Tips For Gradually Applying For More Credit Cards

I used to adhere to the “slow and steady wins the race” philosophy. But not anymore. My new philosophy is back to my old college saying, “if you got ‘em, smoke ‘em!”

Too often deals dry up in this game. I’ve been at this for awhile and my experience is opposite of the advice I get from most bloggers.

As a result I am loaded up with millions of miles/points. Enough now to last me for 5 or 6 years of extensive international travel. I’m not trying to brag by saying this is there are many people who have this many miles and points. I’m just giving you an example of what’s possible if you go for the glory.

If slow and steady works for you, go for it, But you’re at risk of missing out on buckets of miles. I’ve been at this awhile and I only was shut down once by Chase but later reinstated.

I’m not saying you’re giving bad advice, as most are more comfortable with a slow and steady pace. But, as a famous rock musician said “It’s better to burn out than to fade away…”. Thank you Neil.

Ben, thanks for this advice. I get a lot of questions from people whose interest is piqued when I describe all my free trips and who want to learn how to play the game. Henceforth, I will refer them to this post.

Amex's SUB offers have been so generous that I haven't put any spend on my Chase cards beyond the occasional CSR travel charges and Ink Cash Staple gc purchases. Chase notices that, correct? I'm 814 and have north of $300k of Chase credit between my 8 cards. I've been sticking with 40k referrals while I hit Amex hard.

Tend to agree but what does this mean in practice? Open and closing accounts? What have you done that others might advise against?

Open as many accounts as I’m allowed. I let them step on the brakes but not me.
Yes, close the account when renewal fee is due unless I can negotiate a satisfactory bonus to keep it.
Plus I MS the crap out of bonus categories without fear of repercussions (even the Amex cards that everyone is so careful about).
There are more myths on these blogs than people know.
Much of the advice I read on these blogs do not jive with my extensive experience. I think a few anecdotes is sufficient to cause fear when they may not be the norm
But hey, let people do what they’re comfortable with.
Another thing I heartily disagree with if you do a lot of travel is This thing where they say don’t transfer points when bonuses are offered by AMEX, Chase, etc. unless you have an award in mind. I always transfer speculatively. I know I’ll use the points within a couple years and the risk of devaluation by 30% or so is worth the extra points I receive at the moment of transfer. I more regret having to transfer at a 1:1 ratio knowing I missed out on the bonus. But then I’m constantly generating more Amex and Chase points.
Maybe I should change my current blog to an “anti-travel advice” blog.

Plan for the new cc. When it's time to renew your insurance for example, get a card for the spend. That ensures you don't arbitrarily charge nonsense.

Ha! Apply for a new card as soon as I meet the spend requirement for the most recent card.
But Good advice for someone starting out! I’m on the opposite end of the spectrum - old with lots of cards and great trips in the past and a few in the future already ticketed.
I took a break last year to get below 5/24; got the Sapphire then went crazy , almost a million points since then. But I’m now back on the “wagon”
Safe Travels

But the repercussions are terminating your points.

Depends what your income is and whether you are happy doing manufactured spend. I think Ben’s advice is entirely relevant for a young person starting out. Also your time is worth something and having multiple credit cards involves your time to keep track of them. I’d rather focus on investing in stocks as the return is greater on my time than just churning credit cards.

Questions to ask/answer: 1. Do I want to maximize/redeem points for cash back or travel? The answer helps determines the bank & brand 2. How aggressive am I willing to be with lenders? Do I want to stay in good graces, always, or am I willing to go on an app spree & chance a shut down/reduced CLs? How willing am I to go to the mat over the phone for an approval/clawback/retention offer? That answer also helps drill down on a lender/lending philosophy. Risk/reward applies in this “hobby” like with other financial tools - if I were him, I would appreciate being young with a great credit score & feel my way thru the credit landscape.