This is a long and detailed post. I suggest you first read the How to get FREE Starwood Hotel Stays: Brief Summary. Then if you are interested you can come back here to fill in the blanks.
I introduced the Starpoints program in this post.
Last year I spent five free nights in New Zealand and two nights in Brisbane just for signing up for a couple of credit cards.
Some of the best earning opportunities are with credit cards. I want to offer a HUGE disclaimer here. So many people are overwhelmed by credit card debt that this post could cause more damage than assistance. In fact I recommend you do not even read the remainder of this post if ANY of the following apply to you:
- You only pay the minimum balance on your credit cards
- You typically charge more than you can pay
- You lack financial discipline.
Alright, now I can proceed in good conscience.
I enjoy signing up for credit cards. Using them once (typically) then canceling them before the year fee-free period expires. Read below to find out where and how to get your cards.
1) The Starwood American Express Credit Card (for American Residents). Canadians can read about the Starwood Mastercard.
PLEASE ALLOW ME TO REFER YOU FOR YOUR FIRST CARD (BUSINESS OR PERONAL). CLICK HERE AND I WILL EMAIL YOU A LINK TO REGISTER FOR THE CREDIT CARD.
The credit card approach is the fastest way to gain a lot of points quickly.
The AMEX personal card offers the following benefits:
- 10,000 bonus points for enrollment after the first usage. (Enough for 3 nights hotel – depending on the category).
- 1 point per dollar spent
- Fee Free for the first year, then $45 per year thereafter.
A special note to married couples:
The promotion is available per spouse as long as you get individual accounts when you sign up. For example, the husband can get a card and get 10,000 points. Then the wife can get a card and get 10,000 points. Plus, if the husband refers the wife he can also get a 5,000 point referral bonus.
When you sign up for the card initially it will ask you if want to add any extra card members. Don’t.
Also, once you have signed up you will have an opportunity to refer someone for 5,000 points (i.e. your spouse).
Then once you get the card AMEX will offer you 1,000 points per extra card member (up to two extra accounts). Then at this point you can add your spouse, if you wish.
Therefore, if the husband signs up for a card (10,000) then later adds his wife to his account (1,000) and he refers his wife (5,000) the wife signs up for a card (10,000) then later adds the husband (1,000) you will have two separate Starwood accounts one with a balance of 11,000 and one with a balance of 16,000 for a total of 27,000 points by using each card only one time. That is enough for 6 nights free hotel at a Category Two using weekday rates.
If you are looking for even more points don’t forget about the AMEX business card. (Any individual can get a business card. You don’t need a business number, just use your social security).
- 10,000 bonus points for enrollment after the first usage. (Enough for 3 nights hotel – depending on the category).
- Plus 15,000 bonus points if you spend $15,000 in the first 6 months.
- 1 point per dollar spent
- Fee Free for the first year, then $45 per year thereafter.
The same approach to extra cards applies to the business card with extra card holders. Also, the first business account can refer the second.
Assume then that you took 1 hour and signed up for 2 personal cards (husband and wife) and 2 business cards (husband and wife) [assuming you waited to add the second card member and referred the second card member] you could have the following balances: first account: 32,000 and the second account 22,000 with total points equaling 54,000. This would allow you to get 13 free nights at a Category two using their weekday rates. That’s assuming you only used each card once so it does not include any points accumulated for spending. All this for 1 – 2 hours total of work.
It is usually best not to sign up for all four cards on one day. Each person should wait 1 – 3 months between signing up for business or personal cards.
Remember: Set your computer calendar to remind you to cancel your card 1 month prior to the end of your free term. Or if you determine it is worth keeping it – keep it.
COMMON ISSUES / Questions:
What if I forget to cancel my card?
First, Don’t. In our world of technology you can just put a reminder in your computer to cancel your card in 11 months.
Second, if they charge you card most will allow you to call, plead innocence and refund the charge as well as cancel the card for you.
Third, what if you do forget and they won’t refund the annual fee? Well then worst case result is you just paid $45 for all your points. Then cancel the card.
How will this affect my credit score?
Well, because your credit score is a measure of how you handle and pay debt, it should have no negative impact on your score as long as you pay your bill monthly. Which, by the way, if you don’t plan to pay your bill monthly no matter how many points you get it won’t be worth it.
The only negative impact is if you try to make a major purchase (like a house) within months of getting a batch of new cards. The financing organization might wonder why you are stocking up on cards. If that is the case, as soon as you get the points cancel the cards so as to remove your credit potential as an issue for the financing company.
I suggest you do some additional research to verify this information as I am not a credit score expert.
Is it worth the hassle?
The answer to that question COMPLETELY depends on you. I am willing to commit 1-3 hours to get weeks of free hotels, but you might not. That is fine. As for a dollar value, each card will earn you about $300 in value. If it takes 1 hour to learn, 15 min to sign up, 15 min to close the account, then by doing this you just made $200 per hour. But you need to decide if that is worth if for you. As for me (but not always my whole household) it is TOTALLY worth it.
Related Articles:
Related Articles From Other Websites
Comments on this entry are closed.