Applying For Cards

Timing Your Applications

Patience and strategy can make a big difference when applying for new credit cards. For example, the American Express Platinum Card may advertise a standard offer of 50,000 points online, but searching in incognito mode could reveal elevated offers, such as 250,000 points.

To find the best deals, stay updated using resources like 10x Travel or Reddit’s /r/churning community before committing to an application.

Key Rules for Different Banks

• Chase:

  • Performs a hard inquiry on your credit when you apply.

  • Restricts applications to one new card every 30 days.

  • Enforces the 5/24 rule, meaning you can only open five new personal cards in 24 months. Business cards typically don’t count toward this limit.

• American Express and Capital One:

  • Applications with these banks often don’t result in a hard credit inquiry.

The Two-Player Strategy

Once you’ve entered a bank’s rewards ecosystem, consider referring your significant other for a new card using your referral link. This allows you to earn a referral bonus (which varies by product) while your partner also gets their sign-up bonus. This method, often called the two-player strategy, can double your earning potential.

Planning Applications Around Spending

Before applying for a new card, be sure you:

1. Understand the minimum spend requirement: This is the amount you need to charge to the card within a set time frame to earn the sign-up bonus.

2. Evaluate your budget: Ensure your regular spending aligns with the requirement to avoid unnecessary or excessive expenses.

If you have a large expense coming up, take advantage by opening a card with a high minimum spend. This helps you meet the requirement more easily and unlock a potentially lucrative sign-up bonus.