April 2018 credit card applications

It's been a long time since I've applied for a new credit card. So long, in fact, that I was astonished to log into the credit monitoring service I got for free from one of our semiannual security breaches (or maybe from one of the semiannual security breaches of the credit monitoring services; who can say at this point?) and see that I've only signed up for one new credit card in the last two years.

This practically puts me in the position of a complete newbie to the travel hacking game, albeit a complete newbie who already has a ton of credit cards. So I thought I'd take the opportunity to run down a list of the credit cards I'm considering and give readers a chance to chime in — especially if they have a particularly brilliant powerplay I should consider!

Bank of America Alaska Airlines Visa

I've never had one of these cards (not that that particularly matters given Bank of America's approval process), but virtually all my family members are on the West Coast and the 30,000-mile and $0 first-year companion fare ($99 after the first year) are both good deals for a $75 annual fee.

While I'm generally a very strong skeptic of companion tickets, the Alaska Airlines companion ticket differs from the companion fares offered by the American Express Delta Platinum and Reserve credit cards because you can use any credit card to book it (as long as the ticket is for the Alaska Airlines credit cardholder or the credit card used is in the Alaska Airlines cardholder's name). That means it's easy to combine with travel statement credit cards like the US Bank Flexperks Travel Rewards card (with Real-Time Rewards), Barclaycard Arrival Plus, or Bankamericard Travel Rewards card.

Chase Slate

I don't want to bore longtime readers with everything I love about the Chase Slate card, but for new readers, it offers:

• no balance transfer fees for the first 60 days;
• 0% APR on up to $30,000 in balance transfers for 15 months ($15,000 cap per 30 days, but you have 60 days to transfer with the $0 balance transfer fee);
• ability to product change to a new Chase Freedom (or Freedom Unlimited if you don't have one already).

I don't know how valuable 15 months of free money is to you, but 15 months of free money is extremely valuable to me.

Consumers Credit Union Visa Signature Cash Rebate Card

I've had a Consumers Credit Union Free Rewards Checking account for years, since it offers 3.09% APY on balances up to $10,000 when you make 12 $0.50 Amazon balance reloads per month (yes, this process is exactly as boring as it sounds).

But the account really shines when you combine it with a credit card, since spending $1,000 per month on that card increases the interest rate to 4.59% APY on up to $20,000 in deposits.

Unfortunately, they seem pretty stingy with credit card approvals, and I haven't been able to get approved for one of those cards yet. Now that my credit report is practically clear, hopefully they'll give me a chance.

American Express Amex EveryDay Preferred or Premier Rewards Gold

These two cards offer flexible Membership Rewards points and bonus points at US supermarkets, which make them obvious candidates to rack up some big Membership Rewards balances, even if I were just to transfer them to Delta SkyMiles.

The Premier Rewards Gold has a $195 annual fee, but it's waived the first year, which makes it a possible candidate for a one-year effort to accumulate a big balance before cancelling.

Meanwhile, the EveryDay Preferred card is the kind of low-key card I can imagine keeping for the long term, even though its $95 annual fee isn't waived the first year, since it can earn 27,000 Membership Rewards points per year with minimal time or effort.

Conclusion

It's no secret that most professional travel hackers pursue big signup bonuses much more aggressively than me. But it's also no secret that they constantly have big unredeemed and unredeemable points balances!

Simpleton that I am, my view has always been that your least valuable mile or point will always be the one you don't redeem, and so I devote all of my energy towards earning miles and points I'm sure to redeem, instead of accumulating them speculatively.

With that in mind, what big signup opportunities do readers see out there that my personal blinders have kept me from noticing?

If you're already buying Hilton points for 0.5 cents each, why not buy in bulk?

I've never successfully bought one of the US Travel Association's "Daily Getaways," but when they're released I always poke my head over to see if anything jumps out at me as a fantastic deal. As usual, there's nothing too special, but the April 16 offer did catch my attention: buying up to 250,000 Hilton Honors points for 0.5 cents each.

Now, like all Daily Getaways, this is not, on its face, a very good deal, since 0.5 cents each is roughly what Hilton Honors points are worth (unless you have a particularly high-value redemption planned, and are certain to be able to find award availability).

However, I'm already buying Hilton Honors points for 0.5 cents each when I use my Ascend American Express card at grocery stores instead of my US Bank Flexperks Travel Rewards card. The latter earns 2 Flexpoints per dollar spent, worth 3% cash back towards travel redemptions, while the former earns 6 Hilton Honors points per dollar: 0.5 cents per Hilton Honors point.

why not buy in bulk?

