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5 Things To Do Before Signing Up for Rewards Credit Cards

5 Things To Do Before Signing Up For Rewards Credit Cards

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Advance Personal Finance

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It is always smart to earn credit card rewards through your regular expenses. However, you can amass up to 50,000 reward points from signup bonuses. This means that you can sign up for as many rewards credit cards as you can and get the sign up bonuses in turn. Here are five of the things you should do before pursuing these bonuses.

1. Check Eligibility for Earning a Sign up Bonus

The first simple rule to earning signup bonuses is to check your eligibility. Note that different card providers have different rules on eligibility. It is also important to carefully read the terms and conditions that apply to the reward card before signing up.

2. Can You Meet the Required Minimum Spending?

It is quite overambitious to sign up for a rewards credit card without knowing its minimum spending requirements. Some cards specify that you must spend at least $3,000 or $10,000 in 3 months. Such rewards cards may be frustrating to use especially if you want to earn the signup bonuses.

3. Check Whether Your Spouse is Eligible for the Card

You and your spouse can register for the same rewards card and to double up the bonuses. Always check whether your spouse meets the requirements as you do so for yourself. Don’t forget to check if both of you can hit the minimum spending target.

4. Review Your Rewards Spreadsheet

Your rewards spreadsheet should contain details such as the date you registered for a card. It should also contain information on the deadline for your annual fees and when you met the required minimum spending. Use the spreadsheet to plan for your future rewards cards.

5. Check Your Hard Inquiries

Card providers limit those with several hard inquiries to access signup bonuses. Always check the number of hard inquiries you have before getting a new card. Remember to closely monitor them before they get out of hand.

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