Welcome rewards are a common perk with rewards credit cards, but they’re not all equally rewarding. The best ones might be a bit more challenging to achieve due to certain conditions. However, getting the bonus isn’t as tough as it may seem. To make your efforts worthwhile, we’ll share some advice on securing a great welcome bonus.
Explore different options and make comparisons.
provided. This helps you assess your likelihood of qualifying for the card you want without impacting your credit report with an inquiry.
Additionally, it’s a good idea to review your FICO® Score to gauge the kind of offers you might be eligible for. Typically, the most rewarding deals are offered to individuals with the highest credit scores.
Ensure you can meet the required spending amount.
With many cards, there’s a significant condition you must fulfill to receive the bonus: spending a specified amount on purchases within a certain period, often three to six months after getting the card. Generally, the larger the bonus, the more you’ll need to spend.
Evaluate your typical credit card spending to determine if you can realistically meet this requirement. If you have substantial upcoming expenses, meeting the spending goal might be simple. Remember, certain transactions like balance transfers, cash advances, returns, and fees don’t count. The same goes for cash-equivalent transactions, such as ATM withdrawals and peer-to-peer transfers.
Review the conditions for eligibility.
Apart from fulfilling the minimum spending condition, certain card issuers have restrictions on who qualifies for a welcome bonus. For example, some issuers might permit you to earn a welcome bonus on any of their cards only within a specific timeframe, like 24 or 48 months. These limitations can influence your decision on whether to apply for a particular rewards card immediately or wait for a more attractive welcome offer in the future.
Follow the application guidelines closely.
Carefully read the offer terms for any special instructions on how to secure the bonus. Sometimes, a targeted offer sent to you might have a unique code, an expiration date, or a specific website link to activate it. Skipping these steps could mean missing out on the bonus.
Don’t miss out on a great opportunity.
The best bonus offers might not last. If you find an exceptional deal and meet the requirements, apply soon. Offers can change, and you don’t want to miss out.
In conclusion, maximize your bonus rewards.
If you intend to hold onto the card for an extended period, don’t forget to explore the card’s features and benefits beyond the initial bonus. Once you’ve secured the offer, ensure you pay your entire balance every month to avoid interest charges that can diminish the bonus’s worth. Maintain a positive account status, or you might lose the bonus.