The reason I won't be going all-in on this offer is that one of the benefits of earning points through manufactured spend over time is that you can calibrate your earning to your actual travel needs. While I "spend" $1,250 in foregone Flexpoint value whenever I earn 250,000 Hilton Honors points, I don't do so all at once, and if I suddenly find myself in more need of airfare than hotel nights, or vice versa, I can swing the dial in the needed direction.

Not a terrible way to meet minimum spend requirements

The best argument for buying Hilton Honors points in bulk at 0.5 cents each is simply as a form of manufactured spend. If you believe, as I think it's not unreasonable to believe, that Hilton Honors points are actually worth 0.5 cents each when redeemed for hotel stays, then buying them up front is simply a way of shifting forward in time your future hotel spend.

That's precisely what we do when we manufacture spend: we incur known, fixed costs in the present with sufficient confidence that the rewards we earn will be redeemed for enough value to justify the upfront payment. Normally you'd want to do that with a margin of safety: we don't normally pay 1 cent in advance for 1 cent in travel, since if all you're getting is 1 cent in travel, you may as well pay later and hang onto your money for now.

But if you have a minimum spending requirement to meet, and especially if you have a minimum spending requirement on an American Express card, where the most common manufactured spend techniques have attracted scrutiny and can cause signup bonuses to be denied, then an opportunity to incur $1,250 in expenses for $1,250 in Hilton Honors points may be worthwhile even if you don't have plans to redeem the points for outsized value, due the potential value of the signup or high spend bonus the purchase may trigger.

No, you shouldn't rush to sign up for IHG's crappy credit card

Chase and IHG Rewards Club have offered a co-branded credit card for a number of years with the following features:

• a $49 annual fee;
• a signup bonus between 50,000-100,000 IHG Rewards Club points;
• an anniversary free night certificate good at any IHG property in the world.

I've written multiple times about why such a card (like the similar Marriott Rewards Premier credit card) isn't interesting to me. Free night certificates require you to either move mid-stay (when you run out of free night certificates) or pay cash for nights you could otherwise pay for with fewer or more easily acquired points.

If IHG were an important hotel chain, with important hotels, where it was important to stay, I wouldn't have any problem with folks saving money on their annual IHG stays by paying a $49 annual credit card fee.

But no one has ever been able to give me a convincing argument for why a travel hacker should stay at an IHG Rewards Club property except that they have an expiring free night certificate from this crappy credit card.

Now the crappy IHG Rewards credit card is being replaced by two crappy IHG Rewards credit cards

Spencer Howard reported yesterday that the Chase IHG Rewards credit card is being retired, to be replaced by a couple of equally bad credit cards.

This has given an opportunity to affiliate bloggers to flog their old workhorse one more time before it shuffles off its mortal coil. My takeaway is a lot simpler.

Why don't you have an IHG Rewards Club credit card already?

I have a World of Hyatt credit card because I can redeem the annual free night certificate at Hyatt properties, where I'm also able to redeem my Ultimate Rewards points for good value.

I have a Hilton credit card because I stay at Hilton properties and manufacture spend with it at grocery stores, which gives me a solid discount off retail at the many Hilton properties around the world.

I don't have an IHG Rewards Club credit card because IHG Rewards Club sucks.

When I talk about travel hacking, I mean one thing and one thing only: paying as little as possible for the trips you want to take.

If you've got a favorite IHG property you stay at every time you visit your family, don't let me stop you from knocking off a couple bucks by using a credit card free night certificate.

But if, after all these years, you've never felt it was worthwhile to sign up for a $49-annual-fee credit card offering a free night at a chain you never stay at, why would it suddenly become worthwhile just because the card is going away?

The false urgency of now

There will always be people telling you that this, right now, is your last, best, or only chance to buy whatever it is they're selling. And there's usually not much harm in that. If you need a pair of socks, who cares if the haberdasher tells you they're his very last pair and how lucky you are to have them? If you need the heel of your shoe repaired, what's the harm in the cobbler telling you how close he was to shutting up the shop for the night before you walked in?

But there's a big difference between getting a little buttered up by the guy who's selling what you want to buy, and being suddenly hectored on all sides by people whose produce is about to spoil, and who need to get it off their shelves as quickly as possible.

The urgency they're expressing doesn't have anything to do with the once-in-a-lifetime offer you're about to lose out on. It's about the rotting produce they're not going to be able to sell for much longer.

So, are you buying it?

