I cannot tell how you how often I cringe when prospective clients contact me for help using their points, fully expecting to go to Europe in first class with their 150,000 Capital One (or similar) points that in reality only offer a $0.01 credit per point on purchased airfare. Compare that to say, 120,000 British Airways Avios, which is a enough for a round-trip first class ticket from the East Coast to London, or 120,000 United points, which can get you a return trip to India in Qatar Airways business class, with a sticker price of over $16,000.
This credit card distinction actually warrants a separate post, but the point of this one is just to encourage you to stay away from those cash-based rewards cards if you tend to redeem points for airline travel and also to let you know that you have only one week left to take advantage of a 100,000 Avios sign-up offer with the Chase British Airways Visa Card.
Link: British Airways Visa Signature Card 100,000 Avios Offer (No longer available 8/2012)
I outlined everything you need to know about the British Airways credit card in this post, and that advice has not changed. I still recommend the Chase Sapphire preferred card first, but the BA offer from Chase is an attractive one, even if you only get the 50,000 initial Avios bonus.
Don't be like me and procrastanate if you are leaning toward signing-up for the card--I now have this card and use it, but I missed the 100,000 point offer the first time it came around and felt like a fool for six months. Don't get me started...
We do receive a referral bonus at UPGRD.com if you sign-up for the card through us and are approved, but do not think of this as an advertisement--this card travels with me around the world (along with a few others). Simply put, it can be a valuable card to have and has served me well. And to be more blunt, if your credit will bear it, you are a fool not be churning credit cards. If you have not yet waded into the churning game, this is a good card to get started with.