BT Money Hacks: From groceries to getaways - your guide to air miles
AN intriguing aspect of personal financial management is the strategic accumulation of air miles. How can one gather air miles while staying firmly on the ground? This podcast delves into this intriguing question, featuring experts Tim Philip from timtalksmoney.com and Mark Tan, head of commercial at MoneySmart. Correspondent Howie Lim promises valuable insights and practical tips on leveraging credit cards for maximising air miles.
Three simple strategies to maximise miles accumulation
Mark Tan emphasises the significance of enrolling in the right frequent flyer program and flying with partner airlines to maximise miles. For instance, being part of the Singapore Airlines’ loyalty program and its Star Alliance partners ensures consolidation of miles, thus boosting the overall earning potential.
Utilising the right credit card is another critical strategy highlighted. Tan advises matching each purchase with the best-suited credit card to ensure maximum rewards. This entails categorising expenses—whether dining, groceries, or travel—and leveraging cards that offer the most points in those categories.
Signup bonuses from banks present an excellent opportunity to rack up air miles quickly. Tan points out that banks often categorise individuals as ‘new’ customers if they have not held a card for 12 months, allowing for multiple signup bonuses over time.
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Tim Philips adds another dimension by cautioning listeners about the sneaky tactics of banks charging annual fees on credit cards. He suggests monitoring these fees closely and requesting waivers or threatening to cancel the card if the bank refuses the waiver.
Despite the plethora of strategies, many wonder whether all this juggling of credit cards is truly worth the effort. While Tan admits the initial complexity, he assures that it simplifies over time, leading to substantial rewards such as free flights and upgrades.
The discussion then shifts to whether budget airlines have stifled the allure of accumulating air miles. Tan refutes this, arguing that air miles remain valuable, particularly for securing premium cabin seats and last-minute bookings, offering stability in redemption costs even as ticket prices fluctuate.
Accumulating air miles is like ‘riding a bike’
Philips dispels the notion that managing air miles is overly time-consuming. He claims that dedicating just 15 minutes a week can keep everything in order, especially once one gets the hang of tracking expenses and matching them with the right credit cards.
While strategies presented might seem daunting at first, the experts do provide tips on how to stay the course to reap the rewards. Listen to the full podcast to find out what those tips are.
For more episodes, go to bt.sg/moneyhacks and if you have feedback or an episode idea, please get in touch at btpodcasts@sph.com.sg.
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Written and hosted by: Howie Lim (howielim@sph.com.sg)
With Tim Philip from timtalksmoney.com; and Mark Tan, head of commercial, MoneySmart
Edited by: Howie Lim & Claressa Monteiro
Produced by: Howie Lim
Engineered by: Chai Pei Chieh
A podcast by BT Podcasts, The Business Times, SPH Media
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Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice.
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