Let's be a little pickier in what we call a devaluation

Judging by the headlines in my RSS reader last week, I was dreading looking into the devastating, unannounced Hilton devaluation that apparently happened under the cover of darkness. Will this change everything? Will I cancel my American Express card? Will nothing ever be the same again?

And, because it's the travel hacking blogosphere, it turned out to be a big fat nothing, as is almost always the case.

Revenue-based earning was a devaluation

When the major US carriers moved to revenue-based mileage earning, that was a devaluation for folks who earned miles through paid flights: previously, miles were earned based on the distance flown and class of service. Now, they're earned based on the fare paid, regardless of class of service.

Revenue-based redemptions were a devaluation

Delta's move towards revenue-based redemptions was a devaluation, since it removed more expensive flights from the pool of seats available for booking at the lowest level, including partner award bookings.

Reduced and eliminated award space is a devaluation

When my blood pressure is too low I sometimes look for award space on American Airlines-operated flights. The fact that American no longer makes low-level award space available is a devaluation compared to the days when they made any award space available, and of course an even more severe devaluation for loyal customers of the former US Airways.

Reduced fixed-value currency values is a devaluation

When Southwest moved from "about" 1.7 cents per Rapid Rewards point to "about" 1.6 cents per Rapid Rewards point for Wanna Get Away fare redemptions, that was a devaluation, since the same number of points buy less airfare than they used to.

When US Bank reduced the value of Flexpoints from "up to" 2 cents per point to a fixed 1.5 cents per point, that was a devaluation for many customers, since they lost the ability to stretch the value of their points by booking slightly more expensive, slightly more convenient flights for the same number of Flexpoints.

Reduced per-dollar point earning is a devaluation

When Hilton collapsed their "double dip" earning styles into a single earning method, that was a devaluation for Blue and Silver members who earned more points per dollar spent under the old regime.

Did Hilton undergo a 500% devaluation?

What Gary Leff was freaking everyone out about last week was not a devaluation. It was a repricing of individual properties.

For Gary-specific reasons, he did not ask, "how does this affect the value of Hilton Honors points?" He just said, "hotel cash prices rarely double or quadruple the way they seem to with Honors, which is a loyalty program and not merely a currency" [italics his, for some reason].

The example he gives is the Hampton Inn Columbus-Airport, which used to cost 5,000 points per award night, and now costs 30,000 points, the "500% increase" you may have seen people fretting about online.

Fortunately, I have access to the internet, and can pull up room rates at the Hampton Inn Columbus-Airport. I picked the dates of April 8 through April 22, and looked at standard room rates, plus a 17.5% occupancy tax, and compared them to the award rates on the exact same dates.

First of all, the property does not cost 30,000 points per night. While that's the maximum rate charged, there were also nights available for 27,000 and 29,000 points per night. As you'd expect, those lower rates were available on nights when the paid rate was at the lower end of the range.

What did I find? Redemptions rates during the two-week period I looked at varied from 0.431 cents per point to 0.638 cents per point, with an arithmetic average of 0.56 cents per point.

This is, for lack of another word, totally banal. A 0.43 cent redemption is on the low end of what I would look for from a Hilton redemption, and a 0.56 cent redemption is on the highish end (a 3.36% return on grocery store manufactured spend).

This is undoubtedly unfortunate for folks who were used to getting 3.8 cents per point at the Hampton Inn Columbus-Airport, there's no use denying that. Nobody likes to lose their own personal sweet spot. But what are the rest of us supposed to think about a Hilton property with 0.4-0.6 cent per point redemptions? That's a totally normal Hilton property!

Inflation is not a devaluation

My brother sometimes brags about the great deals he gets on Southwest, saying "it costs me 10,000 points to fly from San Francisco to Salt Lake City." But of course he's not getting a great deal, he's redeeming his Rapid Rewards points for a Wanna Get Away fare at 1.6 cents each.

If the cost of jet fuel spiked and Southwest fares doubled, he'd be redeeming 20,000 points and complaining about how much better Rapid Rewards used to be. But it wasn't Rapid Rewards that devalued, it was the dollar that bought less air travel than it used to!

Conclusion

The right way to think about rewards program is:

• How many points do I earn per dollar spent?
• How much value do I get from redeemed points?

A program undergoes a devaluation when the number of points earned, whether through manufactured spend, flights, hotels, car rentals, or movie tickets, falls.

A program also undergoes a devaluation when the dollar value of redeemed points falls, whether that's through reduced award availability, increased award redemption costs, or moving from flexible value to fixed value redemptions.

