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Credit Card Signup Bonuses: Get the Best Out of Them
Have you ever found yourself faced with the dilemma of whether or not you should sign up for a credit card? There is usually a plethora of credit card sign up bonuses available which you may find to be interesting and tempting enough to say yes to the offer.
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Don’t Jump to Conclusions
Before applying for a credit card, make sure you study the fine print and get familiar with the rules on how to avail of the bonus. Most of the credit card companies will require you to make a predetermined minimum amount of purchase made through your credit card to qualify for the credit card sign up bonus.
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Don’t Try to Fool the Credit Card Company
Some credit card companies will give you a cash back reward for a credit card sign up. If your sole purpose is to cash in on the bonus and then close the account before you incur annual fees, keep in mind that this may affect your credit. You might end up with higher interest rates or get outright denial for having low credit score later on. (See Comparing Credit Card Offers, Sign up for a New Credit Card, Credit Cards that Earn Cash Back Apply for a Credit Card Comparing Credit Card Offers)
Choose Wisely
A person who is financially capable of applying for a credit card more often than not already has a previous one. If this is true in your case as well, think twice before going for an additional credit card. In plain words, do not let the credit card sign up bonuses influence your decision.
When deciding whether to get another credit card, always make sure that the pros outweigh the cons, if not, it is just plain unwise. For instance, if a credit card sign up offer includes free gift certificates, hotel accommodations, or any other form of free stuff, ask yourself if you will be really using the freebies. If the answer is no, you may want to go with a card that offers bonuses that match your needs.
Be Frugal
Some credit card companies would offer frequent flyer miles for a credit card sign up and would even add more points if you reach the required minimum purchase with the credit card. In this case, it is wiser not to make u, simply to acquire more airline points.
Say the credit card company offers you 10,000 airline points for signing up and offers you an additional 5,000 points if you spend $15,000 in six months using the credit card. Spending $15,000 in six months just to acquire an extra 5,000 free airline points works against you as it requires you to spend a lot of money just to get a little bit more than what is offered for free.
Be Prompt
Lastly, never forget to pay your bills in full and on time. Having several credit cards may or may not be good for your credit score and your credit history depending on how you manage your bills.
The money and/or stuff you get free from credit card sign up bonuses will not help you make your payments later on especially when you incur interest and charges for late payments.
Synopsis
Credit card sign up bonuses are a wonderful thing to have and I recommend taking maximum advantage of these. You are anyway going to need a credit card and a credit card sign up bonus only makes the deal more sweeter.
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