1. Decide on an end goal
Try to set a specific goal, like a business class ticket to Melbourne. Focus on your minimum spending amount, instead of being overwhelmed by information.
Accumulating points from many different cards without a clear goal in mind would consequently result in spending inefficiency for each card or worse still in credit card debt if you cant properly manage your expenses.
So, plan wisely before staring to earn those precious air miles.
2. If possible, use multiple credit cards to maximise spend (DO NOT OVERSPEND)
Sticking to just one card to accumulate miles is painstakingly slow when it comes to achieving your end goal of X number of air miles.
I encourage you to be disciplined when it comes to payment, especially when it comes to using a few cards at once. And most importantly, don’t apply for multiple cards at once. This would result in a lower credit rating.
Also remember to set up a GIRO arrangement with your bank account and always pay in full. Never pay late.
3. Increase your purchasing power with a high earn rate
Many people know to how to purchase cheap deals but not many understand about the value of such deals. Credit cards issued by banks offer generous bonuses on dining, overseas spending, and online spending. As a rule of thumb, aim to have 70 to 80 percent of your spend on a card that offers four miles per dollar (mpd) in a “specialised spending” category.
The remaining 20 percent shall be classified under general spending, which doesn’t fall into any of the specialised spending activities.
Look for opportunities to turn general spending (regular grocery shopping) into online spending (buying groceries online).
4. Study other ways to accumulate miles
I would like to remind you that credit cards are NOT the only way to earn miles. Certain hotels offer complimentary air miles for your stay. Same goes for car rental companies. A mobile payment app called Mileslife allows you to earn miles for your everyday spend on dining, hotel and travel expenses. Sometimes even paying for your bills (eg. M1 or StarHub) permits you to earn loyalty rewards points which can be readily converted into air miles.