This Week In Your Wallet: Privacy Matters

I'm itching to travel again. My standards are dropping daily. I recognize my privilege of being able to escape the pandemic between my home in Philly and the scenic Jersey Shore.

Several work trips planned for fall have been scrapped, including one that led to this discussion. I was set to moderate a conference in Hawaii, specifically beautiful Kauai, which was regrettably canceled after the state's governor made a public appeal to limit tourist travel. No mandate was imposed, but my client decided to follow the request.

Canceling my travel plans was straightforward. I had invited my son and his girlfriend from the West Coast to join us for some fun post-conference. I booked their flights using points from my Chase Sapphire Reserve card.

Chase offered a tempting deal allowing travel purchases directly through them, giving points a value of 1.5 times. Economy tickets from LAX to Hawaii were quite affordable. However, upon cancellation, I received a travel credit rather than my points reinstated. This credit will expire next July, which poses a challenge if travel remains uncertain.

Did I make a mistake? I reached out to an expert for clarity. “You didn’t make a terrible choice,” he said, though he suggested a few alternatives. “It was a decent redemption, not a stellar one.” The better route would have been transferring points to the British Airways Avios program, allowing me to book each leg of the trip for 12,500 points. In that case, cancellation would return points to the BA program, offering flexibility without expiration. “But those points wouldn’t go back into your Chase account,” he cautioned, which eased my concerns.

So how should one approach point redemptions moving forward, especially with attractive bonus offers? Here are some tips:

First, ensure you can meet the minimum spending requirement for any new card to earn that bonus. If not, consider a different card.

Second, avoid using points directly for flights. Instead, explore transferring points to a travel partner, like an airline or hotel chain, before booking. Chase has 13 partners, and knowing which airlines are crucial for your travel is vital. For me, American Airlines is essential when flying out of Philly.

Third, if purchasing through Chase or another card, opt for refundable tickets. Spending a bit more can provide peace of mind in case plans change.

Finally, a quick reminder: using points for gift cards or statement credits rarely yields good value. Only do so if you’re certain you won’t accumulate more points or miles. That’s not where the true benefits lie.

Inflation Insights

Every Tuesday, we convene for a staff meeting to discuss progress and brainstorm story ideas. Recently, a reporter tackled inflation, creating a list of 10 everyday products that are costing consumers more and ways to save. Items included groceries, gas, housing, and homeowners insurance.

For instance, regarding fuel, she suggested filling up earlier in the week when prices tend to dip. Oddly enough, you might find lower prices on Mondays compared to Fridays. Unless your vehicle requires premium fuel, stick with regular. Joining a fuel rewards program at your favorite gas station can lead to discounts or free gas over time. If you have a rewards credit card with benefits for fuel purchases, ensure you use it at the pump. Gas price apps can help locate the best deals nearby, along with the classic ride-sharing method to save money.

The full list of 10 is definitely worth checking out.

Always Being Watched

As Julia Roberts chillingly stated in Oceans 11, someone’s always observing. I’ve become increasingly convinced that this is true. After asking my husband about an actor's name, I barely need to start typing before Google suggests it, no matter how random.

In a recent opinion piece, a professor highlighted that if you’ve ever called an 800-number for inquiries, you might have been profiled based on your tone and word choice without realizing it. Companies use biometric devices to analyze our voices and emotions. Often, we receive a generic statement that calls may be recorded for quality control.

Sometimes, this profiling may work in our favor, providing discounts if we seem tense. Yet, it raises concerns about whether this tactic could lead to consumers spending more or feeling pressured.

Even smart speakers, like Alexa, contribute to this trend. While having one at home is unsettling, they’re increasingly found in hotel rooms too. The EU mandates consent before your voice can be used against you, but more needs to be done. I plan to reach out to the professor for a deeper discussion on our podcast.

On a Related Note...

If you've recently faced backlash for something you said or did, Rabbi David Wolpe discusses cancel culture and how Yom Kippur guidelines may provide insight.