The people's voice of reason
The people's voice of reason
For many, travelling is a necessary indulgence and a cultural reset. A recent survey from the health insurance company, Manitoba Blue Cross, found that 79% of Canadians are planning on taking a trip outside of their province or territory this year, which is up ten points from last year, illustrating a widespread optimism about travelling even in the face of financial barriers such as the cost of living hike. As a result, the notion of travel hacking has grown in popularity for those looking to cut vacationing costs by capitalizing on personal finance products with favourable rewards, Money.ca reports.
The basic idea behind travel hacking defined by Chris Guillebeau—the author, entrepreneur, blogger, and speaker who mastered the art of travel hacking on his blog, The Art of Non-Conformity—is that "travel doesn't need to be expensive. Most of us who live in relatively rich countries can travel even if we're not rich. The reasons why some people don't travel have less to do with lack of resources and more to do with fear and insecurity."
Travel hacking is a strategy where you can go anywhere in the world for almost free. It goes beyond the normal behaviour of signing up for Aeroplan points. It might even go beyond signing up for the Aeroplan Star Challenge and going to the gas station to gas up in $3 increments despite the disapproval from the gas attendants. While admitting that he does acquire a healthy amount of frequent flier rewards, Guillebeau has stated that twice as many miles are earned on the ground through bank promotions, travel-friendly credit cards, and other bonuses tied to spending or financial products.
In Canada, avid travel hacker and entrepreneur Matt Bailey has spoken publicly about his experience with travel hacking and even offers courses on how to master this skill offers courses on how to master this skill.
There are numerous ways to start travel hacking. First and foremost, sign up for points on the flight programs and strategically opt for the frequent flyer programs and airlines that you will be using most. For instance, if you travel to Europe a lot compared to Asia, it might be a better idea to choose the frequent flyer program offered by British Airways instead of Asia Miles, even though they are part of the same frequent flyer program. Also, sign up for hotel rewards, such as Marriott or Starwood Preferred Guest.
Secondly, sign up for a travel credit card and opt for something that offers a large number of bonus points. There are a number of credit cards that offer healthy bonus points when you sign up, including:
If you open up credit cards in order to get travel points, it may affect your credit score. As long as you pay off your credit cards on time and don't make too many new credit card applications on an annual basis, you should be fine.
Another thing to consider is cancelling your tried and trusted credit cards, as you should probably think twice before cancelling an old credit card in good standing because it might affect your credit score negatively.
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