I look for 1 cent usd per mile

Thanks for the tips! I'm enjoying milenerd.com!

Gee, ADK, really?:D

This guy/gal is a complete newbie and you're teaching him/her the science of advanced Credit Card workarounding (my coinage;))? Don't get me wrong; I always enjoy reading your cautionary tales, but after so many years, I am still stuck at the CC sign up bonuses--and loving every minute of that!

OK, I'm a lazy guy, so I'll just go ahead and say it.

If you are not a business traveler start with credit card sign up bonuses.

If you are a business traveler, start with credit card sign up bonuses.

There is just no way around credit card sign up bonuses if you are serious about flying an staying for free.

Read two forums first: Mile Buzz and Credit Card Programs and get a feel of which CC programs people like. See which programs would suit your own needs. Remember not to think in terms of airlines but rather airline alliances, although depending where you live it might be easier said than done.

You can apply for many credit cards at once (called app-o-Ramas) and you can apply for the same card more than once (called churning). Almost every credit card is churnable, the difference is in the rules of forced sabbatical imposed by Credit Card companies. And even that is inconsistent.

Credit card sign up bonuses is the single most important thing you must concentrate on for now. But there are two simple rules to follow if you want to play this game. Have good credit and never carry a balance. If you don't have good credit right now, work on it, if you must carry a balance--just don't do play the game or you will hurt yourself in the long run.

If you foresee a mortgage or a car loan in the near future, be careful, because all the miles and points in the world aren't worth that extra quarter:).

If you have a specific question in mind, just try to post more details, so the folks here could help you better. Good luck and welcome to FT!

Milenerd.com is a really cute site. I've been setting one up for newbies, too. When I send friends to the big sites, they zone out and don't do anything. Mine is freetravelkarma.com There's an Airlines Miles 101 guide you can download and also my carry on Packing Guide.

Anyone want to help a rookie?
 

All good advice-it really depends on your goals. For SPG points, I tend to use points or P&C (points/cash) when the rate is over $250-300 equiv. for example I stayed in Venice w/canal view before a cruise at the Westin for $90 worth the P&C. I find great value w/SPG internationally, but also enjoy staying in my hometown of Philly for a night out in the city.
I don't do credit card churning my points are normal spending w/some work spend (I travel once a year for work).
Going to local meetups are a great way to learn more about this but do keep in mind what your goals are as many are road warriors, freelancers and business owners that have more opportunities to earn points than most. They are a great source of info to apply to your situation

What sort of redemptions are you planning and do you intend to take mileage runs?

This year, I expect to fly approximately 200k revenue miles (~10k of which will be business travel, the rest will be on my own dime for leisure... and I do not go on mileage runs). After elite bonuses and various promotions, my cost of acquisition is running somewhere between 1.2 and 1.3 cents per redeemable mile. Based on actual experience, I'm more than willing to fork out $400 for a coach roundtrip to Europe and upgrade and I have yet to fork out the cash for discounted business class to Europe (ballpark $2k r/t), so my valuation is a bit less than 2 cents per mile (offset on one side by the validity dates of business class fare sales/advance purchase requirements, offset on the other by sometimes scarce award availability/taxes on awards).

For SPG, my points come from SPG stays (where I am actually looking to stay at some hotel) and my SPG Amex. Since my spending on my Amex could go onto a 2% cash back Amex, my cost of acquisition from credit card spending is slightly above 2 cents per point (cash is far more liquid than SPG points). I typically get 3.5-4 cents per point on my redemptions at hotels based on room rates that I would consider paying cash for.

My advise is don't just concentrate on one type of points and miles ( go for both airmiles and hotel points and others, ex: Amex MR poiints).

Some have said to apply for many cards at once (App-O-Rama) but be careful NOT to apply for too many cards issued by the same bank (ex: Chase, Citi) as some will get turned down and that will waste a few precious hard credit pulls. Instead, apply with several different banks at the same time.

So, welcome to FT.

Shark

Credit Cards
 

If you can't pay off balances every month, don't get involved in the credit card game.

There is no Ron Popeil statagy of "set it and forget it" in this game, it is constantly changing. Be ready to adapt and reassess your situation all the time. this is what keeps so many people out of this hobby, they want a one time solution, if you are nimble you can get more than 10 fold back.

Stripmining credit card sign on bonuses is so old fashioned! Ya gotta get with the new economy. Banks are really hurting for capital after Timmie Geithner stopped the presidential dollar deal. So ya gotta find new ways give it to 'em. And over at The South Texas Coin Laundry we never stop giving it to the banks.:p

Welcome to FT. You will find that value is relative. Once you get a taste of the good life (Think Ethiad or Singapore Airlines in First class on a 8-10 hour flight) then the value of AA or UA miles starts going up, relative to not wanting to sit back there in coach any longer.

Everyone has different values, ranging from $0.01 - $0.06, which may be flexible depending on whether you're trying to achieve status.

You'll see more people doing MRs yearend for a higher cpm (cost per mile) than they would normally pay because they are close to reaching status.