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Date: 2007-06-08 01:41 pm (UTC)
If you really care about getting frequent flyer miles of some description, you probably don't want them to be Air Miles (tm). Their redemption rates are much higher than you would pay with airlines directly (e.g. compare their star offer of the week 150 Airmiles to Nice (normally 300) + £59 tax - when you can get the flight direct from ba.com for £76 without using any miles). There are much better deals with cards linked to airlines (e.g. BA's Amex cards, AA's Citibank Visa cards) and hotels (Marriott's Visa cards, Hilton's MasterCard) - typically with introductory offers which get you halfway to a free European flight or free hotel night.

As for the credit cards themselves, I tend to carry 2 or 3 just in case one provider decides that they will randomly consider what I've just done worthy of some kind of restriction (one account I have tends to get a bit worried every single time I travel overseas - despite my doing this quite regularly). Spreading across Amex, MC and/or Visa just helps with the likelihood of acceptance.
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