We get a lot of questions about applying for a new credit card. Specifically, when is the right time to apply for a new credit card, and what credit card should you apply for?  Let’s tackle those questions today!

 

When Should I Apply for a New Credit Card?

We love having a stockpile of points so we can travel whenever the urge hits us. Seriously, nothing feels better than having a ton of points—airline, hotel, and transferable points! Be sure and read about all the different types of rewards points if you aren’t familiar with all of them.

Because of this, we are usually working on meeting the minimum spend on a new credit card. Once we are close to meeting the minimum spend on our latest card, we are looking for another card to apply for (though we recommend waiting at least 30 days between cards).

The annual fee is always worth paying that first year in exchange for the amazing welcome offer. Additionally, many credit cards have the first-year fee waived, so you could stick to those credit cards if you don’t want to pay too much in annual fees. If your budget is tight, you might want to just apply for a few cards a year and, after canceling or downgrading a card, apply for another.

You are more likely to be approved for a new credit card if you wait 90 days between applications. If you’ve met the minimum spend on a card before three months and really want a new credit card, consider opening up one in your spouse’s name. We have a lot of credit card points because we always apply individually. We love using Travel Freely to keep us organized as it lets us know when it’s time to apply for a new card. 

 

 

Look at all that great information my homepage tells me! I should wait 42 more days to apply for a credit card.  It also tells me that I have 4 annual fees coming up soon so I can decide ahead of time whether I want to cancel or keep the cards. And, very importantly, it tells me my Chase 5/24 status.

 

What Credit Card Should I Apply For Next?

This is probably the question we get asked more. One of our favorite credit cards is the Chase Sapphire Preferred® Card. We love Ultimate Rewards because they can be transferred directly to certain airlines or hotels. It is the card we recommend the most. If you don’t have it yet, we recommend applying and then referring your spouse or partner for their own card. 

Because of the Chase 5/24 rule, we encourage people to get any Chase credit cards that they want first. There are dozens of Chase credit cards, but here are some of our favorites:

• Chase Freedom Unlimited®
• Chase Freedom Flex℠
• Chase Sapphire Preferred® Card
• Chase Sapphire Reserve®
• Ink Business Unlimited® Credit Card
• Ink Business Cash® Credit Card
• Ink Business Preferred® Credit Card

Once you are at or over Chase 5/24, start examining what your travel goals are. Do you mainly want airline points? What airline do you primarily fly? What airlines fly out of your home airport? Do you want more hotel points, or do you want transferable rewards points? All of these questions will guide you to your next credit card. Remember, too, that you can always ask for a credit card consultation.

 

 

Bottom Line

As far as we are concerned, it’s time to apply for a new card when you have almost reached the minimum spend on your previous card. We want all the points we can get! Go after those coveted Chase cards first. I had a credit card application freeze (self-imposed) for almost a year while I was over 5/24 so I could get a few Chase cards that I didn’t have, and waiting is not fun. But whatever you do, don’t use cash or a debit card. Any rewards points are better than no points.