Re: Credit Card Travel Rewards
No doubt there are many approaches. I have a Schwab visa (issued by MBNA, actually) that accrues points redeemable for a wide variety of things. If you prefer cash, they will cut you what is effectively 1% cash back. You can also redeem points for travel. We did this once so far, getting my wife a ticket to go to Denver to visit family. She got a direct flight on Continental that we picked out before-hand. Cost of the flight was about $300 if I bought it, but we got it for 25000 points ($250 equivalent). With this card you can get any flight of value up to $400 for 25k points, after that the point price starts climbing.
I figure that if I am ahead by taking cash, I'll take it. If I am ahead by taking the flight, great. Its nice to have the flexibility.
"All animals are equal, but some animals are more equal than others."
- George Orwell