Travel Hacks: Eli Facenda, Tommy Lonergan - The Michael Sartain Podcast
Feb 21, 2024
auto_awesome
Learn travel hacks and credit card strategies from experts in maximizing travel benefits. Discover tips on choosing the right cards, transferring points efficiently, and utilizing airline partnerships. Explore the benefits of personal vs. business cards, avoiding common mistakes, and managing tax implications. Dive into the world of travel rewards, luxury experiences, and optimizing credit card usage for a high-status lifestyle.
Maximize travel rewards by strategically using credit cards for specific expenses like travel and dining.
Effective credit management includes maintaining low balances, using a mix of cards, and paying down balances regularly for a healthy credit profile.
Leverage business credit cards to separate expenses, lower personal credit utilization rates, and improve credit scores.
Adding an authorized user to a credit card with a higher limit can boost credit scores and access higher credit limits.
Maintaining a low credit utilization rate below 10% is crucial for a healthy credit score and maximizing card benefits.
Deep dives
Optimizing Points and Rewards with the Right Credit Cards
Using the right credit cards for specific expenses like travel and food can maximize points and rewards. By strategically choosing cards like Chase Sapphire Reserve for travel and Amex Gold for dining, individuals can earn significant points on their everyday spending. Additionally, having a catch-all card like Capital One Venture X can ensure consistent points accumulation.
Utilization Strategy to Improve Credit Score
To boost credit scores, it's crucial to manage credit utilization effectively. Keeping credit card balances low, especially during the statement closing date, can positively impact credit scores. Utilizing a mix of credit cards for different expenses and paying down balances regularly can help maintain a healthy credit profile.
Navigating Business Credit and Personal Credit
Distinguishing between business credit and personal credit is essential for financial management. By leveraging business credit cards, individuals can separate business expenses, maintain lower utilization rates on personal credit, and strategically build credit scores. Utilizing a diverse credit card portfolio for both personal and business expenses can lead to improved financial flexibility and rewards.
Authorized User Strategy for Credit Score Improvement
Adding an authorized user to a credit card with a higher limit can help individuals improve their credit scores. The credit history of the primary cardholder, along with the higher credit limit, can lower the utilization rate on the authorized user's credit report, positively impacting credit scores. This strategy can be especially beneficial for individuals looking to enhance their credit profile and access higher credit limits.
Understanding Credit Scores and Approvals for Credit Cards
Having a good credit score is essential for credit card approvals, but beyond access, your credit report determines the credit limit you receive. People with decent scores may face low limits if their credit history is weak or if their utilization is high. Elements like payment history, utilization, and recent inquiries play vital roles in credit evaluations.
Optimizing Credit Utilization and Maximizing Credit Card Benefits
Maintaining a low credit utilization rate, ideally below 10%, is crucial for a healthy credit score. Utilizing credit cards wisely, paying them off monthly, and strategically selecting cards with benefits like annual travel credits can offset annual fees, maximizing value even without factoring in rewards points.
Strategic Approach to Flight Booking and Loyalty Programs for Travel Benefits
Flexibility in travel dates can yield better flight deals, especially for international trips where positioning flights from major hubs can offer enhanced options. Leveraging elite statuses in hotel loyalty programs can significantly enhance accommodation experiences, providing upgrades and added benefits without the need for additional spending.
Financial Considerations and Caution Regarding Credit Card Strategies
Using business credit strategically to invest in growth can be beneficial, especially with zero percent interest offers; however, personal debt management is crucial. Business credit cards can offer diverse benefits such as zero percent interest, but careful planning for post-promotional interest rates is necessary for financial stability.
Travel Hacks for Long Flights
One highlighted point focuses on the unique temperature extremes experienced in airplanes, highlighting the drastic contrast between the heat coming off the engine and the freezing cold from outside. It describes a scenario where a 1957 KC-135 aircraft lacks proper air mixing, leading to temperature differentials inside the plane, causing discomfort and confusion for passengers.
Maximizing Business Travel Benefits
Another key insight concerns the utilization of premium credit cards for maximizing travel benefits and optimizing point accrual. The discussion touches on specific cards like Chase Sapphire Reserve, Amex Gold, and Capital One Venture X, emphasizing how proper utilization and strategic point redemption can lead to significant travel savings and luxurious experiences. The importance of maintaining separate business and personal expenses for tax efficiency and the role of elite statuses in enhancing travel convenience are also highlighted in the conversation.
Eli Facenda and Tommy Lonergan are the founders of Freedom Travel Systems. A company that helps people maximize their travel and use of credit cards. Tommy was formally an executive chef who currently travels the world. Eli is a former college baseball player from Austin.  They both help people maximize their travel experience, and teach people how to use credit cards in the most optimal way.
————————————————————
Ready to build a network of amazing women and high-status men? Michael’s Men of Action is a one-on-one Master’s program that teaches men how to create elite social lives by becoming higher status. Click this link to learn how you can have a High-Status lifestyle now: https://m.moamentoring.com/podcast
0:00 Intro 1:26 Waste management 2:38 Getting into travel hacking 3:55 Justin Ross Lee 4:31 Becoming an executive chef 7:18 Flying for the Air Force 8:52 *Travel hacking methods 11:21 *Business vs personal cards 14:49 The main cards for travel hacking 18:37 *What the average person does wrong 24:09 Business vs personal points 27:14 Tax implications 28:16 Redeeming 20 million travel points 30:00 *How many cards are needed to maximize points 34:35 How is credit affected? 39:12 Business vs personal credit 42:04 Reasons why cards wouldn’t be approved 45:05 Annual card fees 45:58 *Book last-minute flights 50:08 Comparing different airlines 54:41 *The multiples for flying First Class 57:57 *The best hotels 1:01:57 How to store all the cards 1:03:43 The most indestructible card 1:04:20 The Amex Black Card 1:05:04 Flying other people out 1:07:23 Traveling during COVID 1:10:40 Being open and flexible saves you money 1:12:36 Don’t travel hack if you’re in debt 1:14:32 Who gets the First Class upgrade? 1:16:36 Traveling with children 1:18:10 *Hacks for long flights 1:23:13 Networking at airport lounges 1:25:15 TSA pre-clearing 1:27:00 Service animals 1:29:38 Customer service 1:32:09 Cards for advertising 1:34:46 Contact info 1:36:40 Social media
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
