1. The points or miles are almost never transferable to other programs. You may not transfer "miles" in the program to any airline miles account, and thus you may not combine these miles with real airline miles.
2. The only way to earn "miles" is by spending money on the card. Unlike real airline miles programs, you cannot earn "miles" via telephone offers, financial offers, etc.
3. The points or miles usually expire after a period of time, usually two or three years. So you must be certain that you will spend enough on the card within that time period to get the award you want. This may mean that for a ticket you will have to know where you want to go, and when, within that time period.
4. Some programs say you can get a certain type of ticket for a certain number of points or miles. The number of dollars you must spend on the bank credit card to get this type of ticket is often less that you must spend on a regular airline credit card. Usually there are no blackout dates on the ticket - if it is available, you can have it. Sometimes there is a dollar value cap on the ticket, and sometimes you can make up the difference.
5. Other programs give you a dollar credit towards a ticket for a defined number or points or miles. Beware of these types of programs. You are at the mercy of the bank's travel agent, who may or may not be able to buy the lowest price ticket for the flight you want. Ask if the agent has access to intent fares and consolidators. If no to either, avoid the program.
6. Some programs may prohibit you from buying a business class ticket, either via a dollar cap, or by simply not listing it as an award. This would be a deal breaker for me, as I do much of my travel on international overnight flights on which I need a business class ticket in order to sleep.
7. By purchasing airline tickets through a third party like this agent, Orbitz, Travelocity or Expedia, you take the risk of miscommunication between that company and the airline, with neither company taking responsibility for it. There have been numerous complaints on travel discussion boards regarding what happens if a flight is cancelled or changed so that a connection can no longer be made. The complaints involve either not being notified of the change, and/or neither company taking responsibility for rebooking you. See this discussion on Frommers, for example.

Chase Sapphire Preferred Visa credit card

• Note: After reading about this card, using the links I provide, you can help me at no expense to yourself by applying for it via creditcards.com. Use this link to the Travel and Airline Credit Cards page and scroll down to the Chase Sapphire Preferred Card.
• This is the one bank type card that I know of that might actually be useful. Note carefully that you want the Chase Sapphire Preferred Card, not the Chase Sapphire Card.
• 25,000 points for spending $3,000 on the card in the first three months. Buying U.S. Dollar coins at cost from the U.S. Mint would help you accomplish this spend. The coins usually arrive before the bill is due, especially if you buy them just after your statement closes. Simply deposit the coins in your bank account and use the balance to pay off your credit card bill. However, I wouln't buy $3,000 of these coins, as the Mint may decide that this is excessive and cancell your order.
• 15,000 points for spending $1,000 on the card in the first three months. Charging that $1,050 is easy - just buy U.S. Dollar coins at cost from the U.S. Mint. The coins usually arrive before the bill is due, especially if you buy them just after your statement closes. Simply deposit the coins in your bank account and use the balance to pay off your credit card bill.
• Points are transferable to Continental Airlines, British Airways, Marriott Hotels Resorts and InterContinental Hotels Groups (Priority Club), all at a 1:1 ratio, in 1,000 point increments. This informaiton is now online. Go to the card's View All Benefits page, then click on the tiny sentence "Download Chase Sapphire Preferred Benefits Guide" near the upper left corner of the page.
  • This feature is the sole reason I think this card may be useful. 28,000 miles for $3,000 spent, or 16,000 miles for $1,000 spent is not bad at all.
• The annual fee of $85 is waived the first year.
• Points can be redeemed as cash (2,000 points gets you $20) or a statement credit (2,500 points gets you $25 - this latter redemption benefit from an internal document at my bank).
• 1 point/ $1 spent on the card. Double points on airfare purchased through the Travel Booking Tool. Up to 10 bonus points/$1 spent when you shop online at over 300 of your favorite merchants featured at the Ultimate Rewards Mall.

  You will receive a yearly bonus of 7% of all points you earned in the previous Year. “Year” means, for your first year as a cardmember, the period beginning with your Enrollment Date through your December statement date ofthat same year. For each year thereafter, “Year” means the twelve month period beginning the day after your December statement date through your December statement date of the next year). Your bonus will appear on your January or February billing statement. So, if you time this right, by getting the card in, say, March, you could get the 7% bonus without paying the annual fee.

• Most of the usual bank dedicated card benefits are also listed - air fare purchase with points, gift cards, merchandise, car rentals, hotels, etc. I leave it to you to read about them, keeping in mind my warnings at the beginning of this page.
• Notice that the Visa logo is not shown anywhere on the online offer. I called (866) 378-9751 to ascertain that this is a Visa credit card.
• Be sure you apply for the Chase Sapphire Preferred card, not the Chase Sapphire card.
• You can read the latest on this card at this Flyertalk discussion. Please tell me about any substantial changes in this offer. Thanks.

Below I have listed those some of my readers have insisted are worthwhile from their personal experience with them. I list them only as examples of what is available. I do not recommend any of them.

I do not plan to keep up with these offers or those similar to them. Read the current versions of the offers very carefully. You are on your own.

• American Express Blue Sky Credit Card.
• Quicken MasterCard with a travel rewards offer.

Be sure to carefully read the terms and conditions.