Credit Card Miles - are they really worth it? Can you earn rewards quickly?

[Anonymous]

I always see offers about credit carm miles.  Getting extra miles for this or that, etc.   I have never paid any attention to it.

Now that I recently got my debt under control -- I was wondering if credit card miles are actually worth collecting? 

It seems like I would have to collect a ridiculous amount of really get a "free vacation" like they always advertise. 

What are peoples experience with stuff like this?  Is it worth it?  Can you actually accumulate "rewards" that are worth anything relatively quickly?

I am very organized -- so I could probably do a good job of funneling expenses through a credit card if it would help me rack up rewards -- but just not sure it if is worth the trouble.

Thoughts?

[Booner72]

Have you done any reading over at the credit card section of MYFICO?  it's a whole other world and those folks know just about everything there is to know.  I'm curious about how rewards work, myself, and look forward to the day my credit score is good enough, and my report clean enough, to qualify for such a thing as a rewards card.

[Anonymous]

I thought this was the credit card section of the forum... did I post in the wrong place?

[fused]

Moving this thread to the CC forum.

[MidnightVoice]

http://www.smartmoney.com/spend/travel/keep-the-miles-why-airline-cards-aren-t-worth-it/

"Airfare cards are great for the sign-up bonuses, but for most travelers, that s where it ends, says George Hobica, founder of fare-tracking site AirFareWatchdog.com.

At the same time that struggling card issuers have jacked up interest rates and made it more difficult to earn rewards, their partner airlines have introduced tiered redemptions and fees that make those miles less valuable. It s a double whammy for consumers, says Curtis Arnold, founder of card-comparison site CardRatings.com. "

I tend to agree with the above.  If you fly a lot and use the card to buy tickets a lot, then it is different

[LisaPA]

Depends on the card - some of them allow the miles/points to be used for things other than just airline tickets, which makes them more like a regular rewards card. I just upgraded to the Cap1 Venture1 rewards with 1.25 miles per dollar and no AF. The miles can be used towards things like statement credits, gift cards, etc.

I mostly don't get rewards cards for the rewards - I get a card I'm going to use anyway and then the rewards are a bonus.

[Anonymous]

The Cap One Venture is the one I just got an offer for that prompted me to ask here! 

YEa -- I am not so much talking about just for air tickets -- but rewards cards in general....  (I dont travel much at all)

what do people think of rewards cards in general?

@lisaPA -- is there like some sort of list of what you can get for how many miles?

[Anonymous]

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@Anonymous wrote:

YEa -- I am not so much talking about just for air tickets -- but rewards cards in general....  (I dont travel much at all)

what do people think of rewards cards in general?

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If you don't travel much, stay away from cards with miles. Get a decent cashback card (Chase Freedom, Amex Blue Cash Everyday, Discover More, etc.). If your credit is not quite there yet for the examples I gave, there are other cashback card options.

[TM82]

I don't particularly like the Venture card myself in terms of rewards for travel.  As posted by thepointsguy on his blog.

"Capital One Venture is great, but those points CANNOT be transferred to airlines/hotels like Chase and Amex can. So if you try booking a $10,000 business class award, you will need 1 million points (cap one points = 1 cent each towards airfare), versus as little as 50,000 points when transferring to airline programs."     

[thrasher865]

I tend to agree with that previous quote.  The first vacation is easy to earn, because you can usually find a sign-up bonus for ridiculous amounts of points.  After that, either apply for a different card promotion, or sockdrawer the card for the average consumer.

I travel for work, and still can't build up enough for a free vacation in any sort of reasonable time.  You have to fly on a weekly basis for it to really be worth it.