Ep.179 – Spencer Howard – How to Master Credit Card Reward Programs
Have you ever asked yourself what the best credit card to use for my family and me is? I get this question a lot and it is a topic I have wrestled with myself.
Today, I am talking with someone who can help all of us navigate the complexity of credit card points and rewards systems. Spencer Howard is the founder of Straight To The Points. Spencer has built an entire business around helping individuals and families save money on travel and go to places they never would have dreamed of.
Our conversation focuses on how to choose the right card based on individual spending habits and travel needs. We cover the importance of having a credit card strategy, the differences between cash back and points, and the significance of paying off credit cards to avoid high interest rates.
We also talk about family travel strategies, cost-effective flight options, and the importance of choosing the right credit cards to maximize rewards.
Please enjoy my conversation with Spencer Howard.
Connect with Paul
Contact Paul here or schedule a time to meet with Paul here.
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And feel free to email Paul at pfenner@tammacapital.com with any feedback, questions, or ideas for future guests and topics.
ADDITIONAL RESOURCES YOU MAY LIKE
1 Big Idea to Think About
Understanding your individual spending habits and travel goals is crucial for selecting the right credit card strategy, as customized approaches can maximize rewards and minimize costs, offering significant financial and experiential benefits.
1 Way You Can Apply This
To optimize your family's travel spending and maximize rewards, consider integrating a dual strategy with credit cards that offer high points for frequent purchases. For example, using the Amex Gold for groceries and dining (4x points) and the Venture X for general expenses (2x points) can significantly enhance your reward accumulation, allowing you to enjoy more family trips while efficiently managing travel expenses. This combined approach simplifies tracking, increases point holdings, and supports cost-effective domestic travel, ultimately contributing to better financial management and enriching family experiences.
1 Question to Ask
Am I optimizing my credit card strategy by aligning it with my family's spending habits and travel goals?
Key Moments From the Show
04:23 Challenges of travel expenses for large families, even with deals.
06:19 Credit card recommendations: Chase Sapphire Reserve, Preferred, Venture/Venture X, Amex Gold.
09:45 Importance of card strategy based on family travel habits and domestic vs. international redemption.
12:37 Spencer's recommendation for starting with cards that offer 2x and 4x points.
15:56 Evaluating annual fees and benefits to ensure they outweigh the costs.
19:22 Understanding credit card rewards through personal spending analysis.
23:14 Paul discusses his family’s travel habits and the justification for specific cards.
26:45 The significance of having a minimal effort strategy for those uninterested in complicated rewards tracking.
29:51 Spencer's insights on the advantages of points over cash back for high-value travels like class flights.
32:08 Spencer's career shift from political work to specializing in travel points and credit cards.
35:15 Paul and Spencer's personal exchange on parenting and the rapid growth of children.
39:27 Breakdown of Amex Gold and Citi Premier for groceries and general spending.
41:39 Advocacy for paying off credit card balances monthly to avoid interest undermining rewards.
44:03 Transferable points and their advantage over branded airline-specific cards.
49:22 Paul and Spencer discuss Delta's dynamic award system and the benefit of transferable points.
52:56 Spencer’s caution against chasing airline status for infrequent travelers, especially with kids.
56:20 Final thoughts on budget airlines and practical travel decisions for large families.
Resources Featured in This Episode:
How to Master and Save Money on Family Vacations
The Ultimate Guide to Stress-Free Family Vacation Planning