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What is the best way to redeem credit card points for travel?
FEATURED EXPERT:
Kara Greene
Personal finance content creator and experienced travel hacker.
You have a couple of point redemption options. Each bank has its own version of a “travel portal” to book your travel (think: Expedia). The points you earn with your bank’s card have a fixed monetary value, and you simply apply points as cash toward the cost of your travel via their portal. However, in some cases, you’d actually gain more out of each point by converting them from the bank rewards program to a partner airline or hotel’s loyalty program (each bank has its own list of partners).
Example: A bank rewards program may have a fixed value of one cent per point through their portal, so a $300 hotel room requires you to redeem 30,000 points for it to be free. However, you may discover that one of the bank’s hotel transfer partners offers a $300 room for just 20,000 points through their own program. That would make those same points worth more once you convert them to the hotel’s loyalty points program.
In my opinion, the “best” way to redeem points is simply by getting to take the exact trip you want for as little out-of-pocket cash as possible, no matter which point redemption method you choose.
This interview has been edited and condensed for clarity. You can read an extended version here.
money win
An inside look at how women are building wealth.
“My husband and I have been working hard to become debt-free. For years, we’ve been budgeting and putting all of our extra income toward paying off our house, which we just did at the end of last year. Now, at 38 years old, we are debt-free and able to save, spend, and invest in the things that matter to us.”
— Robyn R (MI). It’s hard work, but debt-free is the way to be.
Scored a raise, saved up for a big purchase, or reached another money goal? Tell us about it here. Quotes are edited and condensed for clarity.
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Answers are edited and condensed for clarity.
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