Difference between revisions of "Credit card checklist"
From Travel Strategies
(→Before you apply for the card) |
|||
| (5 intermediate revisions by the same user not shown) | |||
| Line 1: | Line 1: | ||
{{DISPLAYTITLE:{{Title|card checklist}}}} | {{DISPLAYTITLE:{{Title|card checklist}}}} | ||
{{seo|description=Printable step-by-step checklist for getting and getting rid of travel and reward credit cards.}} | {{seo|description=Printable step-by-step checklist for getting and getting rid of travel and reward credit cards.}} | ||
| − | {{Page|article| | + | {{Page|article|card step by step}} |
{{Main|article}} | {{Main|article}} | ||
| Line 7: | Line 7: | ||
<ul class="checklist"> | <ul class="checklist"> | ||
| − | <li>Register for Credit Karma, and possibly some other credit-monitoring tools.</li> | + | <li>Register for [//www.creditkarma.com/ Credit Karma], and possibly some other credit-monitoring tools.</li> |
<li>Make sure you understand the impact of the Chase 5/24 and other similar rules.</li> | <li>Make sure you understand the impact of the Chase 5/24 and other similar rules.</li> | ||
| − | <li>Sign up for Award Wallet and download the app.</li> | + | <li>Sign up for [//awardwallet.com/ 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 and/or the signup offers on Frequent Miler.</li> | + | <li>Check to see if there is a promotional offer listed on our {{Link|all cards|credit card guides}}. Double-check via the [//www.uscreditcardguide.com/credit-cards-en/ US Credit Card Guide] and/or the signup offers on [[//frequentmiler.boardingarea.com/best-credit-card-sign-up-offers/ Frequent Miler].</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>Take advantage of a referral link (if you can). Try to always use one when you apply for American Express cards.</li> |
| + | <li>If you are applying for an airline or hotel card, try making a "fake reservation".</li> | ||
<li>Don't add an authorized user during the application process unless you are offered a bonus.</li> | <li>Don't add an authorized user during the application process unless you are offered a bonus.</li> | ||
</ul> | </ul> | ||
| Line 34: | Line 35: | ||
<li>Activate the card and make sure it can be accessed via its online account.</li> | <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>Set up any card-specific benefits.</li> | + | <li>Set up any card-specific benefits, especially enrolling for Amex credits.</li> |
<li>Add an appointment to your phone’s calendar to help make sure you meet the Initial spending requirement.</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>(optional) Add the card to your credit card spreadsheet | + | <li>(optional) Add the card to your credit card spreadsheet.</li> |
<li>(optional) Register the card for any dining or shopping program you participate with.</li> | <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>Switch bill payments and your Amazon account to your new card</li> | ||
| Line 53: | Line 54: | ||
<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>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 | + | <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) and see what retention offer you can get.</li> | <li>Consider calling in to cancel (or downgrade) and see what retention offer you can get.</li> | ||
<li>Add the cancellation date to your spreadsheet.</li> | <li>Add the cancellation date to your spreadsheet.</li> | ||
Latest revision as of 23:14, 29 April 2021
Credit Card Step-by-Step Guides
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.
- If you are applying for an airline or hotel card, try making a "fake reservation".
- 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, especially enrolling for Amex credits.
- 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.