In short
How to travel for less using points/miles, credit-card strategy, and smarter booking amid rising airfare, fees, and airline “de-bundling.”
Guests
Brian Kelly, founder of The Points Guy (launched 2010 after working in HR at Morgan Stanley; points/miles user since childhood; media-trained; later sold the business to Bankrate in 2012, then Red Ventures acquired the portfolio in 2017). Interviewer is a co-host.
Key claims
- Airlines profit heavily from loyalty programs and co-brand card partnerships; loyalty isn’t going away.
- “Cheapest” fares are increasingly expensive due to inflexibility and added fees.
- Use transferable points cards to hedge across airlines/hotels; co-brand cards are mainly for perks/elite status.
- For luxury hotels, book via luxury travel advisors (e.g., Virtuoso) rather than direct.
Notable examples
- American Airlines loyalty program valued around $30B vs market cap about $10B.
- Baggage fees up ~30%; de-bundling shifts value from base fare to add-ons.
- Flying Blue: 60,000-point one-way business awards to Europe (often far cheaper than United/Delta).
- Travel insurance: buy via independent sites (e.g., insuremytrip.com), not airline/hotel “travel protection.”
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VOThe Points Guy's Journey
0:58 to 2:00
Discover how the Points Guy started and his early experiences with points.
“And then in May of 2012, this publicly traded company CEO essentially offers to buy my blog.”
Early Lessons in Travel Points
2:00 to 4:20
Hear about the hosts' early experiences and how he maximized points.
“Okay, so just to start off, can we go back to the early days?”
Understanding Loyalty Programs
4:20 to 6:41
Learn how loyalty programs have changed and why they matter.
“And I was, you know, 07, 8, 9, I was just living this double life because I had millions of points.”
The Importance of Credit Card Points
6:41 to 7:55
Find out how credit card points can outweigh airline revenues.
“I think people today are like, oh, the game's changing.”
Navigating the Platinum Age of Travel
7:55 to 10:10
Explore the evolving landscape of travel points and credit cards.
“American Airlines market cap depends, but usually it's about$10 billion, which is really low.”
Getting Started with Points
10:10 to 14:00
Learn essential tips for newcomers to the points game.
“Hence why you call it the platinum age of travel, because we've got more choices than ever?”
Understanding Credit Scores and Travel Rewards
14:00 to 17:07
Learn how to manage credit scores and maximize travel rewards through strategic credit card usage.
“So you have to spend money, you know, but paid off in full every month.”
The Journey of Building The Points Guy
18:14 to 23:35
Hear Brian Kelly's story on transforming his blog into a successful media brand and its acquisition journey.
“I saw the company was sold to Bankrate, which for those who don't know, was a personal finance website for$28 million.”
Navigating the Role of a Founder
23:36 to 26:02
Explore the challenges faced by founders in managing their businesses and understanding their worth.
“We were owned by this publicly traded company, but they were like, just keep doing what you're doing, right?”
Current Trends in Airfare Prices
26:03 to 28:00
Gain insights into the airfare pricing crisis and the impact of mergers on ticket prices and fees.
“Obviously, now a lot of your job is talking about how to travel hack and make the most out of your trips.”
Show all 18 chapters
Understanding Airline Fees and Booking Tactics
28:00 to 32:37
Learn about the impact of airline fees and strategies for booking flights wisely.
“And the problem is once they start merging or going away, airfare's going to go up even more.”
Emerging Trends in Air Travel
33:07 to 38:46
Explore new cabin concepts and the future of airline seating.
“We're starting to see new cabin concepts emerge in economies such as United's Relax Row, where three economy seats can convert into a couch-like space.”
Luxury Travel Insights and Booking Strategies
38:46 to 42:00
Gain insights into luxury travel pricing and the value of using travel advisors.
“So on a personal note, and I've heard you say this, if you're going to safari in Africa, which is what I'm trying to do.”
Maximizing Points for Last Minute Travel
42:00 to 42:32
Learn how to leverage points for last minute travel deals.
“even flights, last minute flights from Miami to Philadelphia can be$500 and you can get them for like 7 ,500 miles.”
U.S. Airlines vs. International Carriers
43:27 to 45:37
Explore the differences in service quality between U.S. and international airlines.
“And speaking of international, I will say one of the big things that I always think about is why do U.S.”
Travel Adventures with Kids
45:37 to 48:06
Hear about traveling with children and tips for stress-free flights.
“milestone lately which i just talked to you about where your son cooper just became the youngest person ever to visit all seven continents.”
Future Aspirations and Industry Insights
48:06 to 50:25
Discuss future goals in the travel industry and investing.
“And I think, you know, there were definitely had flights with the kids were crying and, but it's just like, don't panic.”
Rapid Fire Travel Questions
50:25 to 51:59
Enjoy a quick round of fun travel-related questions.
“guy, investing my own money on the side in really innovative companies, which keeps me engaged.”
Transcript
Automatic transcript. May contain errors.0:03Hey Chicago, class it up with Crocs. You know back to school is coming in fast. So why wait to find your new fave footwear? Step into a local Crocs store and step into your new look. Try it. Style it. Make it yours. Because the right pair doesn't just show up, it shows off. First day fits, handled. Walk out ready for whatever's next. Visit your nearest Croc store today.
0:57months. And then in May of 2012, this publicly traded company CEO essentially offers to buy my blog. I'm 28 years old,$28 million for this blog that's not even two years old. People today will be like, well, do you regret it? And I'm like, no. From why flights feel so expensive right now, and what's actually driving those prices, to where real value still exists in luxury travel. If you're booking luxury hotels, never book directly, that's a trick I think a lot of people fall into. To how shifts in the industry, from consolidation to changing loyalty programs, could affect your wallet. And the problem is once you start merging or going away, airfare is going to go up even more.
1:30Not only airfare, but fees. The airlines have increased baggage fees by 30%, and that doesn't go back down. And the simple things most people still miss when they book their trips. 30 years after starting in points, I'm still as passionate. I think people today are like, oh, the game's changing. Airlines are raising rates. And yes, the game has always changed. It has changed dramatically, but the game is not over. The sooner you understand that and learn how to play the game, the better off I believe consumers are.
