Difference between revisions of "Credit card checklist"
From Travel Strategies
(→Before you cancel) |
|||
| Line 8: | Line 8: | ||
<ul class="checklist"> | <ul class="checklist"> | ||
<li>Register for Credit Karma, and possibly some other credit-monitoring tools.</li> | <li>Register for Credit Karma, and possibly some other credit-monitoring tools.</li> | ||
| − | <li>Make sure you understand the impact of the Chase 5/24 | + | <li>Make sure you understand the impact of the Chase 5/24 and other similar rules.</li> |
| − | <li>Sign up for Award Wallet | + | <li>Sign up for Award Wallet and download the app.</li> |
</ul> | </ul> | ||
| Line 17: | Line 17: | ||
<li>Check your credit rating to make sure everything is still okay.</li> | <li>Check your credit rating to make sure everything is still okay.</li> | ||
<li>Only apply for one card at a time.</li> | <li>Only apply for one card at a time.</li> | ||
| − | <li>Check to see if there is a promotional offer listed on our credit card guides. Double-check via the US Credit Card Guide | + | <li>Check to see if there is a promotional offer listed on our credit card guides. Double-check via the US Credit Card Guide and/or the signup offers on Frequent Miler.</li> |
| − | <li>Take advantage of a referral link (if you can).</li> | + | <li>Take advantage of a referral link (if you can). Try to always use one when you apply for American Express cards</li> |
| − | <li>Don't add an authorized user | + | <li>Don't add an authorized user during the application process unless you are offered a bonus.</li> |
</ul> | </ul> | ||
| Line 26: | Line 26: | ||
<ul class="checklist"> | <ul class="checklist"> | ||
<li>Don’t worry.</li> | <li>Don’t worry.</li> | ||
| − | <li>If you | + | <li>If you wind up getting denied, call the reconsideration line.</li> |
</ul> | </ul> | ||
| Line 32: | Line 32: | ||
<ul class="checklist"> | <ul class="checklist"> | ||
| − | <li>Activate the card | + | <li>Activate the card and make sure it can be accessed via its online account.</li> |
<li>Set up automatic payments for the full balance amount.</li> | <li>Set up automatic payments for the full balance amount.</li> | ||
| − | <li>Add an appointment to your phone’s calendar | + | <li>Set up any card-specific benefits.</li> |
| + | <li>Add an appointment to your phone’s calendar to help make sure you meet the Initial spending requirement.</li> | ||
<li>Add an additional appointment to remember to cancel, downgrade, or get a retention bonus at the end of the first year.</li> | <li>Add an additional appointment to remember to cancel, downgrade, or get a retention bonus at the end of the first year.</li> | ||
| − | <li>Register the card for any dining or shopping program you participate with.</li> | + | <li>(optional) Add the card to your credit card spreadsheet).</li> |
| − | <li>Shift all your spending to your new card, until you’ve met the | + | <li>(optional) Register the card for any dining or shopping program you participate with.</li> |
| + | <li>Switch bill payments and your Amazon account to your new card</li> | ||
| + | <li>Shift all your spending to your new card, until you’ve met the initial spending requirement. Use other cards for purchases that might eventually get refunded.</li> | ||
<li>Track the spending on the card, so you know when to stop.</li> | <li>Track the spending on the card, so you know when to stop.</li> | ||
<li>Make sure to use each card at least a few times per year.</li> | <li>Make sure to use each card at least a few times per year.</li> | ||
| Line 45: | Line 48: | ||
<ul class="checklist"> | <ul class="checklist"> | ||
| − | <li>If you are cancelling a card that earns cash back, make sure to cash-out any "points" | + | <li>Consider product changing the card instead of cancelling it.</li> |
| − | <li>Before cancelling a card that earns credit card company points, take steps to keep your points | + | <li>Make sure you don’t lose out on use-it-or-lose it annual benefits, like travel credits</li> |
| + | <li>If you are cancelling a card that earns cash back or fixed-value points, make sure to cash-out any "points".</li> | ||
| + | <li>Before cancelling a card that earns credit card company points, take steps to keep your points or transfer them out to a partner.</li> | ||
<li>Avoid cancelling cards you’ve had for a very long time.</li> | <li>Avoid cancelling cards you’ve had for a very long time.</li> | ||
<li>Never cancel a credit card in the first few months. And don't cancel an Amex card until a full year is past (you can still get a refund of the annual fee in the first month afterwards).</li> | <li>Never cancel a credit card in the first few months. And don't cancel an Amex card until a full year is past (you can still get a refund of the annual fee in the first month afterwards).</li> | ||
| − | <li>Consider calling in to cancel (or downgrade) | + | <li>Consider calling in to cancel (or downgrade) and see what retention offer you can get.</li> |
| − | <li>If you | + | <li>Add the cancellation date to your spreadsheet.</li> |
| − | + | <li>If you were using the card for automatic bill payments, switch them to another card.</li> | |
| + | |||
</ul> | </ul> | ||
Revision as of 14:41, 4 May 2020
Jump to:
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 and other similar rules.
- 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 and/or the signup offers on Frequent Miler.
- Take advantage of a referral link (if you can). Try to always use one when you apply for American Express cards
- 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 wind up getting 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.
- Set up any card-specific benefits.
- 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.
- (optional) Add the card to your credit card spreadsheet).
- (optional) Register the card for any dining or shopping program you participate with.
- Switch bill payments and your Amazon account to your new card
- Shift all your spending to your new card, until you’ve met the initial spending requirement. Use other cards for purchases that might eventually get refunded.
- 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
- Consider product changing the card instead of cancelling it.
- Make sure you don’t lose out on use-it-or-lose it annual benefits, like travel credits
- If you are cancelling a card that earns cash back or fixed-value points, make sure to cash-out any "points".
- 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. And don't cancel an Amex card until a full year is past (you can still get a refund of the annual fee in the first month afterwards).
- Consider calling in to cancel (or downgrade) and see what retention offer you can get.
- Add the cancellation date to your spreadsheet.
- If you were using the card for automatic bill payments, switch them to another card.