But a program isn't devalued just because the property you happen to like to stay in increases in cost! That program may no longer be the right choice for you, and if all the sweet spots in the world disappeared (I'm required by blogger law to point out that you can still get 1.39 cents per point on a sample 5-night stay at the Conrad Maldives Rangali Island), then that program might not be right for anybody at all.

But some airport hotel in Columbus realigning their award cost with their revenue cost is not even the beginning of the end of the world. Let's save the drama, shall we?

In memoriam: OPEN savings, selling Membership Rewards points for 2.5 cents each

It's been widely reported in recent days that American Express is ending its OPEN savings program for small business credit cards on June 1, 2018. Long-time blog subscribers know that I've played around with the program in the past with some success, but there's a very strange function built right into the OPEN savings program: the ability to sell Membership Rewards points for 2.5 cents each.

Small business Membership Rewards accounts can sell points for 2.5 cents each

All you have to do is navigate to American Express's OPEN savings page to see the opportunity spelled out explicitly:

"How Returns Work
A returned purchase or credit from an OPEN Savings merchant will result in a reversal of your discount or removal of Membership Rewards points depending on your benefit selection at the time of the return or credit. If you change your benefit selection, your new selection will apply to future returns or credits (including returns or credits relating to transactions made before the change). See the example below.

Example 
On May 1st, you select the Discount Benefit.
On May 15th, you make a purchase from an OPEN Savings Merchant that would result in either a $5 statement credit or 200 additional MR points, depending on your selection.
Due to your selection, you will receive a $5 statement credit.
On June 1st, you change your selection to the MR Point Benefit.
On June 15th, you return the purchase you made on May 15th.
Due to your new selection, you will have 200 MR points deducted from your MR program account, instead of having the $5 statement credit reversed."

You get to keep the $5 statement credit, and pay just 200 Membership Rewards points for it, essentially selling 200 Membership Rewards points for $5, or 2.5 cents each.

To take a more practical example, you could select the Discount Benefit, make a $1,000 purchase from HP.com, and receive a $50 OPEN savings statement credit. Then by changing your selection to the MR Point Benefit and returning the merchandise, you'll have 2,000 Membership Rewards deducted from your account, keeping the $50 statement credit. You've then have sold 2,000 Membership Rewards points for $50, or 2.5 cents each.

Conclusion

I've never had a Membership Rewards-earning credit card, but I have had small business American Express cards and have enjoyed occasionally using and abusing the OPEN savings program.

It'll be a shame to see it go, but if you have a slew of Membership Rewards points you don't plan to redeem for more than 2.5 cents each, this may be your last opportunity to sell them back to American Express at that price.

The Hyatt-Oasis partnership is live, and won't work for travel hackers

All the way back in October I wrote about the announcement of a partnership between Oasis, a luxury short-term home and apartment rental company, and the World of Hyatt loyalty program. I thought the tie-up could possibly work if Oasis was willing to sell some of its inventory at a slightly lower profit margin in exchange for access to a much broader pool of customers.

They decided to go in a different direction.

You can redeem World of Hyatt points for a fixed value at Oasis properties

When you redeem World of Hyatt points for stays with Oasis, you get a $200 credit towards an Oasis reservation for every 15,000 World of Hyatt points you redeem. You may see folks in the community rhapsodizing about how much more valuable World of Hyatt points are than that, but I don't think they're more valuable than that.

If you can get a better value redeeming World of Hyatt points for Oasis redemptions than on other possible redemptions, or than holding them speculatively, then I think you oughta go ahead and redeem them.

There are structural obstacles to these being good redemptions

However, one factor that adds to the value of hotel award redemptions is that such redemptions cover both the cost of the room rate and any taxes and fees associated with the reservation (usually — the Hilton in Evian-les-Bains charged me a couple bucks in local taxes that I disputed vigorously until I lost interest and gave up).

That means a 1.33 cent-per-point redemption against a room rate is actually worth 1.47 cents per point in an area with a 10% lodging tax: 15,000 points are worth not $200, but $220.

But Oasis reservations include not only taxes, but also cleaning fees, which can be substantial. Being forced to redeem hotel points against the full price, after taxes and fees, of your stay puts such reservations at a fundamental disadvantage compared to traditional redemptions.

For longer stays the impact of fixed cleaning fees will shrink, but for shorter trips those per-stay charges constitute a big part of your total bill.

Oasis has a tiny footprint

This is the thing that surprised me most now that the World of Hyatt-Oasis partnership has launched: they still have the same tiny footprint in the same big tourist destinations they had before the partnership.

It's true that Hyatt doesn't have any properties in Barcelona. But Barcelona has plenty of hotels, including Hilton and Starwood properties.