1:59Brian, thanks so much for joining us. Thank you so much for having me. Okay, so just to start off, can we go back to the early days? Because I did not know this. You were working as a recruiter at Morgan Stanley when you launched What Became the Points Guy in 2010. Tell us a bit about what pushed you to start the side hobby for starters. Yeah, so just taking it way, way back, my points education began in the 90s. So I was 12 years old. My dad was a consultant. We lived outside of Philly. And when I was 12, I was his personal travel agent. And in 1996, we booked a trip for six of us to go to the Cayman Islands for free.
2:35So I really started using points and miles in the 90s. So it's kind of 2026. We're now 30 years into the game. So I started the points guy in 2010, but that was when I was working at Morgan Stanley in HR. And I started there in 2007, August. So if you bring yourself back to that time on Wall Street. I was in my 20s living in New York, all of my friends who were bankers making it rain. I mean, it was the heyday. And so I was doing HR in retail at the time at Lord and Taylor. I was in there. So I said, if I'm going to do HR, I might as well do it for a bank. And I'm going to get rich working at Morgan Stanley because even people in HR were making tons of money.
3:14So I started at Morgan Stanley August of 07. And my job was doing the campus recruiting for technology. So my remit was to go and make sure that all the MIT, Cornell, computer science grads would want to work at Morgan Stanley and not this new crop of Google, Microsoft, Yahoo. As you can imagine, especially once the economy hit, it was a hard sell to get these top talent technologists to work at Morgan Stanley. So what Morgan Stanley said was, you got to do whatever it takes. So I would go to career fairs. I'm flying 50 students a weekend, putting them up in hotels. And I would put my credit card down because these college students couldn't pay.
3:53So I'm paying for thousands and thousands every week. And I learned very quickly that I could pay$100 and get all of the points for all of my business spend. And then I took it, you know, everything I do in life, I take to the extreme, go big or go home, as we say, and I truly embody that as someone who's six foot seven. But I started putting all of the expenses for the entire HR department because everyone hated to do expenses. But I loved it because I could get the points. And I was, you know, 07, 8, 9, I was just living this double life because I had millions of points. So I got promoted, but there were no raises, you know, during the financial, the great recession.
4:31And I was frustrated because, you know, I was getting promoted, working hard, not getting the money, but points. So I was points rich and cash poor. so I was and there was a time in my life where I was living paycheck to paycheck in New York City and it was cheaper for me to use points to fly to LA I would you know use my points I'd have elite status get upgraded and I had hotel status so I would get free breakfast free club lounge so I could fly away for the weekend in first class for cheaper than staying at home so anyway in 2010 I started the points guy as a side hustle because I had just been doing points my whole life.
5:08And it was$50 and I would tell you how to use your points. I was like a travel agent for points. That was the nexus of the business at first when I started in April of 2010. And then soon thereafter, a friend of mine who was a blogger and he was like, you have to blog. He was so passionate. He set me up with my own WordPress site and he was like, just promise me you'll blog every single day at the same time and you will build an audience. And he was right. And about like six months into blogging, it started to take off. Just super organically, it sounds like. And did I hear correctly? You were also the go-to guy amongst your friends and family anyway, when it came to maximizing points and whatnot.
5:46For me and to this day, I love figuring out a trip on points. It's like more satisfying than Wordle, Crossword. I mean, some people do that and you feel good about solving a puzzle. Well, like for me, I get immense joy out of cracking that code. And I just am a believer, even though now I can pay for all of my own travel, I still use points for almost all of my flights and hotels. And funny note, when I did sell the Points Guy business, one of the final deal notes I put in at the very end was that I could put all of our expense on my credit card so I could earn the points. And they were like, sure, whatever.
6:22And all these years later now, it has survived, even though the company's been sold again. I have this like, you know, ongoing points because I need to practice what I preach. And so basically all these years, 30 years after starting in points, I'm still as passionate. It has changed dramatically. But the game is not over. And that's the biggest misnomer. I think people today are like, oh, the game's changing. Airlines are raising rates. And yes, the game has always changed. But when I started the Points Guy in 2010, people thought it was over. This is what people, I have now so much history in this.
6:54In 2010, the narrative was points are dead, blackout dates, the game is over. And so the people have always been saying the game is over. Even when I got into flyer talk in 2001, when I realized there was a community of people, you know, 9-11, the game is over. You know, airlines are going under, points will be no more. But it's been the opposite. Points are what drive U.S. airlines especially. U.S. airlines make more money selling points to banks than they do flying airplanes. And I want people to understand that they're not going away anytime soon. And if anything, hotels and airlines are now more ingrained into loyalty.
7:32So loyalty is the way forward. And the sooner you understand that and learn how to play the game, the better off I believe consumers are. So much to unpack there. But I think I have heard you touch on that before. Did you say that previously for airlines, actually, what a lot of people don't know is that the credit card game is actually more important in some ways than the actual core business one would think of flying airplanes? Absolutely. Let's take American Airlines. American Airlines market cap depends, but usually it's about$10 billion, which is really low. They have so much debt. But their loyalty program is valued conservatively at$30 billion.
8:08So their loyalty program is worth more than the actual market cap, which, you know, due to debt and how bad the rest of the business is. But all of, you know, even going back to the 2000s, you know, in the 9-11 crisis, they all sold points to survive. And they did the same during COVID. Hilton sold billions of dollars worth of future points to Amex. Delta, these relationships are so material. Delta makes about$7 billion in profit a year, and their Amex relationship is worth about that. And the Amex revenue they make is much higher margin. I think they have like$80 billion in revenue or something like that,$8 billion in profit.
8:47And it really is from the Amex relationship that they have. I think 1 % of total US GDP is on a Delta Amex co-brand card. And now United, there's a new game being played where the airlines are so dependent on this revenue that United is now making it. In certain business class fairs, now you don't earn any miles unless you have a co-brand card. Because what's happened, and I call this the platinum age of travel that we're in. So not only do we have the airline co-brands, but now the Chase Sapphires of the world, the Amex Platinum, Citi Strata Elite, Built. There are all these new transferable points cards, which consumers, myself included, are huge fans of.
9:27So now the airlines are in a process of fighting back like, oh, we don't want to lose to the Sapphires. How do we convince people they have to get a co-brand? And what we're seeing is a huge gatekeeping of award availability, where today United will only let you redeem if you have a co-brand credit card or elite status. A lot of airlines are now only giving the best awards to elite members. So they're fighting back against the bank. So there's this big battle happening between the airline co-brand and hotel and the big bank cards. And in 2026, we're really just starting to see this play out because there's only so many consumers out there and the airlines and Cobra cards know that they need to do more to win back consumers.
