If you are like many modern couples there is part of your wedding you and your fiancé will be paying for. Maybe you’ve saved for a year and you finally have enough to cover your amazing Knoxville venue and caterer, but that doesn’t leave room in your budget for the honeymoon of your dreams! Here’s a possible solution: travel hacking! I know, as your photographer I’m not in much of a position to offer financial advice but I do know from experience that this trick, when used responsibly, really works! Here’s how to do it:
1 – Understand what you need. Think about the kind of traveling you’ll be doing for your honeymoon. Are the plane tickets the biggest expense? For airline credit cards, look carefully at where the airline flies and do a preliminary flight search with your honeymoon date to see how many points it would take to get to your honeymoon destination. Keep in mind that usually the further out you book, the less points it will take. Will you be driving somewhere and more interested in having accommodations paid for? See what kinds of hotels and resorts are available around your destination. Remember, it is your honeymoon, you may want to stay with a hotel brand that’s a step up from your regular old stand-by motel chain. While there are credit cards that offer travel rewards for hotels and plane tickets but most are weighted towards one or the other.
2 – Do your research. Find the best travel rewards credit cards out there – there are several sites that compare benefits of the top cards if you do an internet search for “best travel rewards credit cards”. Look carefully at things like specific rules of the sign up bonus and annual fees – many cards will waive the first year – just don’t forget to cancel! APR rates are important but if there is ANY chance you will carry a balance this method is not for you – the penalties for not paying your card off every month outweigh any rewards benefit.
3 – Read the rewards rules carefully. Most cards offer a sign-up bonus requiring a certain dollar spend in the first 2-3 months of opening the card. Make sure you have expenses you can pay during that time for the maximum benefit. Do you typically pay with cash for small items like your weekly latte? Not anymore – charge it! Use your credit card for everything. Can you pay your rent on a credit card? Can you pre-pay your car insurance for the year? Do you need new tires in the next few months? There are all kinds of creative ways to get up to your spending requirement but be careful, some credit card companies will count items like gift card purchases as cash advances (i.e. buying a $500 gift card to your grocery store and using it every time you shop). Call the company and ask them to set your cash advance limit to $0 so that any cash advance coded transaction is declined.
4 – Consider timing. It’s important that your rewards are available when you want to use them! Check the fine print but give it at least 30 days after the end of the sign up bonus period for rewards to go into your account. With this in mind you can also line up your biggest expenses with the sign up bonus period.
5 – Get “Help”. Are your parents generously paying for a big chunk of your wedding? See if they’ll allow you to charge some of it and pay you back to help you reach your honeymoon goals. Do you and your fiancé pay for things separately? Use your credit card to pay for his car’s new timing belt and let him pay you back in cash. Then, have him open a card in his name and do the same once you have reached enough for your bonus. Many companies will let you transfer points between accounts, just check the fine print before you sign up!
6 – Count your rewards. Pay your card off every month and watch the rewards rack up. When you’re ready, cash in and enjoy your ‘free’ flight / stay / car rental – just don’t forget to cancel that card before the annual fee sets in!
