Credit card checklist

  Credit Card Reference

Before you get started

• Register for Credit Karma, and possibly some other credit-monitoring tools.
• Make sure you understand the impact of the Chase 5/24 rule.
• Sign up for Award Wallet, and download the app.

Before you apply for the card

• Check your credit rating to make sure everything is still okay.
• Only apply for one card at a time.
• Check to see if there is a promotional offer listed on our credit card guides. Double-check via the US Credit Card Guide, the signup offers on Frequent Miler, and/or a web search.
• Take advantage of a referral link (if you can).
• Don't add an authorized user, during the application process, unless you are offered a bonus.

If you aren’t immediately approved

• Don’t worry.
• If you do get denied, call the reconsideration line.

After you get the card

• Activate the card, and make sure it can be accessed via its online account.
• Set up automatic payments for the full balance amount.
• Add an appointment to your phone’s calendar, to help make sure you meet the Initial spending requirement.
• Add an additional appointment to remember to cancel, downgrade, or get a retention bonus at the end of the first year.
• Register the card for any dining or shopping program you participate with.
• Shift all your spending to your new card, until you’ve met the Initial spending requirement.
• Track the spending on the card, so you know when to stop.
• Make sure to use each card at least a few times per year.

Before you cancel

• If you are cancelling a card that earns cash back, make sure to cash-out any "points", before you cancel.
• Before cancelling a card that earns credit card company points, take steps to keep your points, or transfer them out to a partner.
• Avoid cancelling cards you’ve had for a very long time.
• Never cancel a credit card in the first few months.
• Consider calling in to cancel (or downgrade), and see what retention offer you can get.
• If you are using the card for automatic bill payments, switch those to another card.
• Make sure you don’t lose out on use-it-or-lose it annual benefits, like travel credits

Credit Cards 101 Send comments or suggestions to editor@travelstrategies.com or leave a comment below.

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