That makes it seem like Hyatt is offering a consolation prize to people who earned their points accidentally instead of purposefully, and the partnership may indeed make sense for folks who don't take any interest or pleasure in aggressively managing their loyalty accounts.

But, for obvious reasons, that doesn't describe most travel hackers.

Earning with Oasis is a no-brainer, if the price is right

At a basic level, you should be suspicious of any company that has to team up with a major brand in order to move their product. If Oasis stays are so expensive that they can afford to buy Hyatt points to reward their customers, Oasis stays are probably too expensive. And if Oasis stays are so unattractive that they need to buy Hyatt points to entice customers, Oasis stays are probably too unattractive.

But if you're visiting a city where an Oasis property is available at the right price (including all taxes and fees) compared to all your other possible paid or award stays, I don't see any reason not to credit your stay to your World of Hyatt account.

But, in all honesty, I don't think it'll ever happen to me.

US Bank Real-Time Rewards are good, not great

I've seen a few posts from folks lately about US Bank's introduction of so-called "Real-Time Rewards," which allow you to book travel reservations with your card directly instead of using US Bank's third-party "Rewards Center" travel agency.

While I am always enthusiastic about banks adding additional benefits, now that I've looked into it a bit, my tentative conclusion is that while the new feature is good, it's probably not going to be a game-changer for me. Here's why.

Real-Time Rewards are a good way to liquidate Flexpoints for 1.5 cents each

The clearest use case for Real-Time Rewards is redeeming Flexpoints for cash at their higher "travel" redemption value. Simply book a fully refundable flight far enough in the future, redeem your Flexpoints against the purchase for 1.5 cents each, wait for the statement credit to appear on your account and then cancel the flight for a full refund.

That turns the US Bank Flexperks Travel Rewards card into a true 3% cash back card at grocery stores and gas stations, and the Altitude Reserve card into a true 4.5% cash back card on mobile purchases (note that card is vulnerable to shutdowns for rewards abuse).

US Bank credit cards aren't ideal for airfare purchases

The Flexperks Travel Rewards card doesn't offer a trip delay benefit, so if your flight is delayed you'll be at your airline's mercy when it comes to accommodation and reimbursement for meals or other expenses during your delay. That's no different if you book flights through the Rewards Center.

Unless airfare happens to be your largest category of bonused spend during your statement cycle, the card will earn just 1 Flexpoint per dollar spent, the equivalent of 1.5% in cash back. Plenty of cards are more generous than that for airline purchases, and many of them offer trip delay insurance as well.

The Altitude Reserve card does have a good trip delay benefit of up to $500 for delays lasting at least 6 hours or requiring an overnight stay, and earns 3 Flexpoints per dollar spent on travel, the equivalent of 4.5% cash back, so Real-Time Rewards can be a solid deal if used with the Altitude Reserve.

Real-Time Rewards redemptions aren't eligible for Flexperks Travel Rewards travel statement credits

When you redeem Flexpoints out of a Flexperks Travel Rewards account through the Rewards Center, each reservation you make is eligible for a $25 statement credit for purchases made with your card during travel. If your flights cost the same whether booked as one-way tickets or round-trip tickets, you can double this benefit by booking your outbound and return flights separately. US Bank makes clear that this benefit is not available on Real-Time Rewards redemptions:

"If you purchase airfare from an airline and use Real-Time Mobile Rewards to pay for the airfare, you will not be eligible to receive the $25 Airline Allowance benefit that is available with this Account; the $25 Airline Allowance is only available for travel rewards FlexPoints redemption made through the Rewards Center online or by phone."

Real-Time Rewards would be ideal for Altitude Reserve award bookings, if trip delay insurance applies

Over the course of writing this post I spent several hours trying to figure out how the Altitude Reserve's trip delay insurance benefit works. Eventually I even found an online copy of the card's Guide to Benefits, which is where US Bank instructs cardholders to find details on the trip delay benefit.

The guide to benefits says a flight is covered by trip delay reimbursement if "you charge your trip's entire Common Carrier fare to your eligible Visa Infinite card and/or with rewards points earned on your covered account." That's it.

Are the taxes and fees charged on an award ticket a "Common Carrier fare?" Frequent Miler has done yeoman's work on this question (see also here), but until we see people actually filing claims for delays on trips they've booked with miles, we're not going to have a definite answer.

This matters because if award tickets aren't covered by the Altitude Reserve's trip delay insurance benefit, you need to either pay with a different credit card (foregoing a Real-Time Rewards redemption) or forego trip delay coverage, losing a valuable benefit you've already paid for with your $450 annual fee.

