards for other purchases than you would for hotel specific cards. You also won't get the free anniversary award nights, or the upgrades and other special treatment that come with many hotel cards.

General-Purpose Travel Cards Are a Good Fit for You If:

You don't spend a lot at a particular chain and don't want to be tied down to only staying at one.
You don't have flexible travel dates — you can use your points regardless of award availability or blackout dates.
You spend in categories that other rewards cards offer higher bonuses for.

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This article is from Holly Johnson of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

Afraid of Spending Money? Here Are 5 Perks of Your Phobia

Emily Guy Birken — Tue, 10 May 2016 10:00:09 +0000

Several years ago at a blogger conference, I was telling a fellow freelance writer how difficult it was for me to get work done while I traveled since I didn't have a laptop. It was 2012, and I had been a professional writer for two years at the time.

My colleague's mouth fell open. "You do know that you could take a tax deduction, right?" she reminded me.

I knew. I just couldn't justify the expense of a laptop when I had a perfectly good desktop computer to work from at home. Maybe my writing career wouldn't work out, after all, and then I'd have spent the money for nothing.

Looking back, I now realize that my irrational refusal to buy a laptop was probably a symptom of chrometophobia — the fear of money, or the fear of spending money. I have been a chrometophobe my entire life, even as a small child. I can remember refusing to spend snack money on a field trip in elementary school, just in case I needed the money later.

But unnecessary travel stress and rumbly tummy aside, being afraid to spend money isn't all bad. Here are five unexpected perks of feeling the irrational fear of spending money.

1. You're Covered in an Emergency

My fear of spending money really comes down to a fear of wasting money. I did not buy a laptop for myself until well after my first book was published because I was worried that purchasing a second computer would be a waste of money if my writing career didn't pan out. I didn't want to waste the cost of laptop if I didn't ultimately need it.

That level of irrational fear does give me a robust emergency fund, however. Since I am afraid to spend money unnecessarily, the unspent money ends up in my savings account, where I can count on it in case of a real emergency. I would even argue that I get much more visceral satisfaction out of seeing the numbers in my accounts go up than I ever would get out of buying a material possession.

2. You Find Creative Solutions to Problems

Spending money is often the simplest and easiest method of problem solving — but those problems still need to be solved if you are afraid to spend that money. For instance, while I was in graduate school, the latch on my favorite purse broke, making it impossible to close. I could have bought another purse or spent money to have it fixed. Instead, I decided to MacGyver it, and come up with my own solution.

With some hot glue and a color-coordinated hair rubber band, I managed to fashion a loop that held the latch closed and looked great, without spending a dime. It even made me love the purse more than I did before it broke.

3. Spring Cleaning Is MUCH Easier

While much of America is just now embracing the minimalist, Marie Kondo lifestyle, chrometophobes have long understood how beneficial it can be to own only what you need. If you are afraid to spend money, then your house will already be a lovely minimalist retreat, with no repeated trips to Goodwill necessary in order to get there.

Relatively empty homes are also much easier to keep clean and organized, meaning chrometophobes who also suffer from germaphobia have a leg up on keeping their homes nice and tidy.

4. Receiving Bills Is Not Stressful

The fear of spending money is not exactly fun. I can distinctly remember the ice cream my elementary school best friend bought on the field trip when I refused to spend my snack money, since it probably tasted much better than the air in my mouth.

However, when you feel stress about spending money, you don't feel financial stress at the time most people do — when receiving a bill. There is actually something rather satisfying about receiving your credit card bill with a $0 balance, because you've either spent no money or you keep it paid off.

5. You Avoid Getting Burned by Fads

For about as long as they have been available, I have yearned for a FitBit. This is because I have the (mistaken) impression that this is the gadget that will finally help me achieve my goals for fitness, sleep, and organization — along with the ability to summon unicorns. Despite all of the hopes that I have pinned on the FitBit, I have not yet purchased one because that would send my chrometophobia into overdrive.

However, not buying a FitBit (or any other must-have purchase) has proven to be a great thing. By not purchasing the latest thing as soon as it comes out, I am able to avoid the bugs that early adopters must put up with. Also, waiting allows the market plenty of time to come up with cheaper alternatives, and it means I have a wealth of reviews and information to learn from when I do finally decide to make a purchase.