10:11Hence why you call it the platinum age of travel, because we've got more choices than ever? For sure. So when you're thinking about points, there's two sides of the coin, how much you can earn and how much it costs to redeem. So if you only look at one side, the redemption side, for sure, you might think, oh, this is the worst time to be into points. But I argue that because it is so lucrative on the earning side that you can now get, you know, certain credit card companies now have 300 ,000 point signup bonuses. You know, so the signup bonuses, which used to be 25 ,000, but this is what people don't remember.
10:44Back in 2010, when I started the Points Guy, you know, 25 ,000 points was a decent signup. We're now six figures, 200, 300 ,000 points for a single credit card. There's a bonanza on the earn side. And also on earning, now you can earn points for free on rent and mortgage with Bilt, which I coincidentally helped to start and advise and I'm an early investor. And it's been amazing to see that grow into what it is. So you used to not be able, you used to have to pay 3 % to earn points on rent. And so, yes, there's inflation, but there's also inflation in terms of how many points we can earn. So my argument is if you play the game smartly, which you can still do, you can still travel around the world for a fraction of the cost.
11:28And I'd argue, too, planes today, especially in business and first class, are much nicer than they were 15 years ago when it was all angled lie flat seats, if you were lucky, in international business class. Well, that was going to be my question, you know, with regard to just getting started in the points game. because I am not an American. I only moved back to the US a couple of years ago. And I, frankly, this was so foreign to me in the sense that, you know, in Hong Kong, where I'm from, it's not really as much of a thing to play the credit card points game. And we've only really got one good airline and I'm sure you know which one that is.
11:59Yes, Cathay, we love Cathay Pacific. I'm a Cathay girly through and through. So, you know, I was going to say for someone who is a total novice to this, just getting started, let's say, you know, let's say it's an expat like me who just like came back and it's getting back into the game. Is that where you would say to start with like the builds of the world and like just start slowly building your place. Yeah, so if you are a expat, if you're just starting off with credit, you know, the first thing you may not be able to get, well, and you don't need to be a US citizen to get a US credit card.
12:25You have to have a social security number, which you can get if you're on a number of different visas. So, but the number one thing you want to look at is just credit in general. In America, your credit score really matters for everything you do, even getting hired or getting an apartment. So number one is build a good credit score. For expats, I know a billionaire who came to the United States and had a credit score like a 16-year-old would have in the U.S. because a lot of times they don't transfer. There actually is a company called Nova Credit. Nova Credit integrates with a lot of banks now to transfer your credit history from abroad.
12:58They actually – so if you're ever filling out an application on an Amex and they say you can actually put in that you – and it will bring in your underwriting history from abroad, which is great because – so you can bring that over. But I would say first, just understand how credit works. You might need to get a secured credit card. So if you don't have a good credit history, you just moved to the US, you just get a social, you can put$250,$500 down on a secured credit card. And a couple months in, just make sure you obviously you pay it off as you're spending, show that you're responsible. And then you can get an intro card.
13:35And Chase Freedom is a great intro card. Chase is one of the most important ecosystems in the points world. Start with the student sort of freedom, cash back, no annual fee card, and just make sure you understand how credit works. Pay off your bill in full every month. That is the number one core of winning at points. You will lose this game if you have high interest, you know, the interest lines on points credit cards are super high. So you have to spend money, you know, but paid off in full every month. And your score will go up pretty quickly, six months. So once you get into an intro card or a student card or a discover card, we're pretty much easier.
14:15And, you know, you have to have generally mid high six hundreds to get that. Once you're over 700 FICO score, and everyone can check their FICO score for free, it's not going to hurt your credit. Everyone should know what their FICO score is. And a lot of credit card companies give it to you for free in the app now. But once you get over 700, you don't need to be making six figures even to get really good credit cards. So that's when I would start going. My main strategy is get transferable point credit cards because the bilts, the Chase, Sapphires, Amex Golds of the world, you earn points with Amex.
14:48And then with my Amex membership rewards, I can transfer instantly to Cathay Asia miles if I find a Cathay business class award, or I can transfer to Air France. Or, you know, there's like 30 different partners. Built has the same 20 some chase. So having points and transferable currencies is how you hedge against inflation. Because even if one airline, because if you're just saying flying Delta, which many people do great airline, but not a great loyalty program, if you put all your miles and points on a Delta co-brand, and then you're like, oh, I want to fly Emirates to Dubai on a dream trip.
15:23You cannot redeem Delta miles for Emirates. But if you had Amex points or Chase or Bilt, you could. So you want to accrue valuable currencies. The only reason why I recommend people spending on an airline co-brand like a United or Delta card is for perks. And the perks would be if you're getting elite status and you have to spend or free check bags. But you can often get, you know, buy your ticket on the card to get the free check bags, but then don't put all your spend on that airline card, put the rest of it back onto a really rich card where you're earning a much more valuable currency. Yeah, it's a constant puzzle that you're just like making sure you're conscious of.
15:59But bottom line, even if you don't want to travel, don't get a travel credit card, you can get a cash back. Citi double cash is basically 2 % cash back, no annual fee. That's like your bottom line. So in America, you should be getting 2 % back for everything you spend. So you have to calculate the value of, you know, if you're going for Amex or Chase points, you know, figuring out how much of those points are actually valuable to you. Because when you transfer to different partners, you can get five, six, seven cents a point if you're flying Singapore suites like I just flew recently. $10 ,000 ticket that you can get for 100 ,000 points, 10 cents a point in value.
16:36Now, we can argue back and forth of whether if you were never going to pay 10 grand for the ticket, is it really worth that? But the bottom line is everyone has to kind of come up with their own valuation. If you're confused by it all or in a point in your life where you just want cash, then just get a cash back card. But if you want to start traveling nicely, warning to everyone out there, once you start flying business class, it is very hard to unlearn and unsee. It's terrible. It's hard to go back. So if you're happy in economy and premium, like stay there. Because the minute you start dabbling in the dark arts of premium cabins, it is so hard to go back.
17:12Yes. Hey Chicago, class it up with Crocs. You know back to school is coming in fast. So why wait to find your new fave footwear? Step into a local Crocs store and step into your new look. Try it, style it, make it yours. Because the right pair doesn't just show up, it shows off. First day fits, handled. Walk out ready for whatever's next. Visit your nearest Crocs store today. This episode is brought to you by Accenture. When your advertising operations fall out of sync, everything else follows. Spotify and Accenture are working together to reinvent the rhythm of ad sales, using automation, analytics, and smarter workflows to simplify campaign delivery and access better data across the business.