Conclusion

All this can be boiled down to a few basic considerations:

• if your only Flexpoint-earning credit card is the Flexperks Travel Rewards, then book flights through the Rewards Center, preferably as separate one-way tickets, in order to claim one or more $25 travel statement credits;
• if you don't have a card that offers trip delay insurance on award flights, then Real-Time Rewards should allow you to pay for the taxes and fees on award redemptions with a Flexperks Travel Rewards card and redeem your Flexpoints at full value;
• if your only Flexpoint-earning card is the Altitude Reserve, then Real-Time Rewards can potentially save you a phone call and unwanted aggravation by allowing you to pay for the exact ticket you want on your choice of carrier while redeeming your Flexpoints at full value and triggering trip delay insurance;
• if paying for the taxes and fees on an award ticket does not trigger the Altitude Reserve's trip delay benefit, then you should pay with a card that does have trip delay insurance and either monetize your Flexpoints through fully refundable reservations or on non-award tickets;
• if you have both cards, then whether to book through the Rewards Center with your Flexperks Travel Rewards card or through Real-Time Rewards with your Altitude Reserve properly depends on how much you value trip delay insurance. If you value $500 in trip delay coverage at more than $25 in travel statement credits (or $50 if you're able to book each leg separately at the same price), then you should book with the Altitude Reserve. If you value it at less than $25 ($50) then you should book with the Flexperks Travel Rewards card.

More benefits and options for redeeming points are always better than fewer, so kudos to US Bank for continuing to experiment with additional benefits, but there's just nothing game-changing about Real-Time Rewards.

How worried should Delta American Express cardholders be about RAT?

I've been watching with interest as datapoints have rolled in of American Express signup bonuses being denied to people who meet the minimum spend requirement with manufactured spend techniques, particularly gift card purchases at unbonused merchants like Simon Malls and GiftCardMall.com. I was disappointed to see another datapoint yesterday from Vinh at Miles per Day, who keeps close tabs on this stuff, reporting that a promotional high spend offer on the Starwood Preferred Guest Business American Express card wasn't triggered by Simon Mall gift card purchases.

Will gift card purchases count towards Miles Boost?

I'm about halfway to my first 2018 $25,000 spend threshold on my Delta Platinum American Express card, and have seen my miles post as normal on my first two statements this calendar year. Additionally, my statement accurately shows my year-to-date purchases.

That makes me modestly confident that I'll earn my 10,000 bonus SkyMiles and 10,000 Medallion Qualification Miles when I reach $25,000 in spend — I'll post an update in April or May when I hit that threshold.

Will gift card purchases count towards Medallion Qualification Dollar waivers?

There is a potentially confusing coincidence for Delta Platinum American Express cardholders, since the card accelerates your path to Medallion status in two totally distinct ways:

• at $25,000 and $50,000 in annual spend, you receive 10,000 bonus Medallion Qualification Miles;
• at $25,000 in annual spend, you receive a Medallion Qualification Dollar waiver for the Silver, Gold, and Platinum Medallion tiers (a Diamond Medallion Qualification Dollar waiver requires $250,000 in purchases across all your co-branded Delta American Express cards).

For Delta Reserve cardholders the situation is less confusing, since the Miles Boost thresholds are at $30,000 and $60,000, while the Medallion Qualification Dollar waiver is still triggered at $25,000.

While my purchases have so far been earning miles and my year-to-date purchases have been shown on my credit card statements, my Delta SkyMiles account has not been updating to show any progress towards the Medallion Qualification Dollar waiver. That makes me modestly confident that my manufactured spend will not trigger a Medallion Qualification Waiver this year.

Which combination of benefits would justify keeping a co-branded Delta American Express card?

My Delta Platinum American Express card is easily the card I have the most trouble deciding whether or not to keep each year. So far, I've narrowly come down on the side of keeping it, due to:

• the annual economy companion ticket (subject to fairly onerous fare bucket restrictions);
• the Miles Boost benefit which brings the earning rate on $25,000 and $50,000 in spend up to 1.4 miles per dollars;
• the Medallion Qualification Dollar waiver.

I fly Delta often enough and exclusively enough that those benefits have so far convinced me to keep the card.

However, without a Medallion Qualification Dollar waiver, I would only occasionally qualify even for Silver Medallion status, which requires $3,000 in MQD's each calendar year. That would neuter the value of Miles Boost since my Medallion Qualification Miles would expire at the end of any year I didn't reach at least Silver Medallion.

