FAQ

How is opening several cards going to impact my credit score!?

Since starting the track of opening credit cards to accrue points in miles, we have opened, as a whole, over 15 cards. During all of this, each of our credit scores have remained over 800. A couple important things!

1. Pay off your credit cards each month. It is so important to only put on cards what you can pay off. This seems like common sense, but when you get caught up in chasing points, it is easy to get in over your head. Be responsible. This is a long game!

2. Do not immediately close your credit card after you reach the welcome offer. This will absolutely negatively impact your credit score. It is recommended to keep your card open at least one year. We reach the welcome offer and then put that card in a binder in our safe. At the year point, you can then decide whether or not the card is worth keeping, closing, or downgrading. A lot of the cards do have annual fees. You can close the card at 1 year + 1 day and it will not affect your credit score. Yes, you would have already been charged the annual fee, but there is a 30 day grace period. Meaning, if you close the card within that first 30 days of the new year, you will be credited that renewal fee.

3. It is recommended that you wait 60-90 days between opening new cards. There have been times when a stellar upgraded offer has come out and we have not waited, but as a general rule, it is good to space out your credit card applications!

How often should I open a new card?

This absolutely depends on how aggressive you’d like to be with accruing points. We are ALWAYS working on a new welcome offer. Meaning as soon as we hit the minimum spend on a card, we are looking for the next best offer. We tend of alternate which of us is getting the next card so that we are waiting closer to that 60-90 day range between applications.

What about those annual fees?

Nathan explains it like this, “if someone said if you give me $95, I’ll give you $600. Deal?” I mean we’d all say of course over and over! That’s how we look at annual fees. What are we getting out of the bonus and awards, and is it worth it to us. Most of the time, yes it absolutely is! Now, it may not be worth renewing the card, but getting it for the welcome offer is over and over.