In the return of his weekly “The Critical Points” column, Richard Kerr demonstrates how you should stack different savings opportunities to avoid paying full price for any monthly purchase.

The key to successful rewards travel is flexibility. In today’s post, we break down the benefits of cash back, fixed-value, and transferrable points to help you find the right type of rewards for big travel savings.

Holding points across a range of rewards programs allows you take advantage of award availability as it appears, no matter which program it’s in. It also means you’re not locked into one program that may not have award availability to your destination, or coverage in that location in the case of hotels.

Fixed-value points and miles don’t get nearly as much attention as their transferable counterparts, but they form an essential part of any solid points-and-miles strategy. These points work just like cash, allowing you to redeem for any flight without having to worry about blackout dates or award charts. In this post, we cover our favorite types of fixed-value points and how to decide when to use them.

Charge cards and credit cards are commonly mistaken as the same thing. However, the fundamental difference is the ability of a card to carry a balance from month to month. Despite the fact the terms are often used interchangeably, only a credit card allows debt to be paid over time, with added interest, of course.

Companion pass, companion certificate, companion fare, or companion ticket. While the terms are much alike, they all carry different definitions as to what constitutes a companion pass or ticket. Some airlines have designed their companion pass as a well thought out feature of their rewards program, worthy of attention and pursuit, while others have turned it into a lazy half-benefit, slipped into the backend of a credit card’s benefits as an afterthought, and offering only marginal value.

If you want the benefits of elite status within a hotel program but don’t happen to have that status, leveraging luxury hotel programs could deliver just what you’re looking for. Upgrades, complimentary breakfast, and late check-out are just a few of the perks you’ll be eligible for with the right program.

The ultimate goal of award travel is redeeming points and miles to pay for flights, saving the cash outlay required to purchase revenue fares. But if you travel regularly, for business or pleasure, a significant portion of the flights will…