How to Crush the Credit Card Miles Game in 2024 | Seedly PFF 2024

Summary

In a panel discussion, experts delve into the world of credit card 'miles games', sharing personal experiences and strategies for maximizing rewards. They discuss the impact of recent credit card 'nerfs', the importance of adapting card strategies, and offer insights into the best practices for earning and redeeming miles. The conversation covers the benefits of various credit cards, the value of transfer partners, and the potential for accelerated mile accumulation through sign-up bonuses and stacking rewards.

Takeaways

• 😀 The speaker initially got the U preferred platinum credit card without fully understanding credit card strategies, leading to overspending to earn bonus miles.
• 📈 The panel discussion focuses on navigating credit card rewards, known as 'mouse games,' to maximize travel rewards like free flights.
• ✂️ There have been significant 'nerfs' or reductions in credit card rewards in 2024, impacting popular cards and making it harder to accumulate miles.
• 👉 Despite nerfs, the speaker suggests that strategic card usage and adapting to changes in terms and conditions can still yield substantial rewards.
• 🔑 The importance of knowing one's spending habits and selecting the right credit cards to match is emphasized for effective rewards accumulation.
• 🌐 The discussion highlights the value of diversifying credit card rewards across different frequent flyer programs to maximize redemption options.
• 💡 The panelists recommend redeeming miles for premium travel experiences, such as first or business class, to get the most value.
• 🚫 The script advises against using miles for economy class tickets with the hope of upgrading, due to the cost and uncertainty of upgrades.
• 🔄 The concept of 'stacking' rewards by combining credit card bonuses with additional loyalty programs or platforms is introduced as a strategy to accelerate mile earning.
• 🎯 The panelists suggest focusing on cards that offer 4 miles per dollar or more, aligning with spending habits, to fast-track rewards accumulation.
• ⏰ The time required to earn enough miles for a business class flight can be significantly reduced by leveraging sign-up bonuses and stacking opportunities.

Q & A

What is the main theme of the panel discussion?

The main theme of the panel discussion is about credit card strategies for accumulating miles, also known as 'Mouse', for free flights and the major changes to these strategies in the current year.

Why did the speaker initially get the U preferred platinum credit card?

The speaker got the U preferred platinum credit card because it was recommended as a staple for those who want to join the 'mouse game', despite not knowing much about credit cards initially.

What is the term 'mouse game' referring to in this context?

In this context, 'mouse game' refers to the strategies and tactics used to earn and accumulate airline miles or points, which can be redeemed for free flights.

What is the significance of 'Nerfs' in the context of credit card rewards?

'Nerfs' in this context refers to the reduction or limitation of rewards or benefits on credit cards, such as cutting bonus caps or reducing earn rates.

What changes have been made to the DBS Women's World card in 2024?

In 2024, the bonus cap for the DBS Women's World card for online spending has been reduced from 2,000 per month to 1,500.

How has the UOB lady Solitaire card been affected by nerfs?

The UOB lady Solitaire card used to earn six miles per dollar on $3,000 of spending every month, but now it earns four miles per dollar on 2,000 every month.

What is the impact of the changes on the HSBC Revolution card from May?

From May, the HSBC Revolution card will no longer offer 1% extra cash back on the everyday Global account, and it will tighten its bonus categories by excluding supermarkets, fast food, and food delivery.

What is the panel's advice on adapting to the changes in credit card rewards programs?

The panel advises that while nerfs are part of the game, it's important to adapt strategies by reshuffling card usage, focusing on maximizing opportunities with different cards, and performing additional actions to restore previous rewards.

What are some best practices to avoid pitfalls in the 'mouse game'?

Best practices include being clear about which cards are suitable for one's spending habits, ensuring points can be effectively redeemed, and understanding the purpose of accumulating miles to avoid devaluation over time.

How can working adults effectively redeem their miles according to the panel?

The panel suggests redeeming miles for first or business class travel to maximize the value of the experience, avoiding economy class upgrades, and considering different transfer partners for better redemption options.

What are some of the top credit cards for earning miles according to the panelists?

The panelists mention cards like U preferred Platinum Visa for contactless payments, UOB Visa Signature for contactless transactions, DBS Women's World card for online spending, HSBC Revolution for various categories, and UOB Lady's card for specific bonus categories.

How long would it take for someone spending 1.5k a month to redeem a round trip to the US on a SQ business class?

Without considering welcome offers or stacking, it would take approximately 3 years of spending 1.5k a month to accumulate enough miles for a round trip to the US on a SQ business class.

What is the importance of leveraging sign-up bonuses in the 'mouse game'?

Leveraging sign-up bonuses is crucial as they provide a significant amount of miles for a relatively small amount of spending, accelerating the accumulation of miles towards a goal.

What is the concept of 'stacking' in the context of credit card rewards?

Stacking refers to the practice of earning miles from multiple programs or platforms in addition to credit card rewards, such as using a payment platform like Kris Plus to earn extra miles on top of credit card miles.

Why might a person choose to redeem for a one-way business class flight first?

A person might choose to redeem for a one-way business class flight first to try the experience without committing to a large accumulation of miles, and then decide if it's worth continuing the journey based on their satisfaction.