18:02The result? Less time spent on operations, more time connecting brands with the moments and fandoms that matter most. Learn more at Accenture.com slash Spotify. Okay, so much more I want to follow up on. But before that, I did want to get back a bit more to your story, Brian, because you alluded to this just now, you know, you turned your blog, what initially started out as, into a hugely followed media brand that was sold just a few years later in 2012. I saw the company was sold to Bankrate, which for those who don't know, was a personal finance website for$28 million. And in 2017, another firm, Red Ventures, also acquired Bankrate, including the Points guy, reportedly for$1.4 billion.
18:41Are you at liberty do you confirm? Yeah, no, that was public because it was a public, I think it was one for 1.5 billion. You know, bank rate, creditcards.com, the points guy were all parts of that. I can't really say how much the points guy was, but I'll just say that, you know, the points guy was the fastest growing asset in that portfolio. And, you know, to this day is still doing very well. So the business has been really robust because we have focused on the consumer, I think is, you know, we make a lot of money with credit card companies to affiliate marketing, but at the core, it has always been, what is the consumer value?
19:13Because if you lose credibility, and if we just start hawking every credit card that we don't believe in, I turned out many multimillion dollar deals, especially in the beginning, which was hard to do, because I never wanted to sell, I would never be exclusive to any one company. And a lot of bloggers, I don't blame them. But you know, usually most bloggers will, you know, partner with one brand, and that brand will say, we're going to pay you a ton, but you're going to be promoting mostly one credit card company. And I, from the beginning, was like, if we want to have credibility, and we will tell it how it is because not every card is amazing.
19:49So always putting the consumer first. But also, I think because I came from Morgan Stanley, I had a way of also working with the banks that most other bloggers. And I think my competitive advantage was, number one, I learned early on that media could dramatically shift my business. So I paid and got media training. And so any entrepreneur who's listening, anyone, period, who's listening, who wants to do a business in media, go to media training where former journalists will grill you. You'll do fake TV interviews, fake radio interviews. You'll watch yourself back and you'll hate doing it, but you'll learn the mistakes that you're doing, the ums, the ahs, the...
20:27And it just takes time. So I invested early on on great PR agencies. And I saw that I could, as the points guy, create a brand that was trusted in the media. And then every time I did a New York Times or CNN was my first ever TV interview, I was mortified and almost fainted. But each and every time I did it, I realized, and then how much credibility that brings. not just with consumers, but when I would walk into the Amex Tower after going on the Today Show the week prior, that gave me capital to negotiate for bigger deals. And when the credit card companies will cut back economic ups and downs, when you're a long-term partner, when you're just an affiliate, just a site giving new accounts, it's one thing.
21:10But when we're giving them new accounts and we're a brand trusted voice in the media, your partners are much less likely to cut you down and downturns, they all, I know for a fact that my personal relationships and the fact that I was a media personality helped us, you know, go through multiple storms where many other bloggers were cut because compliance or whatever. So, you know, really building a moat and a brand. And so many people, when I first started the points guy would say, you're never going to scale this because it's called the points guy. I was going to say, I did read recently that you guys have grown to 150 employees.
21:47Is that right? Did you ever think it would grow to this size? It was so hard. So just simply put, I mean, I started in June 2010. I started affiliate in April of 2011. I made a million dollars within the first six months. This is before I had sold. And then in May of 2012, I got approached by Bankrate, this publicly traded company CEO, essentially offers to buy my blog. I'm 28 years old,$28 million for this blog. That's not even two years old. People today will be like, well, do you regret it? And I'm like, no, because I was making 70 ,000 a year as an HR professional at a bank, started this blog and it kicked off with the bang, but we had just come out of the great recession.
22:28A lot of people thought that the balance in the economy was short. There's always those, hindsight's 20-20, but in the moment, people were saying this is red flags in the economy. And so I sold, and I had a stake in the, I had a three and a half year earn out. But I learned that by creating myself as a brand too, it really attached me to the business. So as the business continued to rise and when the business was bought again, a lot of people were like, oh, they're going to buy the points guy and ax you out of it, which is what happens to most founders. But it's hard to ax the founder who's visible across millions of people every week in press and media.
23:07So in that case, I mean, I was going to ask whether you disclosed whether you still kind of had a stake when the second sale came around. because that was a huge number there. That was a huge sale. Yeah, so I had lots of stock in Bankrate, which had been floundering for years. And I had no idea that Bankrate was even up for sale. They had some, like the former CFO had gone to jail. There was just some mismanagement going on. But interesting, I wasn't a part of the Bankrate management team. Basically, the points guy, we were popping. We were in WeWorks for a while. We had our own headquarters in Flatiron with Frenchies.
23:36We were kind of like a tech company. We still had a startup feel to it. We were owned by this publicly traded company, but they were like, just keep doing what you're doing, right? Like we were 35 employees and doing huge amounts of revenue. We were the cash cow for the business and growth engine. So I didn't really understand what was going on. And one day they were like, this guy, Rick Elias, Red Ventures, they're buying your company tomorrow. And I was on a film shoot in Cancun and I'm in a suburban, like in an air conditioned car talk, you know, I'm Googling Rick Elias. What is Red Ventures?
24:07And Red Ventures turns out to be this incredible, you know, At the time, they were like performance marketing digital behemoths. They used their own technology to grow huge brands. And they took a bet. If we buy Bankrate, we're going to use our technology on digital acquisition and infrastructure and data. And at the time, the points guy, we were doing great, but we didn't have a single tech person at the company. Bankrate had no tech strategy. So it was really a match made in heaven. And so I definitely did well on the sale because all my stock that had been floundering vested in one day. And then I renegotiated with Red Ventures to stay on and knowing my value a little bit more and knowing what they had paid for the business.
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24:49Okay, well, my value is material to this business. And, you know, it's 2026 now. It's been, yeah, that was 2017. So we're coming up on nine years. And I stepped down as CEO in 2020 because then it just became back to your original question of a hundred some employees. That was never my intention. My talent in life is not people management. And I kind of realized I need to be in front of the camera with clients, with our consumers. I believe in the brand and our content, but managing people is a fully different skill. And I was so busy traveling. I'm doing our charity work. Like I'm so like, you know, taking the time to have a, you know, an exec team of like six senior executives and then spending time with each of them and new employees.