Learning to Love Your Chrometophobia

It can be easy to only focus on ways that your fear of spending money can be a drag. But handled correctly, chrometophobia can actually enhance your bottom line without negatively affecting your life.

Just learn from my biggest mistake: Don't pass up the opportunity to buy ice cream. Ever.

Do you have a fear of spending money? Share your money management tips with us!

This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

6 Job Perks That Can Lead to a Dream Career

Samantha Stauf — Mon, 09 May 2016 09:30:29 +0000

Work can be a necessary evil. Individuals might dream of being an award winning writer or inventor, but those dreams — without any pursuit to make them a reality — do not provide money for nourishment, shelter, and other financial obligations. Short of being independently wealthy or having a family you can lean on, the budding entrepreneur or artist might need to procure a day job as they pursue their professional goals.

When applying for jobs, think beyond yearly salary and hourly wage. The right job perks can streamline how fast it might take to achieve your dreams.

1. Free Education

Higher education can be the key to professional success. For some, a degree is a necessity to break into a new field. For others, college can provide face-to-face mentorship time with award winning professionals in their field. Despite these benefits, the cost of college often leads students to either acquiring thousands in student loan debt or forgoing a college education altogether.

There is another option. You can pursue a job at a company that has a tuition reimbursement program. Before choosing a potential company to pursue, look at the fine print.

2. Skill Building

Before you start applying for jobs, sit down to determine what skills will help you score your dream job. You can decrease the time it takes you to land that job if your day job will allow you to learn and practice new skills that will be necessary for your chosen path to success.

If you don't have the credentials to start in a position that allows you to utilize those desired skills, make it clear to managers what types of opportunities you would be interested in pursuing. Many companies, in a bid to keep good employees happy, will offer professional opportunities to individuals as the need arises.

3. Making Valuable Contacts

One very crucial aspect of achieving success is knowing the right people. An ideal day job would place you in a position to build personal and professional relationships, both inside and outside of the organization.

At work, be friendly with individuals from various departments. Don't just talk shop. You want to cultivate relationships, so you can (if necessary) call in a favor down the road. If you cut right to asking them to help you, it can seem a tad selfish.

You should also keep an eye out for jobs where cultivating a social media presence is a requirement. A large personal LinkedIn or Twitter following can lead to a larger pool of people that will see posts about your future art, book, product, or company.

4. Telecommuting Allowed

Daily commutes can steal several hours from your life. On average, the daily commute is around 25 minutes. Some spend even more time commuting. My average daily commute is around an hour. That's one less hour every day I can devote to pursuing my personal goals.

Telecommuting jobs allow individuals to cut travel time out of their daily lives and dedicate that time to other professional pursuits. As an added bonus, the elimination of the commute will allow you to decrease the amount you spend on gas every month.

5. Flexible Schedule

Some jobs not only allow you to determine where you work, but they also allow you to dictate when you work. The ability to work when you want will allow you more freedom to work towards your ultimate goals.

If you know you have a meeting with a potential investor or publisher on a Monday, you won't need to figure out how to convince your boss to give you a few hours off of work. Instead you simply let them know you'll work the hours later in the day on Monday or over the weekend. This can be useful if you don't particularly want the higher-ups at your company to know how close you might be to quitting your day job.

6. Condensed Work Week

The 9-to-5 is the traditional time frame in which corporate America works. While it can be far better than the rotating schedule dished out in many retail and food service jobs, individuals can be more productive if they try to find a job where they work four, 10-hour shifts.

The benefit of working 10-hour shifts is the ability to dedicate three full days to your money making side projects. You no longer need to fight with yourself to muster up the motivation to dedicate a few hours to your side-hustle every night after work. That can be hard due to lingering work stress, physical exhaustion (depending on how much physical labor is involved), and the desire to spend time with family. You now have one work-free day to diligently work on completing your other projects.

What other work perks can make you more money? Share with us!

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This article is from Samantha Stauf of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

5 Tricks to Making the Most of Your Reward Miles

Nick Wharton — Mon, 14 Mar 2016 10:01:04 +0000

After using travel rewards credit cards for a while, you might find that you've got tons of miles to redeem. But making sure you're getting the most out of those rewards takes considerable planning and organization. Here are some tips on getting the most value out of your rewards miles and points. (See also: The Biggest Mistakes When Redeeming Credit Card Rewards)

1. Extend or Add a Vacation with Stopovers and Open Jaws

Stopovers and open jaws are big money savers for organized travelers.

