Credit card companies are forever coming up with various marketing ploys to attract new customers, but cards connected to the airlines offer irresistible incentives to sign up. BMI and its baby, British Airways, Flybe and Ryanair all offer a free flight if you sign up for their cards.
You do have to make a purchase on the card, but that's not too difficult if you know there's a free flight as a reward. You can always cancel the card once you've claimed the flight, can't you? However, before you rush into it, you need to check out the small print as there are a few conditions that apply.
First of all, your eligibility for the free flight might depend on how much you spend on the card initially. Flybe does not stipulate an amount, but BMI and EasyJet specify a purchase of 250 pounds to qualify.
Again, you might jump at the card thinking this is the opportunity to visit a long lost relative in Canada, only to find out that the free flights are restricted to a few destinations in Europe which fall into a distance 'zone'.
Or you might not be able to choose when you travel. Offers are strictly limited to availability at the time and during peak holiday season you might not get a seat.
Another thing to watch out for is a time limit on taking the free flight. The BMI, Ryanair and EasyJet cards state that the offer has to be used within 90 days of opening the account.
Lloyds TSB, although not an airline, also offers a travel-related incentive in the form of a 1,500 pound Airmiles voucher. Its terms require you to apply before the end of March to qualify.
Your 'free' flight could cost you quite a bit if although the flight is free you still have to pay the taxes and any other costs involved. These might include paying for your seat or for checked or carry-on baggage, as low-cost airlines now split out all their charges. Flybe and Ryanair's cards require that you do this.
Don't forget that old saying about swings and roundabouts. Or is it borrowing from Peter to pay Paul? Anyway, you could find you save a substantial amount by getting the free flight, and then lose all the benefit in paying interest if you don't pay your card off in full.
So if you only want to take out one of these cards in order to get the free flight on offer, you must make sure you pay off in full whatever amount you had to purchase on the card in order to qualify for the trip, and then cancel the card.
If you are starting to think about a holiday there are plenty of bargains to be had. You can get good last minute deals if you aren't tied down to travelling at certain times. Paying on your existing credit card can be a viable option if you plan how much you can spend on the holiday and how long it will take to pay it off.
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