Jul 26
That is, if you card offered 1 mile per dollar and another card offer 5 cents a dollar.
How would you compare the two? What dollar amount would an air mile be roughly equivalent to?
Thanks for your answer Spiffer.
You sound like you know more what you’re doing than I do.
I’m not talking about “points.” That doesn’t mean anything. But a mile and a dollar (or a penny) are real amounts. How do you compare them?
Or, if you’d rather, how do you go about finding the very best rewards on your credit card?
I have moved points from one card to another. I often gain doing it because I have done my research.
Unfortunately ten points on one card does not mean that it will be ten points on another.
I used to work for Discover card and to earn the miles you would get 1 mile for every dollar spent. Actually on your first $3000 spent you actually earn double miles (2 miles for every dollar spent) Once you accumulate so many you could turn in your “miles” for travel credits or gift cards. I think 10,000 miles= $50. travel credit or gift card. I’m not sure about the specifics on redemption. So, for each dollar spent you will earn 2 miles on your first $3000. After that you will only earn 1 mile per dollar spent. Gosh, I hope that answers your question. It really depends on the card you have because all rewards programs are a little different.
Normally you need about 25,000 frequent flyer miles for a free round trip in the US ($250-$400 value) so if you get 1 mile per dollar, you would need to spend about $25,000 to get a free trip or a rewards of between 1%-2%.
Usually rewards cards only pay about 1% but some will offer up to 5% at certain stores and may only pay that higher amount for a certain period of time or may have other limitations.