Here’s some unorthodox financial advice: Go apply for a new credit card.
Why? Several major credit cards are offering up cash bonuses up to $100 and points bonuses up to $500 if you apply for a new card and spend a minimum amount.
While I DO NOT recommend applying for new credit if you’re digging out of debt or trying to sharpen your credit score. You might take part, however, if you:
- Pay your current credit card balances in full
- Have a FICO of around 700 or more (check your score now)
Latest Credit Card Sign Up Bonuses (May/June 2012)
| Card | Bonus Offer | Fee |
| American Express® Premier Rewards Gold Card | 25K points, redeemable for select gift cards valued at $250, when you spend $2,000 in your first three months of Card membership | $0 1st Year; then $175 |
| Citi ThankYou® Preferred Rewards Card | $150 in gift cards – When you redeem the 15,000 bonus ThankYou® Points received after $1,000 in purchases within 3 months of account opening | $0 |
| Chase Freedom® Visa | Earn $100 Bonus Cash Back after you make $500 in purchases in your first 3 months | $0 |
| Blue Cash Everyday® Card from American Express | Earn 100 Reward Dollars after you make $1,000 in purchases in the first three months of Cardmembership. | $0 |
| Chase Sapphire Preferred® | Earn 40,000 bonus points after you spend $3,000 in the first 3 months – that’s $500 toward travel rewards! | $0 1st Year; then $95 |
| Chase Sapphire(SM) Card | Earn 10,000 bonus points after you spend $500 in the first 3 months – that’s $100 toward travel or any other reward! | $0 |
| Delta Airlines – Gold Delta SkyMiles® Credit Card | Earn 30,000 bonus miles toward Award Travel when you spend $500 on the Card in the first three months from account opening | $0 1st Year; then $95 |
Disclaimer: One way I’m able to support my blogging while helping you is to link to products I like and earn a referral commission if you sign up. I only link to products I trust. That said, you should know that if you click the links to these cards and ultimately apply for and are approved for that card, I may be paid for that. If you choose to support Money Under 30 in that way, thanks!
This content is not provided or commissioned by American Express. Opinions expressed here are author’s alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.
###
About David E. Weliver
Is it worth the hard inquiry?
David,
I’m just kind of wondering, how many credit cards is too many? I’ve got a Chase Freedom MC I like the rewards program for, and that is my main card I use. In addition to that I have a credit card through my credit union, a corporate card, and a line of credit. I also have a Home Depot Charge as interest-free offers are nice to have as projects come up around the house.
I have toyed with the idea of getting a charge card (AmEx Zync) or another credit card (Discover More) but am hesitant- because do I really need it? I pay all my balances in full, besides the deferred interest balances, which are paid in full before the time is up.
I’m just curious your thoughts, as the $100 offer from Discover sounds rather tempting.
Thanks!
Both good points.
@Bishnu, I would only worry about the credit inquiry if I knew I was going to need a mortgage or other big loan in the next 6-12 months. Otherwise, I wouldn’t worry if your credit score takes a tiny hit. Even then, hard inquiries only really become a problem when there are more a couple.
@Tim, I agree, it’s a balancing act.
I’ve read about some people that literarally chase every single one of these offers…they apply, make the purchases, cash in the rewards, and cut up the card. As long as they manage their credit well otherwise, their credit scores are just fine. I would never recommend that, but it has been done.
Personally, I totally get the “fewer cards the better” argument.
I did a swap when I applied for the Chase card…I cancelled a card I rarely used, hadn’t been open very long, and didn’t report my credit limit. Now I have four open cards, but only carry and use two of them. The others I keep them open simply because I’ve had them forever and closing them would do more damage (in the form of shortening my credit history). So 2-3 open cards is probably optimal, but if you’ve got good credit and don’t need it for anything else anytime soon, there’s probably no harm in using it to take advantage of an offer like this.
David,
Thanks for the info. I always like to see how other “financially savvy” people manage the number of accounts they have. I like visiting the internet “deal” sites and the people there go crazy over these offers! To me, it’s just not worth it. If I was considering the account otherwise, it becomes a nice incentive to pull the trigger.
Speaking of Rewards offers- I’d like to point out ING’s Black Friday Saving Sale…a pretty cool idea- reward those of us who save on Black Friday- not spend! I opened their checking last year and got $125. I’m excited to see what they have going this year!
Cheers!
I have a credit rating of around 690. Even though my company gives me a corporate credit card, I still very much need another card just in case, since I travel 90% of my time Internationally.
Is it true by where you live it can also affect your approval?
I live in Puerto Rico but my employer is based in the US.
Am I even more limited for approval because of my rating and where I live?
I feel that AMEX platinum would be perfect for my needs, but I am reluctant to apply since it will hurt my rating, and I am trying to improve it. Do they have consultants which can tell me before a hard inquiry if I am probable of approval?