Credit Cards Revealed - Maximize your miles in 2010

There are so many credit card choices out there, it can be confusing to decide which one is best for you. If you are trying to earn miles or Elite Status on an airline, choosing the right credit card can help you get there without the jet lag!

I am going to concentrate on the Delta airlines Skymiles American Express cards since Delta is the major player if you fly in and out of the Detroit area.
First there is the basic Gold card. You will earn one mile for each dollar spent. Annual fee: $95

The next choice is the Platinum Skymiles card (not to be confused with the Amex Platinum card to be discussed later). With the Platinum Skymiles card, you have the opportunity to earn Medallion Qualification Miles. If you charge at least $25,000 in one year, you will earn the 25,000 miles BUT 10,000 of them will count toward MQM status. This is a great perk to get you to Silver, Gold or Platinum Medallion status with the airline. Annual fee: $150

Skymiles also has a Reserve Card with even more perks. This one allows you to earn up to 30,000 MQM's in one year, but you must spend at least $60,000. You also are allowed access to the Delta airport lounges when traveling on Delta, and you receive one free companion air ticket per year. Annual fee: $450

What do MQM's mean to you? Once you have Medallion elite status, you don't pay fees for checked luggage, you may receive complimentary upgrades, you can pre-reserve choice seats on the plane with no fee, and you get to board your flights first. If you fly a minimum of 25,000 miles in one calendar year, you will become a Silver Medallion. Gold and Platinum status may be obtained with higher mileage levels, and then you receive even more benefits!

The American Express Platinum Card has long been a provider of perks to luxury travelers. This card gives you access to several airport lounges when you are traveling on that carrier: American, Continental or Delta. When you cruise on certain cruise lines, you can receive up to $300 in shipboard credits. They have an air program where you can purchase 2-for-1 First class or Business class tickets on International flights. And you also earn Membership rewards, which can be used toward shopping, entertainment, hotel stays or transferred as miles to a variety of airlines. Annual fee: $450

One minor pitfall of using the American Express card exclusively is when you travel abroad. They tack on a 2.7% or higher fee to any purchases in a foreign currency. Many Visa cards charge a 3% additional fee for foreign purchases. The Capital One credit card is one that has no additional foreign exchange transaction fee, so you're not paying more for your purchases. Before you leave the country, you should check with your bank or credit card company and find out what fees may be associated with your card.

Tip: To get the most out of your money when traveling abroad, use local ATM machines to take out cash when needed. This is usually the most cost effective method while avoiding large fees or unfavorable exchange rates of the currency exchange booth!