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Why a password manager is a critical part of my points and miles strategy

June 28, 2022
8 min read
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Participating in the points and miles hobby means you likely have dozens of online accounts to keep track of. Remembering all of the passwords to your numerous bank accounts and loyalty accounts is essentially impossible.

So what do most people do? They make simple passwords or use the same one over and over again.

If you fit this bill, you’re making yourself an easy target for online crooks looking to steal your identity, swipe your points or gain access to your financial accounts. Just look at this man who lived at a Florida hotel for several weeks, thanks to pilfered hotel points.

Fortunately, there's a solution for creating and managing dozens of passwords that are impossible to guess but also impossible to remember: a password manager.

This tool is a critical part of my points and miles strategy, so let me explain what it is, how it works and why you should start using it now.

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What is a password manager, and how does it work?

(Photo by oatawa/Getty Images)

A password manager does exactly what it sounds like: It manages your passwords. That means it can securely store your numerous passwords in a safe way, helping you access and use them when needed but preventing others from accessing them when they shouldn’t.

Cybernews puts it like this: "A password manager is a program that allows you to generate and store all your passwords in a safe location. ... And so, instead of memorizing all the login information you use for each site, you only have to remember one master password when using a password manager."

Password managers vary in their costs and features. However, to get the most out of a password manager, know upfront that you’ll probably pay something for it. The best features — including searching the dark web for leaks of your private information and sharing secure information with family members inside a "vault" — aren’t included in free versions. The vault is a good place to save things like credit card numbers, insurance policy information and scans of passports in case they get lost. That way, they're available anytime you’re connected to a computer. And because these programs operate on military-grade encryption, it’s safe to keep your information there.

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Password manager options

LastPass (which I use and is one of the more well-known password managers) has a browser extension for multiple browser types, allowing you to log in to sites you’ve saved or update most passwords with just one click. LastPass also is quite easy to use, and the same features are available in the app. You can also store your credit card information securely for online payments and create secure notes, which is where I store details that my wife and a friend I’ve shared access with can find necessary information in case of emergencies. Personal and family plans range from free to $4 per month.

Dashlane is known for a ton of extras and great security, though it also comes at a higher price (the free version is very limited). You'll enjoy extras like two-factor authentication, sharing passwords securely with others and more. Personal and family plans range from free to $5.99 per month.

Bitwarden isn't great for those on iOS, but those using Windows will love the security. Its two-factor authentication is easy and adds extra security without breaking the bank. Plans range from free to $40 per year.

McAfee True Key comes from the same company you recognize from antivirus software. This password manager is an option with minimal features that works on most browsers. It costs $19.99 per year, unless you have McAfee Total Protection ($109.99 annually).

KeePassXC is ideal for those seeking a free, open-source option. It has good features, but it can be frustrating for anyone without advanced computer skills.

Meanwhile, 1Password has an easy-to-use website, but the browser extension is a bit tricky. The key perk is the ability to create virtual credit cards for use when shopping online. Individual plans are $2.99 per month, while family plans cost $4.99 per month.

You can read reviews and comparisons of these plus other options at CNET.

Why you should be using a password manager

(Image by IGphotography/Getty Images)

The conundrum of online security is that the best passwords are those a computer or a hacker cannot guess — but that often makes them difficult for you to remember. Compounding this issue is the sheer number of online accounts that the typical consumer has today.

There are two main roadblocks when it comes to adoption of a password manager:

  1. Many travelers don't know that these services exist.
  2. Many others think they will be cost-prohibitive.

In either case, this often leads to exceedingly risky choices — like using the same password for every account or creating passwords that are easy to remember. In fact, the 2017 Equifax data breach came from the company using the password "admin" on multiple platforms.

Consider just how many accounts you have right now that could be susceptible to fraud. Between your airline and hotel loyalty accounts, credit cards, bank accounts, streaming sites, Amazon, utilities and even your local library, you have a lot of passwords. And if any of these get hacked, you may stand to lose some significant value.

Storing them in a password manager allows you to have strong passwords that are unique to each online site. This means anyone who gains access to your American Airlines AAdvantage account won’t automatically have the password to your Capital One account, since you’re using different passwords. And because most password managers can evaluate the strength of your passwords or even suggest passwords when you go to update them or sign up for an account for the first time, these tools can lead to even more security.

