If I Could Go Back in Time, Here’s What I’d Do Differently With Credit Cards and Points

I consider myself a pretty advanced user of points and miles. I also think I have a pretty good understanding of credit cards, including their features, earning rates, and application rules.

But I’ve definitely made mistakes along the way.

Other (mis)steps might not be considered mistakes, but I could’ve made different decisions. Some of these would’ve led to more points through welcome and referral bonuses.

Here are some things I would do differently if I could. Hopefully, these can help you make wise choices in your situation.

Things I Think I Did Well

It’s not all bad news. There are a few items from my credit cards and points history that are worth highlighting, as I recommend others take similar steps for their journey.

First, I repaired mistakes stemming from bad credit habits in my younger days. I made sure to pay off debts and improve both my credit report and credit score before I started applying for credit cards. Opening multiple credit cards to earn points isn’t a good idea if you’re dealing with debts or bad habits.

Second, I concentrated on Chase credit cards from the beginning. Because of the unpublished Chase 5/24 rule, getting Chase credit cards — and their lucrative welcome bonus offers — later on can be extremely difficult. I’m glad I understood that I should get as many of these credit cards as possible before opening cards from other issuers.

Third, I got organized immediately. Everyone has different methods for tracking their rewards, due dates, spending, and account anniversaries. I use a combination of several tools, including an Excel sheet. Whatever works for you, you need to keep track of details to ensure you pay your bills on time, know your benefits, and get the rewards you should receive.

4 Things I Would Do Differently

So, if I could go back in time, what would change? Here are 4 things I wish I could alter.

1. Understand Which Banks Are the Most Sensitive

Chase’s 5/24 rule is the most infamous application rule. Still, Chase isn’t the only card issuer that’s sensitive to how many credit cards you’ve opened recently — or how many hard inquiries show on your credit report.

Both U.S. Bank and Capital One are known to reject credit card applicants who’ve opened multiple accounts recently, whether with them or with other banks. That means prioritizing these credit cards immediately after passing 5/24 makes sense for most people.

U.S. Bank has several interesting credit cards, including its Altitude card family. With Capital One, you find cards like the Capital One Venture Rewards Credit Card and Capital One Venture X Rewards Credit Card, which are among the best credit cards for everyday spending. However, obtaining these cards can be difficult if you have a lot of recent activity on your credit report.

If I could go back, I would’ve focused on Capital One and U.S. Bank cards right after passing 5/24 with Chase. Doing so would’ve reduced rejections and helped me get approved for additional cards — allowing me to earn additional welcome offers.

2. Open Checking Accounts With Multiple Banks Sooner

Credit card issuers like applicants who are banking customers. It’s not a necessity, but it can help your chances when applying for a card at a bank where you have an existing relationship.

A good example is Bank of America. There are different rules for when your application is automatically rejected, and it’s based on whether you have an existing banking relationship, such as a checking account or investments.

To better navigate these rules, I wish I had opened checking accounts at these banks earlier. If I had parked a few hundred dollars in a checking account early on and let it sit there to develop a relationship over time, I think my approval odds would’ve improved with not just Bank of America but also Wells Fargo and U.S. Bank.

3. Learn About Referral Bonuses Earlier

These days, I always refer my parents and my wife when they apply for credit cards. Credit card referral bonuses can be extremely lucrative. However, I wasn’t always aware of their existence — or their value.

Bonuses vary by card, so you may get just $25 if a friend applies for some cards using your referral link. Others can be very valuable, though, offering $350 or 50,000 points — depending on the card and your particular offer.

Even if it’s just 10,000 points, that’s 10,000 points I didn’t have before. I always generate a referral link for friends and relatives if I can. If someone applies for a credit card using my link and gets approved, I receive cash (as a statement credit) or bonus points.

If I had understood how to use these earlier, I could’ve added several hundred dollars and tens of thousands of points to my balance.

4. Understand How To Tactfully Ask for Retention Bonuses

I ask for a retention bonus on nearly every credit card when the annual fee rolls around, even if I’m certain I will keep the card for the following year.

Offers are targeted and can vary based on your relationship with the card issuer, how much you’ve spent on the card in the past year, and how long you’ve had the account open, among other factors.

When I first learned about retention offers, I often beat around the bush. I felt like asking directly (“Are there any retention offers on my account?”) was odd or might seem strange to the customer service rep answering my call. Thus, I was indirect.

Learning how to be direct has helped in a few ways. One example is that the call moves faster, and I can stop wasting my time if there’s no retention offer available. Another aspect is that the phone rep knows exactly what I’m after, rather than needing to guess because I’m not providing sufficient clarity.

“Hi, I’m deciding whether to keep my account open for the next year, now that the annual fee is due. Are there any retention offers on my account that could help sway my decision?” Telling the phone rep (or chat agent, in the case of Amex and Citi) exactly the reason for my inquiry and what I’m asking about also helps the customer service agent quickly put me in touch with a different department if they’re not the right person for my inquiry. Now I’m talking to the right person who can unequivocally answer my question.

Starting with a “please” and “thank you” while getting directly to the point saves time and helps me get clear information about any possible retention offer on my account. I could’ve avoided wasting time and possibly received additional offers by learning this direct approach sooner.

Final Thoughts

I think I’ve done pretty well learning about credit cards, points, and miles over the years. That doesn’t mean there’s no room for improvement — especially with things I would’ve done differently in the past, given the opportunity.

Establishing relationships with banks earlier, understanding their unique sensitivities, and learning additional ways to earn bonus points would have helped me claim even more rewards.