Anybody who has been booking with points for awhile has made some mistakes. Whether it's forgetting to refer your P2 for the card they opened, paying for airfare with a card that doesn't offer travel insurance, or even missing a bonus deadline — we've all made mistakes.

Here are some of the most common mistakes people make in a nutshell. All of these topics are addressed in the course, so if you haven't learned about why it's a mistake and how to avoid it yet — you will!

Not paying off your credit card bills in full every month

The benefits of booking with points are negated if you are paying interest, going into debt, and lowering your credit score. Set up automatic payments as soon as you get your card so that you can be sure not to miss any payments.

Not tracking your cards and points

The more cards and award accounts you have, the harder it gets to keep track of them all. Then you start applying for cards when you don't qualify for the bonus, or you let points expire.

We recommend the free app Travel Freely for keeping track of your credit cards. Travel Freely enables you to track yours and your partners' personal and business card accounts. You input when you open a new card and you will receive email reminders of bonus deadlines and annual fee due dates. Travel Freely also keeps track of your 5/24 status.

AwardWallet allows you to track all your miles and points accounts to ensure that you don't let your points expire. There is a free version as well as a paid version. It does take some time to sync up all your accounts.

Not opening Chase cards early

If you wait too long to open Chase cards, you risk going over 5/24 and not qualifying for the cards you want to apply for.

Not monitoring your credit report

Monitoring your credit report ensures that you are the only one opening cards in your name and helps you understand the impact booking with points is having on your credit. You can monitor your credit free with Credit Karma. I recommend keeping your credit report frozen by default for all three bureaus.

Not taking advantage of your card benefits

Whether your card comes with Global Entry, a free hotel night, trip delay insurance, extended warranty protection, cell phone protection, primary car rental insurance, Uber credits, etc., make the most of your annual fee!

Knowing what cards offer what benefits helps you know how to charge larger purchases.

Paying for flights? Use a card with trip delay insurance. Renting a car? Use a card with primary rental insurance. Purchasing a new dishwasher? Use a card with extended warranty protection. Paying your cell phone bill? Use a card that offers cell phone insurance.

Not referring your partner for referral bonuses

A lot of credit cards will give you bonus points if you refer someone and they are approved for the card. So if your friend or partner is opening a card, share your referral link with them! This is particularly useful when you have a P2 and you are working together to stock up on points.

Cancelling prematurely

Wait at least 12 months after opening a card to even consider cancelling it. At 12 months, after your annual fee posts, evaluate and decide whether you want to keep the card. If you aren't sure you want to keep it, you can ask for a retention bonus at this point. If you no longer want the card because of an annual fee, consider downgrading it rather than cancelling to help keep your credit score high.

Missing your bonus deadline

If you miss your bonus deadline you will not receive any bonus points! Set up reminders in your phone and use Travel Freely to track your cards and get reminders of your bonus deadlines.

Avoiding cards because they have an annual fee

Cards with annual fees come with bigger bonuses and with lots of benefits. Welcome bonuses definitely make the first year's annual fee worthwhile. After that, you can assess whether it's worth keeping the card. If a card has benefits you will use, they often outweigh the annual fee on the card, even after the first year.

Adding authorized users who also plan to travel with points

The problem with adding authorized users (AU) is that AU cards count towards your 5/24. If you want your partner to be able to use your card to help you achieve your bonus, add the card to your partner's mobile pay app.

Waiting until you're at 5/24 to open business cards

Business cards do not count towards your 5/24, but you will not be able to open a Chase business card while you are at 5/24. So start opening business cards early on in your journey booking with points.

Prematurely transferring points

When you transfer flexible points to an airline or hotel partner it is irreversible! Be certain that there is flight or hotel availability before transferring.

Cancelling your card without securing your points

If you have hotel or airline points from a credit card, those will not be affected if you cancel that airline or hotel card.

If you cancel a card with flexible rewards (Chase Ultimate Rewards®, Capital One Miles, Citi ThankYou Points, etc) that still has points in it you may lose all the points in that account.