Open Jaws: An open jaw ticket is one where you fly from point A to point B, then back to point A from point C. There is an open gap in the middle of the itinerary — which is perfect for a road trip. If you were to pay for this with cash instead of rewards, it would cost a lot of extra money, but it will cost you the same amount of reward points as a regular return flight.

For example:

Return Flight New York to London = 60,000 points

Open Jaw Flight New York to London + Barcelona to New York = 60,000 points

Stopovers: A stopover is any stop in a flight itinerary that lasts more than 24 hours. Not to be confused with a layover. A layover is that boring period of time that you dread, waiting at the airport for your next flight.

A stopover gives you time to exit the airport and explore. In fact, a stopover can be a week, a month, or even a year. Let's say you plan a holiday in Rome, but you've always wanted to see Barcelona. You can add a one-week stopover in Barcelona into your rewards itinerary and it won't cost you any extra points.

The best trick with stopovers is actually calling your home airport a stopover. Let's say you book the trip above and the airline you fly with allows for two stopovers — and many do, including Lufthansa and Air Canada.

You can enjoy your first stopover in Barcelona, then fly to Rome to complete your holiday as planned. But on your return journey home, you call your home airport a "stopover" for one year. This means that, up to a year later, you can complete your journey with a free, one-way flight to your next holiday destination, like Las Vegas, perhaps.

If you are organized enough to plan more than one holiday at once, you can get a lot of free flights using this hack. Now you'll just have to book a cheap one-way ticket from Las Vegas back home.

2. Redeem Rewards for Higher Value Flights

There are many people who save up a great number of rewards miles and then squander them by redeeming them for the wrong purchases. Typically, one of the biggest mistakes that rewards travelers make is redeeming their rewards for short-distance domestic flights.

Often, a 10-hour international flight will cost the same, or just slightly more, in points and miles as a long-distance domestic journey. Whereas the cash value for an international flight is often more than double a domestic one. You get much more value for the same amount of rewards points for an international flight. Sometimes it's best to just pay cash for the short-distance flights, and save your rewards for the next time you're leaving the country.

Redeeming wisely may sound like a pretty straightforward idea, but with seemingly endless rewards restrictions like expiration dates, blackout dates, eligibility restrictions and limited rewards seating, it can be a confusing matter.

If you're not willing to do a lot of research and spend time planning the perfect rewards trip, you may want to consider using a service like Award Advocate or Award Booking Service to help you with your rewards booking.

For a fee of $100+, they can find the best reward seats for you, book the flight with the airline, and ensure that you're using the least amount of miles possible for your journey.

3. Put Purchases on the Right Cards

A wallet full of credit cards is like a rewards hackers Swiss Army knife. Each card is its own tool and using them appropriately will allow you to get the most rewards for your purchases. For example, use a card that offers bonus rewards at supermarkets for your grocery purchases. Get the best credit card for gas to maximize rewards for that monthly expense.

Depending on your recurring expenses, there are cards that offer bonus rewards for dining, entertainment, travel, and even office supply purchases. Finally, you should have a card that offers extra rewards for all other purchases, such as a good flat-rate rewards card.

4. Try a Sign-Up Bonus Spree

Don't have a wallet full of cards yet? You're actually in luck! You can start a sign-up bonus spree to fill your wallet with the cards that you need, and maybe get a free vacation out of the bonuses, too! (See also: 5 Steps to Getting a Free Vacation in 9 Months or Less with Credit Cards)

Many credit cards offer a bonus for signing up and many of these bonuses are worth $500 or more in travel.

5. Know Your Limits

Whether you're starting a credit card spree or just trying to earn as many points as possible, you must know your limits.

Earning 5% cash back is completely useless if you end up paying interest (15% average in the U.S.) on your credit card each month. You have to be sure that you can pay off all of your cards before they start to accrue interest.

All those sign up bonuses also all require a spending minimum within a few months to qualify. If you don't have enough usual expenses to cover, you'll either miss out on those bonuses or end up paying too much for them, by overstretching yourself to meet those requirements. (See also: 5 Smart Ways to Meet a Rewards Card Minimum Spending Requirement)

Savvy travel hackers never pay a dime in interest and earn thousands of points each year. You can do the same, but you must first start slowly and know your limits with each and every card that you carry.