As an example, I just opened my LastPass account and navigated to the section that generates secure passwords. I asked for one that was 20 characters in length (using uppercase letters, lowercase letters, numbers and symbols), and this was the result: 3FIr50&8cq7LfC6@rdW@.

I'd have no chance of remembering that password on my own — but LastPass will store it for me.

Why a password manager is critical for me

It's absolutely essential to keep my points and miles safe and protect my credit card information. However, I don’t check every online account I have on a daily or even weekly basis. This means a crook could have a decent amount of time to wreak havoc in some of these accounts before I notice.

Having a strong password (and changing it regularly) provides extra security for me on the internet to reduce these risks.

I also love the fact that my password manager will alert me if any of my accounts are at risk. Maybe it’s been too long since I changed a password, or maybe one of them is too similar to another. I've also been informed when an existing password is simply too weak.

For any of these situations, password managers can help you change your login with just one click.

I would much rather set up and use a password manager than put forth the work required to report bank fraud, fight to get lost airline miles back or deal with a stolen identity. Since I have so many online accounts, I simply can’t remember all of the passwords I have. I prefer to trust a secure source to help me make and store strong passwords — and then help me use them when needed.

Note that there are other layers to keeping your information secure — such as enabling two-factor authentication and allowing fraud alert communications on your most important accounts.

Related: How I learned that my credit card number was stolen

Bottom line

I’m a big fan of password managers. They help you access your passwords to streamline the login process, but they also keep them away from prying eyes through military-grade encryption. Since your passwords are saved, you don’t have to worry about remembering them, which (in turn) allows you to make stronger passwords that aren’t repeated across the dozens of online accounts you have. It also does away with the need to write them down in an unsafe location — like next to your computer or in your wallet.

For me, I see a password manager as an essential part of my points and miles strategy. It ensures that my personal information isn't compromised across the dozens of online accounts I have, keeping my rewards intact for my own use.

Featured image by Getty Images
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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  • While cardholders can earn a significant amount of points on travel purchases, there isn't any way to redeem points from the Wander Card for maximum value (beyond 1 cent per point).
  • Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days and redeem for a $100 statement credit, gift cards, or travel
  • Earn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel site
  • Earn 5x points on eligible travel, dining, and gas
  • Earn 1x points on all other purchases
  • Redeem your reward points for statement credits, gift cards, merchandise, flights, hotels, and more
  • With $0 Fraud Liability, you won’t be responsible for unauthorized charges
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  • See Rates & Fees
Apply for Credit One Bank Wander® Card
at Credit One Bank's secure site
Terms & restrictions apply. See rates & fees
Best for earning alternative rewards for travel purchases
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
3 / 5
Go to review

Rewards Rate

10XEarn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel partner site
5XEarn 5x points on eligible travel, dining, and gas
1XEarn 1x points on all other purchases
  • Intro Offer
    Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days and redeem for a $100 statement credit, gift cards, or travel

    Earn 10,000 Bonus Points
  • Annual Fee

    $95
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    Fair/Good

Why We Chose It

The revamped Wander Card from Credit One Bank earns cardmembers up to 10 points per dollar spent on eligible travel purchases. With no foreign transaction fees, the card is also great for international travel. However, points earned from this card can only be used at a fixed value, so it may not be the best option for those striving to get maximum value from their rewards.

Pros

  • This card has no foreign transaction fees and earns up to 10 points per dollar on travel purchases through the Credit One Bank travel partner site.

Cons

  • While cardholders can earn a significant amount of points on travel purchases, there isn't any way to redeem points from the Wander Card for maximum value (beyond 1 cent per point).
  • Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days and redeem for a $100 statement credit, gift cards, or travel
  • Earn 10x points on eligible hotels and car rentals booked through the Credit One Bank travel site
  • Earn 5x points on eligible travel, dining, and gas
  • Earn 1x points on all other purchases
  • Redeem your reward points for statement credits, gift cards, merchandise, flights, hotels, and more
  • With $0 Fraud Liability, you won’t be responsible for unauthorized charges
  • Free Online Credit Score and Credit Report summary, terms apply
  • If you are a Covered Borrower under the Military Lending Act, you may get a different offer
  • See Rates & Fees