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5 Questions to Ask Before Signing Up for another Rewards Credit Card

[Wednesday, February 21st, 2018]

There are so many great credit cards out there, and if you’re like many people, it’s hard to resist the latest advertisements for a big signup bonus, a zero interest balance transfer offer, or a card with no late fees and amazing perks.

But before you apply for another credit card, there are a few things to think about. Here are five quick questions to ask yourself before clicking “apply” on the latest and greatest rewards card…

  • How will you use this card? Will it replace a credit card that you already use for most of your everyday expenses? Or will this card be used for a specific purpose like a special vacation, or a business trip? A new credit card is exciting, but if you don’t have a reason to get it, and an idea of what you’ll use it for, it might just be one more card taking up space in your wallet.
  • >How easy is it to redeem the rewards? Studies show that many people let their credit card rewards go unredeemed, never using them at all. Even if the points, miles, or cash back amounts don’t expire, it won’t do you any good unless you know how to redeem it (and then actually do it).
  • Does the card offer something besides rewards? For example, a credit card might also give you around-the-clock concierge service, purchase protection, priority boarding on your preferred airline, or free bag check when you fly. Balance transfer offers, zero-interest on purchases introductory periods, and low ongoing interest rates are other perks to look for.
  • What’s your credit score? Before you apply for another new credit card, take a look at your credit report and score. A healthy credit score gives you the best chance of being approved with the lowest APR as well. If your credit score is low, take some time to improve it before signing up for more lines of credit.
  • Are the rewards ones that you really want? A free round-trip plane ticket sounds great, but how often do you fly the airline that’s offering it? And some cards give lots of hotel reward points, but if you prefer to stay in an AirBnB, you might not get much use out of them. Be sure you pick the card with the right rewards for you.

See also

Q: Choose Your Own Rewards Card: How To Get The Rewards You Really Want

Applying for a great rewards credit card is one of the best things you can do for yourself, if you’d like to earn points, frequent flyer miles, and cash back just for buying things you’d be buying anyway. But there are so many different rewards credit cards out there; it can be difficult to know which one is the right one for you. Here’s a brief rundown on the types of cards and how they work, so you can choose the rewards credit card that gives you what you really want.

more ››
Q: The One Reason You Need A Travel Credit Card

Maybe you have plenty of credit cards, but you only end up pulling out the same one over and over. You may think that the last thing you need is another credit card. But if you don’t have a travel credit card, you could be missing out.

more ››
Q: Pay For Your Next Vacation With Credit Card Rewards

Have you planned your next vacation yet? If so, have you thought about how you’ll pay for it?

more ››
Q: Surviving the Holidays Debt-Free

It’s the season for spending. Yes, the holidays are about more than just shopping, but there’s no way around it: people spend more during the holidays, whether it’s for gifts, food, travel, or all of the above.

more ››
Q: How to Use Frequent Flyer Miles Without Flying

If you’ve got a frequent flyer rewards credit card, you probably already know that you can earn miles for more than just flying.

more ››
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