If you can stay organized, watch your spending, and know your limitations and those that apply to the cards that you use, you can earn a lot of free travel from your cards in a very short period of time. Good luck!

This article is from Nick Wharton of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

8 Companies With the Best Employee Discounts

Damian Davila — Thu, 11 Feb 2016 16:00:07 +0000

Only 29% of U.S. workers are engaged and emotionally invested in their work and focused on helping their organizations improve. Given that most employers are only planning to raise wages by an average 3% in 2016, consider companies that provide other ways to make your dollars go further.

Here are eight companies with some of the best employee discounts.

1. American Apparel

If your friends look to you for advice on the latest fashion trends, and choosing your wardrobe is one of the most important parts of your day, consider looking for a job at American Apparel. Its store managers even pay attention to what applicants wear during interviews.

Buzzfeed reported that employees working at American Apparel receive a cool 50% off on all store items, no exceptions. Since it's company policy that you wear only American Apparel clothes to work, you also receive a $200 stipend to buy their clothes when you first start.

2. Apple Store

Receiving a discount at an Apple store is really hard. The only two common ways to get a discount are either through the Apple Education Pricing program — which allows students, parents of students, and teachers to save up to $200 on a new Mac, and up to $20 on a new iPad — and the Black Friday sales event.

On the other hand, Apple Store employees are eligible for a 25% discount on the iMac, Mac mini, Mac Pro, MacBook Air, or MacBook Pro on their first day of employment. Additionally, you can receive a 25% discount on each purchase of one item from the iPod, iPad, Airport base station, and Apple Display models, provide your friends and relatives a 15% discount on up to three products, save 50% on software and 10% on third-party accessories, and receive an additional $250 off an iPad or $500 off any Mac computer every three years.

3. Bed Bath & Beyond

The 20% off coupon from Bed Bath & Beyond is so legendary that even actress Kristen Bell is a fan of it. Imagine if there was a way to get that discount every day without having to wait to find a coupon in a magazine or an email — there is! Bed Bath & Beyond associates receive a straightforward 20% discount on all purchases and a 30% discount once a year during Christmas. Associates can also choose from a monthly list of random items that are priced at cost.

4. Best Buy

After a three-month period, employee are eligible to buy a wide selection of items sold at Best Buy stores at wholesale cost, plus a 5% to 10% markup, depending on item. Former Best Buy employees report on Reddit that you can make substantial savings on batteries and tech accessories. For example, the black housing for a GoPro H4 camera retails for $50 and an employee was able to purchase it for $15 to $20.

5. Brooks Brothers

Clothing retailer Brooks Brothers offers a great 60% employee discount on all merchandise with no cap on items of dollar amount, according to a reddit poster. At Brooks Brothers you can shop clothes for kids, men, and women so you won't have a hard time finding gifts for friends and family. This employee discount is perfect for those looking to start building or completely revamping their entire wardrobe.

6. J. Crew

Just like at American Apparel, employees at J. Crew stores receive an employee discount on items for their work wardrobe. Every month you can receive a 50% employee discount on five items that you plan to wear at work, so outerwear isn't eligible for this discount. However, you can receive a storewide 30% employee discount on all full-priced merchandise. J. Crew also provides a list of slow-selling or overstock items each week that employees can get 60% off the retail price on.

7. Whole Foods

All Whole Foods employees are eligible for a default 20% discount on all store purchases. By meeting certain ranges for blood pressure, BMI, and total cholesterol, and not using nicotine products, Whole Foods employees are able to pump up their employee discount from 20% up to 30% through the Team Member Healthy Discount Incentive Program. Spouses and eligible domestic partners of Whole Foods employees are also eligible for the employee discount. Given that there are some foods that are actually cheaper at Whole Foods, employees are able to save on organic and socially responsible food items even more.

8. Zappos

Known as one of the companies with the best customer service, Zappos aims to please its employees as well. Among the many employee benefits that the company offers, Zappos provides a 40% employee discount on the Zappos.com website and several discounts with local businesses. Another employee perk worth mentioning is that Zappos covers 100% of an employee's health care premiums and 71% of his or her dependents' health care premiums.

What are other companies that offer excellent employee discounts?