25:35Like I was not the best boss and I 2020 hit and I realized I was so burnt out. And but that's the beauty. Red Ventures, I went to them and I was like either, you know, it's been 10 years of the points guy. I've had my earn outs and everything. Is it time for me to go? But I just can't do this, you know, being in HR meetings all day, every day. It's so refreshing to hear about what it took for you to kind of push through to learn what your worth was, because I think a lot of founders struggle with that early on. I'm so curious as well. Obviously, now a lot of your job is talking about how to travel hack and make the most out of your trips.
26:11One of the things that I have gotten so many questions about for your interview today is obviously about the airfare prices to kind of turn here a bit. They seem to be all over the damn place right now. So anecdotally, I recently saw a$700 ticket from London to Ibiza, which was just shocking for a short haul. So the big question, I suppose, is when do you realistically see airfares coming down, if at all? We're in a crisis. I think we're just starting to really understand it. I think we're all, as humans, like, oh, this will be over. The Strait of Hormuz is going to open up. And, you know, in six weeks or so, it'll fix it.
26:47It's not. Like, I think we need to start understanding, like, this summer is already, even if right away, you know, it's fixed, there is no immediate fix. And we're seeing there's going to be consolidation. So I think we're going to see, you know, United has joked kind of about buying American. What was your take on that deal, by the way? I did see you spoke about that. Yeah. United isn't buying American. I think the odds of that are very low. I think there were several tactics there. Number one, Scott Kirby. The CEO of United. See, he's on a high right now. I mean, United had good first quarter results, and he's really coming for Delta.
27:24He wants to position himself as the dominant force. For so long, United has lived at number three. Then it scratched its whites to number two. And so I think he just saying that and leaking that clearly he or someone at United leaked that information for a reason. And I think really they'll probably buy JetBlue because JetBlue hasn't turned a profit in years. And the fundamental, when JetBlue has doubled the price it was January 1, all of these airlines, which have been struggling for years, it just dramatically exacerbates the problem. So JetBlue's an issue. Spirit is an immediate issue. And the problem is once they start merging or going away, airfare's going to go up even more.
28:04Not only airfare, but fees. So all the airlines have increased baggage fees by 30 percent. And that doesn't go back down. You have been talking about that, that there's this de-bundling happening. Can you explain what that is for those who don't know? So the airlines basically just need to maximize every single square centimeter on the plane. And so de-bundling is a great way to convince the consumer, OK, I still got a cheap fare, but we're not going to give you free check bags, which Southwest got away with. You're going to now have to pay for that. But so what, because the consumer focus is so much on the fare, but fees are where the airlines make so much money.
28:42So instead of raising airfare, which will make people stay at home and not travel, what they're saying is you can still travel for cheap, but we're going to nickel and dime you and charge you for your seat. On everything else, basically. Yeah. When you're buying your ticket, you may say, I don't care about my seat, but then you're like, oh, I don't want to sit in a middle seat. So then you eventually end up later paying$60 more. So you wouldn't have paid that$60 extra at the time of booking. But when all is said and done, you're paying the airline more for what used to be all included in one price.
29:09And I think I've heard you talk about this just like as one of the most common pitfalls you see when it comes to booking travel, right? What are some of the other things that you would say to avoid other than, you know, just making sure you're not just trying to get the cheapest airfare, period? Well, on the cheapest airfare, so these basic fares do not have any flexibility in terms of even changing your flight. And one of the best things that came out of the pandemic was most of the airlines now will let you change flights for free. And changing flights pre-pandemic used to be really expensive.
29:35So that's now free when you buy a standard fare. Now, even business class United just launched their basic Polaris, which is our basic business class. So you can pay a$5 ,000 business class ticket, not earn any miles, not be able to change it. But spending maybe$400 more, you get tons of flexibility, free changes, et cetera. So cheap is expensive these days, especially if you do need to change your flight sometimes, if you have kids, if you have a sick family member. Do not go for those cheapest tickets. You will regret it when you get zero back when anything happens. And we all know life comes in the way.
30:10Secondly, I would say travel insurance, really, if you've always shrugged it off, now is the time. I have a yearly policy. But never get it through the airline or hotel. always go through like insuremytrip.com is the independent sort of marketplace so we can compare and contrast. And why not though? Why not through the direct platform? Because the airlines will sell you a really inflated policy. And most of the time it's not even insurance. It's called travel protection. So they're selling you at the price of travel insurance for a far inferior quality product. You're paying for the price of a Lexus and they're giving you a Dodge Neon.
30:44So at the same price, just go to the independent dealer marketplace and just buy it there. A lot of people have been saying, book all your flights now because it's just going to keep going up. Is that something you think? Absolutely. Even private jets. In Europe this summer, I'll use my miles to go to Europe, but around Europe this summer, especially because there's the new EES. Not to add more drama to an already chaotic system, but the EU is rolling out this new electronic entry exit, And that's causing four-hour delays in many airports where you have to use a kiosk now. Americans will have to go.
31:16The first time you go to the EU, fingerprints and biometrics. And they're causing huge lines. So I'm booking a private jet. And I'm booking it now months in advance just because availability can be down and prices will most likely raise. I've been sounding that alarm since the beginning of the year to just book in advance this summer. And I haven't heard of a single person who said that they're upset that they got tickets in advance. So, yeah, in general, do not procrastinate. Although procrastinate, if you have frequent flyer miles, it can be the best time when airfare is really high. The airlines are still releasing a lot of award availability.
31:54They want every single flight seat to go out full. So you can still use points even when airfares are really high and even last minute. That's a great tip. So it really depends on what you're trying to go for. Let's talk about the future of our... Hey Chicago, class it up with Crocs. You know back to school is coming in fast. So why wait to find your new fave footwear? Step into a local Crocs store and step into your new look. Try it, style it, make it yours. Because the right pair doesn't just show up, it shows off. First day fits, handled. Walk out ready for whatever's next. Visit your nearest Crocs store today.
