Whether you have one credit card or twenty-one (yes that amount is okay) credit cards, I can guarantee you that you are missing out on rewards if you don’t have a Credit Card Strategy. Regardless of whether or not you have FOMO, you should be asking yourself what your immediate AND long-term financial needs are. For example, if you need to pay off some past debt, then you need a card with 0% APR such as the Amex EveryDay Credit Card. However, your goal should not only be to meet your immediate need but also planning ahead for your future needs such as flights or hotel nights or even extra cash. The great advantage of collecting some points or miles before you need them is so that you can use them rather than paying out of pocket with cash. This takes time and preparation and this is what a Credit Card Strategy will help you with. Putting a strategy in place and preparing for the future is all part of being able to Do Good.
Whether you have FOMO (fear of missing out) like me or not…
…YOU NEED A STRATEGY. It is always wise to have a plan and there is no difference when it comes to applying for credit cards.
If you want to be wise then here are 3 quick steps toward establishing a Credit Card Strategy
Step 1: Ask Yourself 5 Questions
An easy first step to starting your strategy is by answering these 5 simple questions:
1.) What is my immediate need?
2.) What will I need this year?
3.) Do I have a big expense coming up?
4.) Am I eligible for Chase cards now? If not, when?
5.) Is there any reason I shouldn’t get a/another credit card?
Knowing your immediate needs will help you identify your coming needs which will enable you to plan your purchases in order to meet the spend requirement for your next credit card.
Step 2: Create Your Portfolio
What is a credit card portfolio? It is a simple tool to help:
- Know your credit history
- Prepare for coming annual fees
- Maximize referral offers
- Plan for the future
- Notice that if you are married or working with your friend, you can both get the same cards not only to pool your points together but also to take advantage of referral bonuses.
- “Chase 5/24 Eligibility” means that you can only open a chase card if you have opened less than 5 new accounts within the past 24 months (business cards do not count).
- “AMEX 5P” means that you can only hold 5 opened AMEX personal cards at any given time (5 personal cards and 5 charge cards).
- The dark blue boxes show the cards you are preparing for
Step 3: Get A Coach
The number one way to reach any goal is to do it WITH someone who will keep you accountable! This is the mission of Points On Purpose – to personally coach you through your unique situation. This is what makes us different. Rather than prescribing general advice across the board to everyone, we want to connect with you personally so we can encourage you, give you tailored information, keep you safe through accountability, and ultimately help you Travel Free!
Now it is up to you to reach out – firstname.lastname@example.org