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Credit Cards New to the game

Discussion in 'questions. answers. conversations.' started by Wes, Mar 19, 2019.

  1. Wes

    Wes Reader

    My wife and I are pretty new to the travel rewards game. We are blessed with a high enough income that our regular spending affords us the opportunities to easily and rapidly meet the spend requirements for sign up bonuses (seemingly faster than we can get approved for the next card!). Is there such a thing as churning through too many cards too quickly? And will we eventually reach the end of the sidewalk, so to speak? In other words, will there eventually come a day when we have exhausted all eligibility for future sign up bonuses, or can reward miles be obtained this aggressively in perpetuity?
  2. Gaurav

    Gaurav Well-Known Member

    Likes Received:
    hi Wes, welcome. Yes, there is such a thing as too many cards. It's partly science (like the Chase 5/24 limits, AX limits on what triggers bonuses, Citi application rules etc) and partly the art of having to walk yourself through reconsideration calls which will stop working at some point because you will not be able to convince a credit analyst on the other end that you need yet another card after having opened 20 in the last 12 months. The best advice would be to read as much as you can so you know the potential pitfalls and then get the cards that help you achieve your goals.
    rickyw likes this.
  3. MidSouth Skier

    MidSouth Skier Well-Known Member

    Likes Received:
    I think this is a crucial point. Accumulate points with a purpose and once you've used those points, start accumulating with the next destination in mind. I've not yet got all our reservations for my trip this fall but I'm already working on the specific types of points I'll need for next year's trip.
  4. Gia

    Gia Well-Known Member

    Likes Received:
    On several cards, there is a one time sign up bonus rule. On others there is a 24 month wait between closing a card and reapplying for the same card again with the bonus. And with Chase there is the 5/24 rule. What gets more complicated is your credit rating when one starts to acquire many cards with high spend limits. Normally, as long as you’re paying the balances off every month there’s no negative impact. I never get a card, even those with big bonuses, unless I have a plan on how to use the card. Everything is a tailored approach.
    OCTinPHL likes this.