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This article is from Damian Davila of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

10 Airline Perks From Yesteryear That Seem Unbelievable Today

Paul Michael — Mon, 30 Mar 2015 15:00:12 +0000

If you've taken a flight recently, you've probably noticed just how much service has declined. In most cases, meals are no longer free. Checked bags cost money. You have to pay for a movie or TV show, and sometimes the headphones too. Beer, wine, and spirits are extra. Plus, if you're flying coach, you're squished together like sardines. And let's not forget about the horrendous waiting times to get through security checkpoints. (See also: 12 Travel Perks You Didn't Know Your Credit Card Had)

But it wasn't always this way. Here are 10 airline perks from yesteryear that'll have you wishing we were back in the 20th century.

1. Lobster Was on the Menu

Ahh, the first class menu, right? Nope. Full meals, with lobster as an option, were served to everyone. This was done during the highly competitive days of the late 1960s and early 1970s, when flights were routinely taking off at less than half of capacity. In an effort to win customers, airlines started offering more luxurious perks for free. Lobster was one such perk, and although it may not have been five-star quality, it was way better than the free bag of pretzels you get today.

2. Everyone Had More Legroom

In an effort to squeeze more money out of each flight, airlines have started making the seats closer together. But back in the 1950s, people in economy class (or coach) had three to six inches of additional legroom. And it wasn't something you paid extra for, like you do today.

3. You Could Drink for Free

Alcohol is still free for those traveling in first class. But back in the day, everyone was served free drinks for the duration of the flight. If you want to get tipsy on board these days, you'll have to prepare your wallet for take-off, too.

4. You Could Buy a Lifetime First-Class Pass

Well, let's be realistic. Few of us could ever afford to drop the $250,000 needed for a lifetime of free flights in first class. But for those who had the money, it became a nightmare for the airline. The AAirpass, from American Airlines, was offered in the 1980s. It was one of those "all-you-can-fly" offers that seemed like a killer deal for the airlines. However, they soon realized that some people do an awful lot of flying. And worse still, some travelers were racking up over $125,000 in flights in less than one month. American Airlines abandoned this perk, for obvious reasons. Those who have one can still use it, and whenever they book, they get an amazing flight for absolutely nothing.

5. New York to London Took 2 Hours and 53 Minutes

Some people say the greatest perk you can ever get is a fast flight. And no flights were faster than those on the British Airways Concorde. It could travel at twice the speed of sound, or around 1350 mph, which is more than double the speed of the typical subsonic aircraft. Of course, this perk came at a cost — somewhere between $12,000 and $20,000 per ticket. For those used to shelling out a lot of money to travel first class, it was a justifiable expense in order to get there very quickly. Sadly, due to an accident in 2000, and increasing overhead costs, the fleet of Concordes was retired from service. Will we ever see the perk of supersonic travel again? You can count on it…but don't hold your breath for anytime soon.

6. Smoking Was Allowed on Board

This is a perk to some, and an utter nightmare to others (including myself). As a non-smoker, I'm very happy that smoking is not allowed on airlines any more. But, during the golden age, you could smoke cigarettes, pipes, and cigars at any time other than take off and landing. After a while, the cabins became dedicated to smoking, or non-smoking…which is why this joke from "Airplane!" worked so well in its day.

7. Getting to the Plane Was a Breeze

Forget long security lines. Forget fishing around for ID. Back in the day, you could saunter up to the airport 30 minutes before takeoff, and get to your seat without any worries of missing the plane. In fact, back then you didn't even need a ticket to get to the departure gate. You could sit around with friends and family, and they could hug you goodbye just minutes before the doors were closed. Airline security concerns have made those benefits a thing of the past.

8. There Were No Charges for Extra Luggage

We all know about charges for carry-ons and checked luggage. Back in the day, that was unheard of. In fact, you could bring whatever you wanted onto the plane, and you could also bring as much as you wanted. Some people had four or five carry-ons, and three or four large suitcases. As the flights often weren't booked to capacity, there was always plenty of room.

9. Headache? There Was a Pill for That

If you've ever had a headache on a flight, you know there's absolutely no point in asking the flight attendant for medicine. Back in the late 1980s, airline lawyers made sure no medicines could be handed out by the flight crew. But before then, it was perfectly acceptable to get your headache pills and allergy meds from your steward or stewardess. They all carried little packets of Tylenol and Advil for those times when the screaming kids made life hell.

