The options for rewards programs are endless it seems.  Cash back, frequent flyer miles, hotel points… pick your reward.

Some rewards programs are better than others, as I found out on a recent trip to Europe.  I am a member of American Airlines AAdvantage program, which I earn a mile for every dollar I spend on my AAdvantage Citi card.  I also earn up to 10 miles per dollar depending on where I eat under the dinning program.

Sounds pretty nice, right?  Who would turn down a free ticket on your next vacation?

That’s the catch with the AAdvantage program. Chances are, program seats aren’t available on the flight you want to take, or on the day you want to take your trip. In addition, you might end up with a long layover (overnight) at an intermediate location somewhere between your home and destination.

In preparing for our trip to Greece, I inquired about using miles to get from the States to Europe.  We needed to leave on a Wednesday due to vacation days off from work and the time constraints of a wedding we were attending.  Unfortunately, the rewards program could only get one of us there, and we’d have to stop overnight in London.  Then, we’d have to buy another ticket on the same flights, which would cost more than a ticket straight through to Athens…  In addition, if we did buy the individual ticket, there is no guarantee of sitting next to each other.

Read more…

Credit Cards, Rewards Programs

I just tallied up all my cash withdrawals from our trip to Europe, and compared the transaction and ATM fees to the fees that my local bank was trying to charge me just to convert currency.

The overall fee was 3% of the total currency withdrawn from the ATM, as compared to the 7% that my bank wanted to hit me up for to convert $100 USD to Euros…

So it turns out that using plastic does save you in the long run.  In addition, I found that both Visa and MasterCard have prepaid travel cards.  They work like travelers checks, but have a preset limit so that if the card gets stolen, you’re only out however much you have on the card at the time.  Of course, they also have a “Zero Liability” policy such that you are not liable for fraudulent charges if the card is stolen, much like the card I already carry.  So I’m not sure of the real benefit of using the card over my existing card…

Check out Visa’s TravelMoney Card if you are traveling abroad in the future…

Credit Cards, Travel

It seems that the new TD Ameritrade is very worried about identity.  Not their identity, your identity.  As part of their “Security” services, they are pushing a third party service called Identity Track.

Essentially, Identity Track is an online service that watches your credit file, keeps track of your credit card information, and provides you with instant access to your credit score.  A perfect service for that paranoid individual who loses sleep at night over details in their credit report.

One of the nice features of the service is that it offers identity theft expense reimbursement up to $2,500 should your identity ever get stolen.  They will also give you quarterly credit updates listing new accounts or any negative information that may have been added to your file.

While I don’t hide the fact that I am very concerned about my credit score, I don’t think it’s worth the $9.99 per month ($119.88 per year) to keep tabs on it at all times.  However, if there is someone out there who does use this service, please let me know what you think of it, and if it’s worth the expense.

Credit Cards