We advise you on your finances and investments.
But we all spend money. I want to provide tips which can save you money and time, create greater value and help you and your family to have better experiences as you shop, fly, travel and eat out.
Today in Part 1, are 6 tips that you should consider and implement, if they make sense with your lifestyle.
Within the next few weeks, I will post Part 2, with more tips.
1. Get TSA PreCheck, or Global Entry, to save you time and energy every time you fly. These are both valid for 5 years.
- Global Entry, geared toward international travel, requires an interview and provides for expedited processing through customs at airports and land borders when you arrive back in the US. If you apply for this, TSA PreCheck is included in the $100 cost.
- TSA PreCheck is only for domestic air travel and costs $85. For more information, go to www.tsa.gov/tsa-precheck .
- The cost for either is reimbursable if you have one of the following premium credit cards: Citi Prestige, Platinum Card from American Express or Ritz-Carlton Rewards Card, through Chase.
- Even if you don’t have these credit cards, the average cost of $20-$25 per year is very well worth it. I recommend that your entire family get at least TSA PreCheck. I did this, the process is quick and easy…and you will appreciate it every time you fly.
2. Don’t spend time waiting in car rental lines by signing up for car rental rewards programs, which are free. You can register online. By doing this, you can bypass the long lines at the rental car counters and go right to your car each time you rent. You can do this quickly online, prior to the next time you rent a car.
3. Learn more about maximizing credit card and loyalty strategies. Over the past few years, and especially in recent months, I have read and learned more about the many perks and variety of benefits which are available. A great place to start is www.thepointsguy.com. If you spend the time, you will be amazed at the benefits you can accumulate.
- If you are loyal to a certain hotel chain, then get their branded credit card. Just getting the credit card will usually get you some free nights. If you use that card for spending or travel, you may move up to elite status, which will get you many perks. I have been loyal to various Marriott brand hotels and now regularly get upgrades, my paid stays and purchases with their credit card rapidly multiply (which can be used for future free nights), special offers, and you get better service from their staff.
- The Points Guy website recommends SPG (Starwood), which is expected to merge with Marriott, as having the greatest value for their reward program.
4. Consider spending money to get a premium credit card. I once thought it did not make much sense to pay for a premium credit card. However, this can be a wise investment if you will use the benefits.
- The Citi Prestige Card, which costs $450 per year, provides a 4th night free on any hotel stay of 4 nights or longer (must book through their service), comes with a $250 airline credit which can be used to pay for airfare, baggage fees, in-flight wifi and other items, charges on this card earn 3X for airfare and hotels, can get three free rounds of golf and Admiral Club lounge membership (related to American Airlines). The huge benefit is the 4th night free, if you are planning an extended stay and the hotel is expensive. I may get this card and use it on the second part of a trip next fall.
- Other cards in this category are Amex Platinum and the Ritz-Carlton Rewards card.
- The Ritz card offers many perks, such as $300 of travel incidentals (which includes TSA reimbursement), 3 hotel club lounge upgrades per year (hugely valuable if you enjoy the free breakfasts, food and drinks throughout the day), Gold level status, $100 credit on stays of 2 or more nights and much more. The annual fee can easily pay for itself many times over, depending on which perks you use.
- The Amex Platinum also provides significant hotel savings on bookings through Amex FHR (which may include room upgrades, daily free breakfast, free 3rd or 4th nights), airline incidental reimbursement, Delta club lounge access for card holders and authorized users, Gold status with SPG (Starwood Hotels) and Hilton Hotels, free Boingo wifi and ShopRunner two day delivery service.
5. Monitor your FICO score and use your credit cards wisely. Many credit cards now provide your FICO score monthly or online. This is important, as the better your FICO score, the more accessible various credit cards are. Discover It Card, US Bank, and certain American Express, Citi and Capital One credit cards now provide FICO scores.
- Do not apply for too many cards at once. Do not cancel older cards, as that will negatively impact your credit score. Make sure you can afford to pay what you charge and pay it off every month. Don’t pay interest on a credit card. If this is an issue, we need to talk about it.
6. Use the points you have already earned! Many people have hundred of thousands of points in many different programs. Do you have tons of Delta or other airline miles? Do you have American Express reward points? Citi Thank you points or Chase Ultimate Reward points? Hotel reward points at many different chains?
- When are you going to use them? When you plan your next trip, consider redeeming these points. Don’t just continue to accumulate them for tomorrow….enjoy them now, unless you are saving them for a specific trip or purpose.
I truly hope these ideas get you thinking about how you spend and travel, as well as how you can maximize the benefits which are available, if you know and use the right strategies. Just as investing can be complicated, we try to simplify that for you.
If you have other tips and thoughts or opinions about this blog post, I would love to hear them. Please let me know what you think, at firstname.lastname@example.org.
Disclosure: I use some of the above credit cards, airline programs, and hotel loyalty programs mentioned above. I have not been compensated for any of these comments. They are based on my own experiences, opinions and research, with special credit to www.thepointsguy.com, which I highly recommend. There are many credit cards, hotel chains and airline reward programs, all with varying benefits. The purpose of this post is to make you aware of the potential uses and benefits, not to recommend any specific product or company.