10. You Could Lay Across a Row of Seats

Today, if you're very lucky, you might get a seat with no-one sitting next to you. That is rare. Often, flights are overbooked, and occasionally people are even asked to give up their tickets and take a later flight. But in those heady days of flying — heck, even just 15 years ago — some flights were less than half full. It was not uncommon to have an entire row of four or five seats to yourself on international flights, and you could relax across them all, using the free blankets and pillow provided.

Now…do you remember an awesome flying perk from yesteryear? Tell us about it.

This article is from Paul Michael of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:

The 15 Coolest Silicon Valley Job Perks You Wish You Had

Carrie Kirby — Mon, 16 Feb 2015 10:00:14 +0000

So your job offers the full slate of benefits — dental, vision, 401(k)? Unimpressive.

Skilled tech workers are in such high demand in Silicon Valley that the typical employee benefit package is just the beginning for many firms. As they compete for workers — and for media attention — companies have reached beyond once-novel perks such as on-site gourmet meals and dry cleaning. Nowadays, it's a race to see whose office is the most like a playspace, who soothes employees' work/life struggles the most handily, and sometimes, whose perks are the most outlandish.

Here's a rundown of the coolest job perks you might enjoy if you get hired by a technology company in or around Silicon Valley.

1. Here Today, Gauntlet Tomorrow

Having a few working vintage video game cabinets around is nothing new for Silicon Valley, but a company called All You Can Arcade has enabled some companies to up the ante. All You Can Arcade rents out classic games by the month, and will switch out Millipede for Donkey Kong as soon as employees get bored.

2. A Room of One's Ohm

Impact Hub Oakland, a co-working space, offers members a meditation room as well as desks and conference rooms. At Eventbrite, the Zen Room can be used for getting a massage or napping as well as meditating.

3. Trike Time

When introducing the concept of "funnovation" to its staff, Ask.com bought some adult-sized Big Wheel bikes for hallway drag races. Yes, there have been accidents, but no major carnage was reported.

4. Janitors Who Make House Calls

Redwood City's Evernote provides a twice-monthly cleaner to all full time employees to help them make the most of their off hours.

5. Eggs on Ice

Many Silicon Valley companies offer fertility treatments as part of their health benefit plans, but Apple recently upped the ante by paying for female employees to freeze their eggs to ensure future fertility. Facebook added egg freezing to its benefits coverage, too.

6. Free Food 2.0

Free meals at work is so 1999. Facebook and Genentech are among the companies that also provide employees with dinners to take home to the family. And when you do eat at work, expect to eat in a restaurant with a name, like Facebook's Epic Cafe, headed by a chef lured away from a nice restaurant. And a specialty butcher. And a free candy shop.

7. Clothes That Don't Stink

Facebook offers free wash-and-fold service.

8. Haircuts

Facebook again. Remind me to send them my resume.

9. Unlimited Vacation

Netflix stopped tracking workers' vacation days back in 2004, and since then unlimited vacation has become trendy with tech companies. But critics point out that having no set number on vacation days may lead employees to take less time away.

10. Vacation Cash

Evernote encourages employees to use that unlimited vacation time by giving employees $1,000 to spend on the road, with the caveat that it has to be "a real vacation."

"You can't visit the in-laws; you have to go somewhere," CEO Phil Libin told the New York Times. Airbnb also lists an "annual travel credit" as a perk.

11. Field Trip

In an unusual twist on the working vacation, Expensify takes its entire staff on a working vacation for a month each year. So far they've temporarily relocated to Croatia, Thailand, Vietnam, the Philippines, Turkey, India, and Mexico.

12. Baby Cash

Google offers new parents $500 "baby bonding bucks," but that's nothing compared to Facebook's $4,000.

13. Parental Leave

That might not seem like a cool perk, until you realize that most U.S. companies provide new parents with no paid leave at all. But at Facebook and Reddit, you can get four months of maternity or paternity leave.

14. Secret Room

San Francisco's Weebly's headquarters has a history linked to Prohibition, leaving it with a secret meeting room behind a bookshelf and a network of tunnels employees can explore.

15. Jam Room

Weebly advertises a "fully equipped jam room" for employees with musical proclivities. At Social Print Studios, the jam room allows for recording songs or videos.

So when are we moving to Silicon Valley?

This article is from Carrie Kirby of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread: