“Cash is king, but miles lets you feel like one.”
– Aaron Wong, Founder of MileLion
Most of us hesitate to spend actual cash on a $10k first-class flight ticket, but are more willing to splurge using accumulated credit card miles. With a miles card, we have more ability to travel in style, while spending less of our own money.
On 30 April 2020, YWLC members were treated to an insight-packed evening on personal finance hacks. These insights were tailored to the attendees’ preferences, obtained from a survey done by YWLC Membership subcommittee prior to the event. Our burning questions included: Should I earn miles or cashback? How do I value a mile? How can I optimise my credit card portfolio? These were the questions that Aaron answered, peppered with research data and detailed calculations on the best way to travel for less.
Aaron Wong, Founder of MileLion, sharing some tips at the
YWLC x MileLion: Miles Hacking for the Modern Woman webinar on 30 April 2020.
While the value of the cashback is fixed, the value of card points depends on what you spend them on. A simple calculation: if we spend $10k a year, a 1.5% rebate would work out to $150 in cash. However, given that a usual miles-earning card provides 3 points per $1 spent, $10k would be translated to 30k in credit card points, which could be used as a $50 cash rebate, a 12k miles (worth more than $240), or $100 in shopping vouchers.
For savvy ladies, spending the points on miles is the most value-for-money option. Need we say more?
Acknowledgements: Special thanks to the incredibly knowledgeable Aaron, our amazing moderator, Letitia, for the webinar, Halynne the project lead supported by both Litongs and Miya from the Membership subcommittee for bringing this enriching event to fruition. Thank you too to our members who attended the event. This event is the first of our personal finance series – stay tuned for more practical sessions to come!