Don’t get too comfortable with your existing stash of credit cards. Banks are constantly trying to outdo one another to get new customers,” they say. Be proactive in finding the right fit.
“It’s important to frequently update yourself with the latest credit card offers. The fact that credit card offers are constantly changing and have different terms and conditions, signing bonuses, rewards programs and rewards earning rates make it tough for people to find the best cards,” they say.
Look around and stay current. “Don’t be afraid to apply for a new card if the offer is better than what you have,” they say. “We signed up for several new credit cards while working toward our goal of earning a million miles for our family’s round-the-world adventure.
“Earning a million miles through meticulous planning ended up saving us $54,000 just on air tickets, so the time spent planning, comparing cards and working toward the goal was more than worth it.”
3. Pay bills on time to avoid interest
Pla and Cheng pay their credit card bills in full each month to avoid accumulating any interest. That allowed them, within a year, to reach their goal of earning a million miles from their credit cards, “enough for our family of four to fly to five continents on business class.”
Billionaire Mark Cuban, who doesn’t use credit cards, has explained that interest is part of the reason why: “The money I save on interest by not having debt is better than any return I could possibly get by investing that money in the stock market,” adding, “I should have paid off my cards every 30 days.”