Loyal Only To Next Big Sign Up Bonus

Loyal To Next Big Sign Up Bonus

Are you that person that has one or two credit cards that you opened years ago when perhaps there was a great promotion to good for you to pass up?  It captured your attention and got you to take action to see if you would be approved to get the card and perhaps you had to spend x dollars in x months to get x amount of points.  You collected yourself to do it that one or two times, but once you got those promotional offer bonus, you then just rested on your laurels.  You might still be using those same credit cards to this day though they don't still offer you oversized value.  Don't worry, I've been there too, but I'm here to snap you out of that.  So, the question is why so loyal?  Do you not see any opportunities out there that grab you like once before?  I don't know about you, but these banks are very competitive for you business that I am always seeing offers that only make me loyal to the next big sign up bonus.

Push It To The Limit

I like to think these days I am loyal only to the next big sign up bonus irregardless of what bank is offering it if it helps me achieve award travel to a destination I'm planning on going to or stockpile points/miles for future travel and experiences that can be bought with this form of currency.  I wasn't always thinking like this, but thanks to Alex and Brad over at Travel Miles 101 via His and Her Money Podcast with Talaat & Tai, they hipped me on how I could push this award travel to the limit.  I haven't looked back since and I signed up for my first credit cards of this year over this weekend.  They were the American Express business cards Business Gold Rewards that offers 50,000 Membership Rewards after $5,000 spend in 3 months and the Blue Business Plus Credit Card offers 20,000 Membership Rewards after $3,000 in 3 months.  

When There Are Lulls

I'll start working towards hitting these spending limits to get 70,000 Membership Rewards points using the technique I outlined in my blog, "How to Meet Credit Card Minimum Spend on Chase Sapphire Preferred".  One thing I especially like about Membership Rewards points is that they are a transferable points to a lot of other loyalty programs.  Don't get me wrong, as there are moments when you have lulls when applying for credit card bonus due to restrictions that banks impose on how many or what category of credit cards you can have at any one time.  When this happens I usually focus on directing spend on points in transferable currencies like American Express Membership Rewards, Chase Ultimate Rewards, Starwood Preferred Guest Starpoints, or Citi Thank You Points until I get it cranked up again.  Usually, if you are working this system between a couple where each of you can sign up for the same cards, you can accumulate enough points for at least two free great award travel vacations per year.

Loyal For No Other Reason

Other than that reason, I am not loyal to any particular bank unless they are offering me something of value such as points/miles, cash, and service benefits.  Resting on your laurels could mean you are leaving $500 on the table every 3 months are so because these promotional offers you see for 50,000 points are usually worth about $0.01  each($500/50,000).  If you are going to have $3,000 - $5,000 in expenses every 3 months, you could potentially be getting a different card with a new sign up bonus every 3 months and that is equivalent to the banks giving you $2,000 over a year for cashback, award travel, or experiences.  Each of these bonuses is a reduction to your out of pocket expense, and if you have been reading my blog, you will know this is common theme I preach.

In Closing

Next time you see an offer x points for spending x dollars in x months, consider what has the current card you have been spending on offered you lately.  If nothing, perhaps you should take advantage of the offer as that card you are using now will still offer you the same thing after you take advantage of that new promotional offer, am I right.  But don't stop there, keep taking advantage of the next big sign up bonus.

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