How to Accumulate Rewards...Fast

[Updated June 2016]

​There are three main ways to accumulate rewards:

• Credit card spend on reward credit cards and bonuses for opening accounts. Find out what is in my wallet and how to rack up points fast. 
• Frequent flier programs with airlines. I fly Delta and American for work and add in Southwest for award flights. Here is how I maximize rewards on these carriers.
• Hotel rewards programs for staying at hotels. I primarily stay at Starwood hotels for work and add Hyatt for award stays. Here is how you earn free hotel nights fast.

You can also collect airline miles for renting cars (I use Hertz for work), eating at restaurants (I use Rapid Rewards Dining) and even running a conference at a Starwood Hotel.

Once you decide what rewards programs to use, go to their websites and sign up for accounts. Keep track of all your usernames and passwords and download apps if the loyalty programs have them. The SPG app and the Delta & American apps are quite useful.

My three pro tips for accumulating rewards fast:

• If you are organizing an event, vacation or dinner for a group of people, you should offer to pay on your card to maximize rewards and collect cash from people for their portion. This works very well with hotels as you can also get hotel rewards for multiple rooms you book with Starwood.
• You should consolidate all of your hotel and airline loyalty to one partner so you can gain elite status and earn rewards faster.
• If you aren't trying to buy a home in the next 24 months AND you have good credit, you can open 1-2 credit cards per year to take advantage of new account bonuses. [2014 Update] I stopped opening new accounts as it is just not worth the headache anymore. YMMV.

Note: It is really important to remember that you should not spend money just for the sake of rewards. I do not believe in mileage runs or buying something you wouldn't otherwise buy just for the points. Otherwise, this whole system fails.

Ready to start earning rewards? Let's start with credit card rewards.

Questions? Comments? Tweet me @RetireOnRewards.