32:37This episode is brought to you by Accenture. When your advertising operations fall out of sync, everything else follows. Spotify and Accenture are working together to reinvent the rhythm of ad sales, using automation, analytics, and smarter workflows to simplify campaign delivery and access better data across the business. The result? Less time spent on operations, more time connecting brands with the moments and fandoms that matter most. Learn more at Accenture.com slash Spotify. Travel. We're starting to see new cabin concepts emerge in economies such as United's Relax Row, where three economy seats can convert into a couch-like space.
33:16And obviously, we know that Air New Zealand was one of the first to come out with this, right, the so-called sky couch. Do you think this kind of hybrid economy product will become the norm, or is it still more of a really niche experiment? And why haven't we seen it been picked up more? Yeah, it's just a really brilliant concept. Some airlines like Lufthansa will sell empty seats that we all get lucky on a flight and you've got the road to yourself. Well, now the airlines are saying, we're not just going to give that away for free. We're going to sell that. And it's brilliant because the airlines, once again, I mean, to their defense, they're in a really tough time with these rising costs.
33:49And airfares are not increasing as much as their costs are. So, yeah, I see that they will roll out more options because the economy cabin, they can actually make more selling those couch seats where they're taking people who are in the same row and basically just reshuffling and maximizing. It can be more efficient than business class because a single business class seat can take up six seats and they can actually make more revenue per square foot on the plane by maximizing. And especially because most empty seats that go out are an economy. So basically just turning money from wasted space that would have went out before.
34:27So, you know, the relaxed row requires some extra equipment in the row and the sky couch. But I see more and more airlines should at least do the day of departure, upgrading people to their own row so that they can lay down versus just giving it away for free to the lucky person who ends up in that row. Yeah, no, exactly. I was just so curious because it would seem like there's lots of demand for something like that. Obviously, most people do fly economy. So I was just surprised that it's not become more of the norm already. It's just interesting because people are cheap. And I will be interested.
35:00I think the reason why they haven't rolled it out because these products, you know, I don't know. Most people paying, you know, there's a new bunk bed concept on Air New Zealand. It's$500 to get four hours of sleep. I think a lot of people would say, all right, I'll just stick it out. I don't know if there's going to be a ton of people saying, let me just depart with$500 that I could use on four nights of hotel or something in my location. So it'll be interesting. I definitely think there is a business there. But I just don't know how many. People are still really cheap when it comes to flying and we'll just grind through.
35:37Yeah, that's true. Well, on the flip side, I have to confess, I really love following you because I like my own high-end travel and I like having nice things. Obviously, we all want to always get the best deal, though. So, you know, I'm curious when it comes to the luxury space, where have you found some of the best value? Who's standing out to you right now? In value for luxury is really tough because we've talked a lot about airlines, but hotels are just wildly priced. Like, you're, you know, planning to be in Italy and Croatia this summer and Portugal. I mean, normal hotel rooms in Italy, the five-star hotels that used to be$1 ,000 a night pre-pandemic, now they went to two.
36:16Look,$4 ,000 a night is the new norm for a normal room in Lake Como and certain places in France, the Four Seasons, normal room,$5 ,000 a night in Cap Ferrat. And there still is this huge demand. And we're seeing it in the luxury cruise space too. Four Seasons just launched their yacht. Amman is next year. or an express, I actually think the best value is almost cruising these, you know, you can actually get a, because when you're spending 4 ,000 a night, 28 ,000 on a room that then you have to pay an exorbitant amount for food and beverage, a lot of these cruise lines, um, it's cheaper to go on a floating cruise ship and see five different ports.
36:58And the rooms are actually really nice. I, I, I haven't taken the Ritz ship or whatever, but I hear great things. And to be able to, you know, in the Mediterranean, go see four different areas without having to deal with airports, which are dramatic cancellations. So I do think that all the investments in these luxury ships will pay off. And some people will say, well, for$60 ,000 a week, just rent your own boat. But you don't realize the boating industry has gone up, too. I mean, it's a quarter of a million dollars for like a decent boat, plus provisioning, plus, plus, plus. It's exorbitantly expensive.
37:33So for$50 ,000, you're not getting a yacht experience. You know, you could get a small sailing boat maybe, but it's nothing like getting the Four Seasons or Amman experience. But I would say if you're booking luxury hotels, never book directly. Always book through – I highly recommend through luxury travel advisors, so Virtuoso agents, you know, the Amex fine hotels or chase the edit because you get early check-in, late checkout. A travel advisor will charge you the same amount for the hotel, but you have this expert who can, if they have a relationship with the hotel and the GM, they can get you upgraded.
38:09And if something goes wrong, instead of, I hate going to the hotel and negotiating for what I want, you call your agent, a high powered agent. If you got a bad room is calling and saying to that hotel, you better make it right for my client because I have tons of other wealthy clients. So that's a trick I think a lot of people fall into. Never go to fourseasons.com, use an agent who the hotel pays them, and then you have them as a concierge. That travel agent, not just for a hotel, can also organize the VIP person to pick you up at the airport and just make everything seamless. And often at no extra cost.
38:43Is that right? Yeah. That's something people don't realize because I'm saving for my honeymoon right now. So on a personal note, and I've heard you say this, if you're going to safari in Africa, which is what I'm trying to do. Don't just book direct. You can actually do it for the same price, but more perks. Totally. And have the expertise of someone, you know, Roar Africa is one of my favorite travel agencies in Africa, female owned, and they've been to all the camps and can give you the perspective because having that inside knowledge can make all the difference. I do think a lot of people have bad hotel stays because they were never supposed to visit that hotel.
39:16because right now discovery on hotels is through Google. Who's paying Google or Expedia the most to get seen? And I think a lot of people are not getting matched to the right property and that can make all the difference. So having an advisor who specializes in safari or specializes in Mediterranean cruises and can say, you know what, based on what I know about you, you'd actually love this ship that you may not have heard of. And oh, by the way, we can get you special pricing. Like they can pay, luxury travel advisors will pay for themselves many times over. On that note, for the average traveler, where is the best place to look for flights and book?
39:52You know, when it comes to platforms like Google Flights, Skyscanner, I feel like my friends are always like, what is the difference even really? Yeah. So, I mean, I'm a big Google Flights fan. It's 90 % accurate. Like there's some airlines that aren't in it, especially internationally. There's a feature called ExploreMap. And if you're really looking for the best deal, you have to be flexible these days. So if it's March and you live in New York City or Chicago and you want to go to the Caribbean, you can go to the explore tab and put in your home city and then put in Caribbean certain dates or four days over this month or whatever.
