Three New Cards and 200,000 Points: My Q3 Round of Credit Card Applications
Hi. My name is Hannah and I’m a miles and points addict.
DISCLAIMER: Credit cards can be extremely dangerous for those that cannot control their spending and are not financially disciplined. If you cannot pay your credit card off in full at the end of every statement cycle, all the miles/points are NOT worth paying 15-25% interest. If you don’t have high enough credit score, your applications will be denied and it will lower your score even further. If you plan to take out a mortgage for a home or a loan for a car, recent inquires on your credit will impair your ability to get the best rate, or the loan. You don’t have to earn a lot, but you do need to spend less than you earn. Read more about it on Eden’s blog – Credit Score FAQ.
I applied for the ThankYou Premier Card (annual fee of $125 waived for the first year). This card offers 50,000 ThankYou points but the spend requirements are slightly different than usual. You earn 20,000 ThankYou points when you spend $2k within 3 months of account opening and you earn 30,000 ThankYou points when you spend $3k within 3 months in the second year. Citi probably realised that people like me abuse sign up bonuses so they have devised a way to make you pay the annual fee. Smart!
Why: This is a great alternative to Chase Sapphire Preferred. 3x ThankYou points for dining and 2x ThankYou points for travel. Annual fee is slightly higher but ThankYou just added new airline partners (e.g. Cathay Pacific and Singapore Airlines) that make the points more valuable.
In hindsight I don’t know why I applied for the Ritz Carlton Rewards Card (annual fee of $395 NOT waived for the first year). This card offered 140,000 points and $300 airline credit per calendar year with a spend requirement of $2k within 3 months.
Why: Maybe it was the airline credit.
I’ll be cancelling my American Express Platinum in 2015 and instead of transferring the points to its partners, American Express EveryDay Card will allow me to keep my Membership Rewards indefinitely because this card is annual fee free!!! This card offers 10,000 Membership Reward points when you spend $1k in 3 months.
Why: Tina Fey made me do it.