Signature Luxury Travel & Style
Point perfect
When it comes to loyalty schemes, it’s a jungle out there. But if you put in the effort, Steve Hui says the rewards are worthwhile.
How can you take full advantage of credit card and frequent flyer points?
The key is in understanding the basic concept of ‘earn and burn’, which means treating points as a form of currency. Earn as many points as possible with low cost and low effort, and then spend them on something valuable, whether that’s in terms of monetary value or on an experience. Many people are focused on earning points, but don’t have a plan on what to use them for.
Do many people’s points remain unused?
Based on the American Express Rewards Rethink research, 27 per cent of Australian credit card holders had not used their rewards for anything in the past two years. I would say over 80 per cent of people don’t know how many reward points they have, especially if they have multiple cards and airline programmes. If they don’t know how many points they have, they also don’t know what they can spend them on.
How can points be maximised for travel?
Do your research. People tend to earn points first and then ask questions later. This means they don’t know how long it will take to earn the points, and hence do not align their efforts to get their required points. Secondly, it’s important to remember that each rewards programme is different. Plan ahead and decide where you want to go and what credit card you will use when you want to convert your points with an airline partner. If you don’t have a set destination in mind, choose a credit card that gives you flexibility with how you use your reward points.
What is the best way to use points?
One way is financial. The best value is to earn points at a low cost to yourself, and then use them for something of high value. In my opinion, the best way to use points is for a full-redemption business-class flight. The other way is based on experiences. My opinion is that travel is the best experience in the world, and points enable more of it.
Which credit cards have the best points programme and why?
The best ones give you the most flexibility regarding how you choose to use the points; the ones with the most airline or hotel partners to transfer the points to and programmes where your points don’t expire. There are over 400 credit cards offered in Australia and each one has different benefits, so it depends on your lifestyle and spending habits.
Why did you launch iFLYflat?
I realised people weren’t paying much attention to their reward points, and certainly weren’t making the most of them. iFLYflat helps consumers and businesses avoid missed opportunities.