40:24And it'll just show you a map of the region, whether it's Europe, Caribbean, and it'll show you the cheapest islands, the cheapest countries. And you can sort by nonstop, by certain carriers. and that's where you save money is when you can look at tons of different options all at once instead of having to click one by one. The same, there's a tool called seats.aero. So if you have points, seats.aero will actually look at the entire year. And so if you're flexible and you just wanna go LA to Tahiti on Air France, you can actually pull up an entire year's worth of what days they have business class or premium economy.
41:00So like using technology to give you the big picture and then sniff out the deals for you. What is one of the biggest steals you feel like you ever stumbled across? Well, I would say this summer, I mean, Air France Flying Blue, frequent flyer program, which transfers in from Amex, Chase, Cap One, all of them, they have 60 ,000 point business class awards to Europe on tons of days this summer. So to put it in perspective, like United, it's 200 ,000 minimum, 300 ,000 most days, one way business class. Delta's 450 ,000 points, you know, American. So 60 ,000 points one way or 120 round trip is a steal, especially when round trip business class six,$7 ,000.
41:42So currently I think, you know, flying blue is probably my favorite loyalty program of the moment. There's also a lot of like travel domestically. You don't have to travel in first class. There's a lot of programs, Alaska Airlines, which is now one world. you can fly American Airlines flights, even flights, last minute flights from Miami to Philadelphia can be$500 and you can get them for like 7 ,500 miles. So there's a lot of like short haul, short distance based award programs like Alaska where you can get outsized value, especially if you're a last minute booker. And once again, last minute, the airlines open up a lot of award inventory.
42:22So you don't have to be flying business class internationally to get good value from points these days. Hey Chicago, class it up with Crocs. You know back to school is coming in fast. So why wait to find your new fave footwear? Step into a local Crocs store and step into your new look. Try it, style it, make it yours. Because the right pair doesn't just show up, it shows off. First day fits, handled. Walk out ready for whatever's next. Visit your nearest Crocs store today. This episode is brought to you by Accenture. When your advertising operations fall out of sync, everything else follows. Spotify and Accenture are working together to reinvent the rhythm of ad sales, using automation, analytics, and smarter workflows to simplify campaign delivery and access better data across the business.
43:17The result? Less time spent on operations, more time connecting brands with the moments and fandoms that matter most. Learn more at Accenture.com slash Spotify. Yeah. And speaking of international, I will say one of the big things that I always think about is why do U.S. airlines often seem behind certain international carriers when it comes to the more premium product? Because we all know Emirates, Cathay, they really pamper you. This is my hill to die on. I mean, the U.S. carriers got to get their act together. There's a lot of issues going on here. But, you know, simply put, it's capitalism 101.
43:50one. They drive as much to the bone. They give as little as possible. They spend so little on food. You know, they're not saying, Asian carriers like Singapore will say, what cuisine can I offer that will enhance the experience? Like the U.S. carriers are how much, what's the lowest level of quasi dog food I can give you so you're not going to not book because I know you're addicted to the loyalty program because I know you need elite status. Is there a structural issue here though? Is it because there's so much competition? Or what is it really, genuinely? It's just that the US airlines are just chasing profits more than the others.
44:24You know, the Middle Eastern carriers aren't as, you know, incentivized to give quarter to quarter results, you know, because they're backed by the governments largely. The Asian carriers, you know, the sense of pride and brand, there's just different cultural differences where, you know, the US carriers are all about profit. So sheer greed, basically. I mean, essentially, and how long can I possibly take before I have to renew the cabin? And I hate to say it. I mean, there are certainly great U.S.-based flight attendants. But the flight attendant, I almost always avoid flying U.S. carriers. I have had so many experiences of aggressive, mean, spirited.
45:01Like, I hate that energy when a flight attendant screams. Like, on a U.S. carrier, it's normal. They don't even say hello. They come up. What do you want? Chicken or fish? Tell me now. And they're like, my adrenaline gets going. I'm like, what is going on when you fly foreign carriers that have pride? you know and the same thing in the middle of the night u.s flight attendants screaming in the galley screaming complaining like clanking dishes it's almost like in a business class where people are trying to sleep so i've had so many weird experiences and i know i'm not alone um so yeah i think there's like labor issues to figure out which uh u.s airline to build loyalty with when i moved back yeah yeah i want to ask also you know on a personal note you recently crossed a milestone lately which i just talked to you about where your son cooper just became the youngest person ever to visit all seven continents.
45:48Tell us about this journey and what inspired you to take him on this. I didn't, you know, start off thinking that we would do this. You know, when he was born, my book came out last year, How to Win a Travel. He was born in December. My book came out February 4th. So I had extreme parent guilt because I was on book tour and I was not spending as much time as I would have liked with him and my other son, Dean. You had three babies. So I have two babies. Yeah. Oh, three babies. Yeah. I had two new babies, my book and Cooper. So basically what I said was in April, I'm going to take the month off.
46:19We're going to go to Thailand. And we did. So we went to Thailand and that summer went to Europe and I was invited by National Geographic to go to Antarctica. And I said, well, I'm not going without my kids. And they said, well, you can now fly the Drake. So you can fly over the Drake Passage, which is like the world's most dangerous waterway. So instead of having a day and a half of rocky seas, you just take a plane two hours you land and kids as young as one at the time were allowed to go um you know with doctor approval my kids are healthy there's doctor on the ship and funny of my friend uh who worked for national geographic his husband is a doctor pediatrician so there were pediatricians my son's healthy the ship has stuff so i felt good about going and so once i had australia book when i was in europe that summer i was like well let me just pop down to morocco we got we went to tangier which is beautiful for a day.
47:10And, um, and so, yeah, uh, and we flew to South America to get to Antarctica. So the last was Australia. I would say, I mean, the trip to, we went to Machu Picchu and then Antarctica and I'm a single gay dad. I have an amazing nanny. Well, we'll not, I'm very transparent that I don't pretend to do this all myself. I have an incredible nanny who used to be a flight attendant and a Montessori teacher. So she's like my dream. She loves to travel. She, her attitude is good. Everything traveling with kids is your attitude. I mean, everything in kids, in my opinion, they pick up on, you are their Northern star.