And while I have so far been able to redeem the annual economy companion ticket for flights which retail for more than $195, $195 in airfare is worth just a small fraction of that to me, given my ability to manufacture cheap paid airfare with the US Bank Flexperks Travel Rewards card and Chase Freedom Unlimited and Ink Plus cards. In fact, the new ability to redeem US Bank Flexpoints at full value for flights under $400 makes the companion ticket even less valuable since, as I've explained at length in the past, "companion tickets are a bad deal because they require you to purchase a revenue ticket directly from the airline."

If you can sell your companion ticket to someone planning to purchase an eligible Delta economy ticket for $195 or more, then that's an easy workaround. However, note that friends and family tend to be extremely unamused by such antics!

Conclusion

Delta's exclusive partnership with American Express puts folks who fly Delta by preference or necessity in a bind. If it's not worth carrying a high-annual-fee co-branded Delta credit card, it might still be worth carrying a Membership Rewards-earning credit card, especially one that earns bonus points in easily manufactured categories like supermarkets, since those points can be transferred to SkyMiles (with the payment of an additional excise tax).

However, if American Express is serious, as they seem increasingly to be, about cutting down on the rewards they grant for manufactured spend, then the Delta flyer is ultimately fighting a rearguard action. If manufacturing SkyMiles becomes too onerous, the obvious solution is to stop manufacturing SkyMiles.

I've resisted that step so far because of my fondness for Medallion status, but at the end of the day, if they're not willing to play along, $195 per year can buy a lot of status, and I have plenty of other options to pay for the flights I want or need.

Can you use this one weird old trick to get more value from World of Hyatt Globalist status?

Last year in one of my subscribers-only newsletters I suggested the possibility that you could enjoy the benefits of top-tier World of Hyatt Globalist status after the official expiration of your status.

In principle, World of Hyatt status expires on the last day of February, and your status drops to the tier you earned during the previous calendar year. Suite upgrade awards expire on the same date, and can't be redeemed for reservations taking place after the expiration of your status (even if you requalify as a Globalist).

However, when Hyatt Gold Passport transitioned to World of Hyatt, they introduced a new benefit called "Guest of Honor," which allows top-tier Globalist members to share their elite benefits (room upgrades, breakfast and lounge access, waived resort fees, late check-out, and a few others) with friends and family when booking points-only award stays.

Astute readers may have identified the key question by now: if a Globalist member no longer receives Globalist benefits after the expiration of their status, and Globalist suite upgrade awards are not redeemable for stays after the expiration of their status, might it still be possible that Guest of Honor benefits are honored after the expiration of their status?

Having booked a number of such stays, I now believe the answer is yes. On the reservations I have booked, the "GUEST OF HONOR" designation appears on the reservation under "Preferences and Policies." I don't know whether that's manually entered by the reservation agent (you have to make Guest of Honors reservations over the phone) or is applied to the reservation some other way, but I believe it's more likely than not that it won't be automatically removed once the Globalist's status expires.

For folks who travel as a pair or more, nothing could be simpler than making a Guest of Honor reservation in your companion's name rather than your own. But even when making plans for solo travel, remember that many parents and children, aunts and nephews, uncles and nieces, also share the same name.

Finally, note that most Hyatt properties see vanishingly few Guest of Honor reservations, which fact combined with the very recent introduction of the benefit means you should anticipate maximum confusion when checking in on any Guest of Honor reservation.

All(?) 50 non-lounge Priority Pass locations

[updated 3/5/18: added MSP PGA Lounge]

[updated 7/24/18: added CLE Bar Symon, OOL Velocity Expresso & Bar, GSP RJ Rockers Flight Room, LIM Bleriot Bar & Lounge and La Bonbonniere, LAX Barney's Beanery, MIA Air Margaritaville and Viena, GRU La Bonbonniere and Bleriot Bar & Lounge, SYD Chicken Confidential, SYR Johnny Rockets, DCA Bracket Room]

[updated 1/18/19: added BOS Stephanie’s, BOS Jerry Remy's Sports Bar and Grill, IAH Cadillac Mexican Kitchen & Tequila Bar, IAH Landry's Seafood, IND The Fan Zone, LAX Rock & Brews, LAX P.F. Chang's, SFO San Francisco Giants Clubhouse, SFO Yankee Pier, TLV Schmoozy Bar, TUS Noble Hops, DCA American Tap Room, removed LAX Barney’s Beanery, GRU La Bonbonniere]

[updated 3/7/19: DFW Gameway]

Longtime readers know that once I start thinking about a project I'm not satisfied until I've completely exhausted it. Over the last couple days I've written about non-lounge Priority Pass locations multiple times, and it was bugging me so much I decided I needed to finish the job. So, here are all 24 non-lounge Priority Pass locations around the world. I identified them by searching this PDF of all Priority Pass locations for the string "off the bill," which they consistently use to describe the benefit, i.e., "Cardholders can use their lounge visit entitlement to receive AUD$36 off the bill."

