A few days ago I wrote about how to check your 5/24 status, which also prompted me to check my own 5/24 status.
As it turns out, five new cards are showing on my credit report in the past 24 months, and as of September 23, 2019, I’ll be under the five-card limit once again (though in reality, I’ll wait until October 1, 2019, to apply for anything).
This means I’ll be eligible to apply for Chase cards once again. For me, this is a reason to hold off on any card applications, as I really want to get the IHG One Rewards Premier Credit Card.
Realizing how close I was to being under the 5/24 limit also made me want to look up what Ford’s 5/24 “status” was, and suffice to say that I was surprised.
Ford’s 5/24 status
I had assumed Ford was somewhere around the limit, though after looking up his situation, he’s actually at 2/24 at the moment. Wow!
I was always under the impression that one of the biggest advantages of being in a relationship was access to another Social Security Number for the purposes of credit card applications. Well, boy have I failed him/me/us!
So it’s time to change that…
What credit cards Ford has
I’ve written about the credit cards that I currently have. Ford has a variety of cards:
- He has some cards that I don’t have
- He is an authorized user on some of my cards
- He is the primary user on some of the same cards that I have
Here are the cards that he has that I don’t have:
- The American Express® Gold Card (review), which he got last year, and offers 4x points at restaurants worldwide (on up to the first $50,000 in purchases per calendar year and then 1x)
- The Chase Sapphire Preferred® Card (review), which he has had for years, since before he met me (I, of course, asked him about what credit cards he has on our first date, as one does); while he’s also an authorized user on my Chase Sapphire Reserve® Card (review, the Sapphire Preferred is his go-to card for shopping purchases I’m just better off not seeing 😉
Which credit cards should I get him?
That’s a bit of background, though what cards should Ford get at this point?
Ford doesn’t have any of the three awesome “Ink” cards, which I consider to be among the best business credit cards. There’s a huge advantage to applying for these first, since they won’t count as further cards towards the five-card limit.
The timing of this is actually perfect, because it just occurred to me that he’s using the Marriott Bonvoy Business® American Express® Card (review) as his primary business credit card, and it’s certainly not the card I’d recommend using for everyday spending.
With that in mind, my thought is that he should first apply for the three Chase Ink cards, which are fantastic complements.
Ink Business Cash® Credit Card
Ink Business Preferred® Credit Card
Ink Business Unlimited® Credit Card
So my plan is to have him:
- First apply for the Ink Business Preferred® Credit Card, which has a huge bonus and is the most well-rounded business card out there
- After waiting about 30 days, apply for the Ink Business Unlimited® Credit Card, which has a great bonus, no annual fee, and offers 1.5x points on all purchases
- After waiting an additional 30 days, apply for the Ink Business Cash® Credit Card, which has great bonus, no annual fee, and offers up to 5x points in select categories
As you can see, this is very much a “slow and steady” approach towards credit card applications, though I also think it’s the right move. This means that by November he’d have all three Ink cards (if all goes as planned), and he’d still be at 2/24.
I’m still trying to decide what makes the most sense for him beyond that, though one thing is for sure — the Ink Business Preferred is the best place for him to start.
Anyway, if nothing else this post is a reminder to make sure you’re not only managing your own credit card strategy, but also the credit card strategy for your family/significant other. Goodness knows they need your help!
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