Getting to the Points.(International Edition; SPECIAL REPORT: TRAVEL)(taking advantage of points programs by airlines, credit card companies, and hotels)

Byline: Michael Hastings

It's time to cash in on all that previous travel.

More than ever, travelers are looking for a bargain. In a recent survey conducted by the travel-research company Global Market Insite (and commissioned by Visa), 53 percent of respondents said they would travel during the off-season to save money, 33 percent said they would journey to a country with a lower cost of living than their own and 29 percent said they were looking for a favorable exchange rate. But savvy travelers are also recognizing that now is the perfect time to use all those points they've accumulated and take advantage of special offers from credit-card companies, hotels and airlines.

Spend 'em if you got 'em: For years, it seemed that airline points programs were more hassle than they were worth. The flights you wanted never seemed available when you wanted. No longer. "Until the last six months, the argument was, 'Why do I do this? I can't use these'," says independent travel consultant Joe Brancatelli. "Now the airlines love to have you. Things are so bad, there are lots of empty seats." In March, airline traffic fell 15 percent, even with the airlines cutting capacity by 10 percent. So don't be afraid to cash in airline points now. The world's largest points program, run by American Airlines, affords the most flexibility in terms of dates and destinations. Emirates Skywards Miles (which has, in my view, the best economy class around) has partnerships with other high-quality carriers, including Virgin Blue, Continental and South African Airways.

Know when to hold 'em: Before spending points in a hotel program, check to see if you can get a room for a low rate. There are so many good deals that it's the perfect time to start gathering hotel points, saving for the post-crash world when room rates shoot up again. The ...