After writing this post, but before posting it, I saw via Doctor of Credit that yet another restaurant had been added, at New York's JFK airport in Terminal 8. Bobby Van's Steakhouse is not yet showing on the Priority Pass app, but is already showing on the Priority Pass website.

In other words, these non-lounge locations are getting added pretty quickly, which is nice for folks who have either limited or unlimited free access to Priority Pass locations. Let me know in the comments if I've missed any.

United States

Portland International Airport

• Capers Cafe Le Bar, $28

• Capers Market, $28

• House Spirits Distillery, $28

Denver International Airport

• Timberline Steaks & Grille, $28

Lexington Blue Grass Airport

• Kentucky Ale Taproom, $28

Miami International Airport

• Corona Beach House, $30

• Air Margaritaville, $28

• Viena, $28

Minneapolis-Saint Paul International Airport

• PGA MSP Lounge, $15 off either your golf experience or food bill (cannot be combined across both)

St. Louis Lambert International Airport

• The Pasta House, $28

• The Pasta House & Schlafly Beer, $28

John F. Kennedy International Airport

• Bobby Van's Steakhouse, $28

Cleveland Hopkins International Airport

• Bar Symon, $28

Greenville-Spartanburg International Airport

• RJ Rockers Flight Room, $28

Los Angeles International Airport

• Rock & Brews, $28

• P.F. Chang's, $30

Syracuse Hancock International Airport

• Johnny Rockets, $28

Ronald Reagan Washington National Airport

• Bracket Room, $28

• American Tap Room, $28

Boston Logan International Airport

• Stephanie’s, $28

• Jerry Remy's Sports Bar and Grill, $28

Houston George Bush Intercontinental Airport

• Cadillac Mexican Kitchen & Tequila Bar, $28

• Landry's Seafood, $28

Indianapolis International Airport

• The Fan Zone, $28

San Francisco International Airport

• San Francisco Giants Clubhouse, $28

• Yankee Pier, $28

Tuscon International Airport

• Noble Hops, $28

Washington Dulles International Airport

• Chef Geoff's, $28

Dallas Fort Worth International Airport

• Gameway, 2-hour stay including one bottle of soda or water and two free snacks

Australia

Brisbane International Airport

• Bar Roma, AUD $36

• Graze Grill & Bar, AUD $36

• Corretto Cafe & Bar, AUD $36

Melbourne Airport

• Bar Pulpo by MoVida, AUD $36

• Cafe Vue, AUD $36

• Urban Provodore, AUD $36

Sydney Kingsford Smith Airport

• Better Burger, AUD $36

• Mach2, AUD $36

• Peroni Bar, AUD $36

• Bistro 2020 & Bar, AUD $36

• MoVida, AUD $36

• Bar Roma, AUD $36

• Wok on Air, AUD $36

• Chicken Confidential, AUD $36

Gold Coast Airport

• Velocity Expresso & Bar, AUD $36

United Kingdom

Gatwick Airport

• Grain Store Cafe & Bar, GBP 15

Japan

Osaka Kansai International Airport

• Botejyu, JPY3,400

Peru

Lima Jorge Chávez International Airport

• Bleriot Bar & Lounge, USD $27

• La Bonbonniere, USD $27

Brazil

São Paulo-Guarulhos International Airport

• Bleriot Bar & Lounge, USD $27

Israel

Tel Aviv Ben Gurion International Airport

• Schmoozy Bar, ILS100

Conclusion

In addition to these restaurant locations, you can also use your Priority Pass membership for yourself and up to 3 guests for an hour-long stay at "Minute Suites" locations at the Atlanta, Dallas/Fort Worth, and Philadelphia airports.

It's also interesting to note the variable value of Priority Pass redemptions in different currencies:

• 15 GBP are worth $20.73;

• JPY3,400 are worth $31.28;

• and AUD $36 are worth $28.23.

And even within the United States a redemption is worth more in Miami than at the other domestic locations.

Finally, note that for now you're able to use Priority Pass at multiple locations within the same airport on the same day, so in Brisbane, Melbourne, Sydney, Portland, and St. Louis be sure to treat yourself right.