The Reddit credit card flow chart provides guidance for what cards to open if you’re looking to open a new credit card. The flowchart prioritizes your 5/24 status and whether you’re focusing on travel rewards or cash back. This is helpful because many banks are sensitive to how many credit cards you have recently opened, and using the flow chart helps increase your approval odds. We use our cards for all our expenses and pay them off monthly. We both have 5 credit cards, and recently got the Venture for the flight rewards. I am really intrigued by some of the sign on bonuses on cards like the sapphire preferred or the venture X, but I’m hesitant with us already having so many cards.
Many people will instinctively sign up for a card and then later realize there was a better signup bonus. Don’t be a fool; spending 5 minutes to research the best signup bonus could be the is admiral markets trustworthy in 2021 difference between thousands of points and hundreds of dollars. Flyertalk oftentimes will have the best current offer and we update a Google Sheets file for current/best offers. You can also check Doctor of Credit and US Credit Card Guide.
As long as these threads appear in the sidebar, all related questions and discussions must be posted in these threads rather than as standalone posts. There have been reports of BoA denials, with the explanation being someone already holds this card. This is NOT consistent, but has happened to quite a few people.
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- The stated goal is for two people to apply for cards, and have them all point to a single Loyalty Account.
- For example, Chase’s infamous 5/24 rule states that in order to qualify for certain cards, you cannot have opened more than five cards across all banks in a 24-month period.
- Typically, you will receive the miles between 1-2 weeks after statement close once you meet the minimum spend.
The term credit card churning has been used in the travel rewards community for many years, even if its meaning has changed over time. At this point, credit card churning can have one of two meanings and you will hear it used regularly in either way. Originally, the term credit card churning was used to refer to applying for the same type of credit card over and over again.
Unless you spend a lot on this stores, it might not be worth it. Below is a screenshot of the flow chart as of March 2024, click here to see the most up-to-date version.
Targeted Offers
Some folks believes to churn this card, you need to cancel any open BoA Alaska card. Smartchip technology was invented during the 1980s and as an alternative to the magnetic strip swiping method of cards used in the 1950s. Smartchips allow for greater security as the data is contained within the EMV chip of the card.
Credit Card Recommendation Flowchart: March 2024
So if you think you may have some refunds coming up, make sure you have other spends that takes you past the minimum spend threshold. The first step in earning points and miles is to target a reward currency that’s most beneficial to you. It’s also better to start with cards that have application limits. We recommend starting with the Chase ecosystem and building up the Chase Trifecta because of its 5/24 rule. Then, you can move on to another issuer, such as American Express, Citi or Capital One. As of Sept 2017, BoA has implemented a velocity limit on how often one can be approved for a BoA card.
Rule 2 – Award travel
So be prepared to wait 4-6 weeks after each statement for your LifeMiles. Many people have been rejected for applying too many cards recently. If you want a Barclays card, you should have as few application for new cards the past 6 months to increase your chance of success. The stated goal is for two people to apply for cards, and have them all point to a single Loyalty Account.
This is done primarily to collect a large welcome bonus available on a card, then cancel the card once that bonus has been earned. No single credit card is the best option for every family, every purchase or every budget. We’ve picked the best credit cards in a way designed to be the most helpful to the widest variety of readers. When you first get started in the world of travel rewards, you may find all sorts of terms that you don’t understand. One such term that comes up again and again, both online and in person, is credit card churning. BoA Posts AS sign-up sign-up and spend miles in weekly batches.
A targeted offer may come with a higher welcome bonus than the standard offer for a card or it may allow you to get a card for which you would otherwise be ineligible. With American Express, for example, targeted offers often do not include the once-per-lifetime limitation. If you are lucky enough to be sent one of these offers, you can apply for and be approved for a card even if you have already had it. As time went on and people wanted to earn even more types of rewards, credit card churning began to take on a second meaning.
By keeping your account open and in good standing, you’ll continue to enjoy the built-in card benefits and earn rewards on your everyday spending. However, it may be against the terms and conditions of some credit cards, which means the card issuer reserves the right to close your account or confiscate your rewards. In extreme cases, banks or loyalty programs have been known to shut down all of the accounts for certain individuals. Previously, American Airlines shut down the frequent flyer accounts of a large number of their members who bitcoin technical trading strategies had applied for multiple Citi AAdvantage cards over the past few years. They gave no notice, didn’t allow for any explanation, closed accounts, and confiscated miles. Some customers lost hundreds of thousands of miles they had earned, even the miles they earned from flying.
That wouldn’t make any sense, even though that is what it sounds like. The way to get on BoA’s good side is to maintain a relationship, either with a checking account or a credit card. Get an no AF card, or a free checking account (will need to meet account requirements), and keep that open for a long time. Chase usually wants to see you own some other credit card for a year before approving you for a card.
Closing a credit card preemptively may allow you to avoid a recon phone call. Points in this program spreadex review by financebrokerage can be transferred to different airline partners/hotels such as Singapore Krisflyer, Air France/Flying Blue, Hilton, etc. It requires a premium ThankYou card to allow for transfer (Citi Premier, Prestige).
Even at a $500 purchase, 30% would only be $150 sign up bonus, which is nothing special and in fairly average when compared to premium cards that offer sign up bonuses of $500 or more. These cards on the bright side are relatively easy to get and almost always result in automatic approval. The downside is they rarely earn you any points, some such as the L.L. Compared to the 1.5% Capital One Quicksilver with no forex fees or Chase Freedom/Discover It cards that offer rotating 5% categories, you would have to spend a lot at L.L. Given that hard pulls are now reported instantly and most new accounts are reported as fast as a couple days post-approval, the benefit to performing an AoR is greatly reduced. Churning allows you to gain free hotel nights, airline award flights, or cash back.
