G'day
Thank you for all your advice, I am incredibly appreciative however there are a couple things I would like to clarify as with my limited knowledge I didn't understand too well. Firstly, I have the mathematical ability to crunch numbers but (and this is where I sound daft) I don't know what numbers to crunch haha.
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What number to crunch? As circumstances and opportunities vary this is no one answer to this. But it comes from fully understaning what the cost of acquistion of particular points are, and the full cost of any redemption. so it will come as you research.
ie Credit Card Points
* Is there a yearly fee? If so this must bededucted from the value gained. However other benefits such as free flught might offset or even outweigh the cost of the card
* Are there any credit card surcharges? ie 3% to use Amex, but VISA/MC may be lower or even no surcharge (So some bills I pay by VISA even though the FF point earn is less
*How many points per $ are earnt, and does this vary by type of spend (ie petrol, restaurants, supermarkets = you spend profile will be better on some cards ). I havea number of CCs and use different ones to pay for different things to maximise my earn
* What points actually end up transferred to various FF program. some bank awards earn more points, but when transfrred earn less effective points than another card
Where you want to fly can affect things as not all award programs are the same. This means that various routes are cheaper in some FF programs than in others. also the fees charged by airlines can vary hugely. ie to Africa in J on Etihad it was $57 and flying back with QF it was $400.
All programs are different and so what is best per FF program as well.
Number crunching should make allowance for your time too.
* For example there may be a survey that awrds 100 points, but takes 20 minutes. For me this is not worth my time (as in $$$$ my work would earn me a lot more value if I dedicated the same time to it instead), but at 16 with ample free time it may be yours. However if you enjoy it as a "hobby" you may discount your time due to the enjoyment.
If you go for Manfactured Spend. You need to work out the cost per point. ie See the ATO thread where people pay their Tax Bills by Credit Card, but the ATO charges a fee. Therefore one is effectively buying points. This used to be a bargain, but is no longer so.
etc etc
So flying for free is largely a myth. I prefer to think of it as flying cheaply...or flying in a lot more comfort.
Secondly, what is the strategy of stacking points? Otherwise everything was really well written and, once again, I am really appreciative.
cheers,
wil
Stacking is earning multiple points at once...and not necessarily in the same FF prorgra, ie you might earn two sets of QFF points, or you might earn say QFF or Krisflyer points whilst also earning Amex Reward points with an Amex (Or Citibank points with a Citibank card etc).
I you can shop at The Iconic this week online and just gain the points earnt by Credit Card spent. Say 1.5 amex Mileage Reward Points. Or you can stack it by shopping through he Qantas Portal and also earn 12 QFF per $ as well (is notmallya third of that.
At Woolworths you can earn 1 QFF point per $ above $30 spend by joing Everyday Rewards.
If I shop with my Amex Edge I also earn 3 points per $ on that (which I use on SQ as it goes at 1;1 and to me SQ is much better value than QFF and much easier to get J?F seats on.). Other people prefer to save 5% by buying a gift card from say RACV first, but earning less points per $.
I stacj my points further at WOW as I take advantage of bonus offers that suit me. So rather than average $1 point per $ at WOW on QFF I have averaged about 4 QFF points per 4 since inception.
If I buy a movie ticket, or shop at Myers etc, I may do so using a WOW/Coles Gift card thus earning a QF Point and an Amex point.
etc