47:46Kids are born not knowing what the heck's going on. So they look to you for everything. And with travel, you can plan. I like doing night flights when they're sleeping, always having games, food, just plan for the worst, but also your attitude and having a good traveling partner and just going with the punches when things go wrong. And I think, you know, there were definitely had flights with the kids were crying and, but it's just like, don't panic. Parents get panic, like, oh, you know, I'm in business class and then you, it's a spiral. And I think just having the strong attitude of like, you're doing everything possible.
48:23Take your kid, go on a walk on the plane, go to the galley, do what you can to not disturb other passengers. But at a certain point, like we were all kids and you know, they deserve to be here as much as anyone else. It's so refreshing because I do know a lot of young parents that get scared to fly with their kids. So it's so great to see that you're trying to bust through that. I guess lastly, you know, what is your endgame here? If we were to sit back down in, let's say, 15, 20 years, where would you want to be? I love where I'm at now where I'm able to do the points guy. I think there's a lot still at the points guy I would love to do in terms of technology using AI to help people better maximize their points and track their points.
49:01The technological underpinning of the loyalty world is based on very old technology. So how do we use blockchain? But that's like a larger industry. The industry has to come to the 21st century because a lot of the technology behind airlines is so dated and credit card companies. But I also, you know, I've been an angel investor and I've had some really huge wins there. Built, you know, was an idea that Ankur Jane, the CEO, came to me in 2020 when I wasn't traveling and I and, you know, helped him create Built, which is now, you know, an$11 billion company and growing rapidly. So that's been really, I love being able to invest and advise startups who are attacking parts of the industry that I know need to be fixed from a consumer perspective.
49:49And so, yeah, I think my goal now is to, you know, be an investor, but also like I'm very cognizant. My kids are one in three now. Being at home with them, especially while they're young, pre-kindergarten, traveling with them still is my number one priority now. So I try not to plan too far in advance. But I think, yeah, me continuing to invest and, you know, keeping the doors open. Who knows? Maybe there will be a time in the future to get more involved in the day-to-day of the points guy. But for now, I have this really great period of, you know, doing what I love at the points guy, investing my own money on the side in really innovative companies, which keeps me engaged.
50:31The AI play is really interesting. I can see you're eyeing another new category to create there. Brian, thank you so much for breaking all this down. Now we're going to end with a quick rapid fire round. Don't overthink it. Just say whatever comes to mind. Favorite airport in the world? Singapore Changi. Ah, yes. So beautiful and quick. That's true, the jewel. Yeah. Most underrated city to fly into? Hmm. I will just say, well, my most underrated place to visit is Guatemala. I think it's so stunningly beautiful. Culture, Mayan, energy. It's like highly recommend. I've been multiple times. Yeah.
51:04Pet peeve when it comes to travel. My pet peeve is people screaming at frontline employees. I see it all the time. It is so rude. These employees don't want your flight delayed. They're not doing it. And so misplaced anger in travel really grates me. Big issue. Best airport lounge in your view? I love the Chase Sapphire lounges are really nice in terms of like main lounge. But the Air France La Premier Lounge, I love the most because they pick you up in a Porsche at your plane and take you from the lounge in a Porsche to your plane. So the ease of just not even having to navigate the airport is Air France does the ground experience the best.
51:45We recently had on the CEO of PS, which I'm sure you can do it with. That's very similar, right? I love, yeah. What PS is doing is incredible. I love that product. Another fun one for you. Very insightful. Brian, thank you so much. Thanks for having me. Safe travels. Thanks for joining us on Behind the Business. For more stories on business and leadership, follow us on Apple Podcasts, Spotify, YouTube, or wherever you get your podcasts. See you next week.
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From the publisher
Joining us this week is The Points Guy founder Brian Kelly.
He turned what started as a personal blog while working at Morgan
Stanley into one of the world’s leading travel media platforms — shaping
how millions of consumers spend, earn and think about travel.
In our special new segment, “3 Pressing Questions,” Brian weighs in on
hot topics shaping travel today, and explains how he built a top creator
business that sold for tens of millions of dollars.
From why flights feel so expensive right now, to how industry shifts
could affect your wallet, to common mistakes to avoid when booking a
trip, Brian breaks down what’s worth paying for today.
In this conversation, we dive into:
00:00: Introduction
01:28: Starting The Points Guy as a side hustle
05:57: Why the points game isn't dead
06:38: How points really drive US airlines
11:28: How to get started in the points game
16:38: Selling The Points Guy
18:22: Advice to other entrepreneurs on building a brand
23:24: Stepping down as CEO and being honest about your own strengths
24:27: When should we expect airfares to come down, if at all?
25:22: Industry consolidation — outlook for United, American, Delta, Spirit and JetBlue
26:36: 'Debundling' of airline prices and how carriers are working to 'maximize every single square centimeter on the plane'
29:16: With current volatility, should we be booking all our flights ahead now?
30:30: Creating a 'couch' in economy: Brian's take on airlines' new cabin concepts
33:12: 5-star hotels, cruises and yachts: Where Brian sees the best value in luxury travel right now
35:10: Tips and tricks to make the most of your trip
38:31: Brian's biggest travel recommendation this summer
39:53: How US airlines compare to those abroad
42:04: How Brian's son Cooper became the youngest person to ever visit all 7 continents
45:07: Long-term view: Brian's end game
47:01: Rapid-fire round
🚀 Season 2 of Behind the Business is here, featuring the leaders of
brands including Airbnb, Rivian, NYSE, Canva, Samsung, Poppi, Peloton,
Revolve, Lucid Motors, PHLUR, The Points Guy and Away. New episodes
Thursdays.
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🎙️About Behind the Business
Behind the Business is a Webby Award-winning, thoughtfully produced
video podcast grounded in the belief that business is in fact personal.
This is not a fawning interview show. We pair deep research with
thorough interviews — asking the real questions and avoiding fluff,
while keeping it fun! What’s the toughest day you’ve ever had at work?
How do you mentally prep for a big event? Or what’s a pinch-me moment
you’ll never forget? In each episode, guests get into it all. Each
episode also connects guests with audience members who send in a
question. New episodes every Thursday.
About Michelle Toh
Michelle is an award-winning international journalist, most recently a
longtime reporter at CNN. She's covered top stories in global business,
including the chip and trade wars, world-leading IPOs, the corporate
response to Russia's invasion of Ukraine, Europe's energy crisis and
China's property problems. Previously, she was with FORTUNE. She has
reported for The New York Times, TIME and South China Morning Post.
Find her on Instagram: / bymichelletoh
TikTok: / behindthebusinessshow
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