4 Quick Tips & Rules for Credit Card applications when starting out
The first step for traveling on credit card points and miles is applying for a credit card. This can feel overwhelming…
- Which one to choose?
- Are there any rules?
Here are some quick tips and guidelines to get you started:
Pick a transferable points card that you can:
– Comfortably meet the minimum spend (ie. $5000 in 3 months)
– Can justify the annual fee
– I recommend the Chase Sapphire Preferred card to new users for several reasons – $95 annual fee, 60,000+ point sign-up bonus, and great transfer partners (Hyatt, United Airlines, Southwest Airlines)
Keep the credit card open for at least 1 year
– To maintain a good relationship with banks, do not close any credit card prior having it open for 12 months
– Annual fees can be refunded and prorated
Chase’s 5/24 rule
– Banks have internal guidelines about approving your credit card applications
– Chase Bank will not approve you for a card if you have opened 5 personal credit cards in the last 24 months… this includes the Macy’s Amex card I opened to get a discount on makeup (whoops!!)
– The Travel Freely app helps me keep track of this
