If you're thinking about opening a new credit card, you might be wondering if there's a specific time of year that offers the best advantages. While bonus offers are available throughout the year, many people have discovered that applying between October and December can lead to scoring the largest bonus.
During this time, you're likely to have several expenses such as holiday travel, gifts and meals out, among others. These expenses can easily meet the spending requirements for various credit card bonuses.
The Best Time Of Year To Get A Credit Card
A credit card sign-up bonus is a one-time incentive offered by most rewards credit cards on top of any ongoing cashback, points, or miles you earn from your purchases. Such bonuses typically require you to spend some amount between $500 and several thousand dollars within a specific timeframe, often three months after you've been approved for the card.
The holiday season provides a great opportunity to snag a bonus thanks to the high volume of shopping. During the 2019 holiday season, the National Retail Federation's annual survey showed that consumers planned to spend an average of nearly $1,048 on holiday-related items.
Make Sure Your Spending Money You Have
However, it's important to only apply for a credit card with a bonus if you have the money on hand. Don't make the mistake of spending money you don't have just to chase a bonus. Interest charges on your credit card bill will quickly eat away at any rewards you accrue. Instead, if you've saved up a holiday fund, this may be an opportunity to gift yourself a great signup credit card offer.
Before You Apply Consider….
As with any credit card, there are other factors to consider before applying. These include checking whether you have good credit, checking if the card's rewards categories match your expenses, ensuring that you're eligible for the bonus, meeting the spending requirements with your current budget, and planning to pay your credit card bill in full every month to avoid a high interest rate.
To sum it up, the bonus-friendly season is an excellent time to snag credit card signup bonuses, thanks to the high volume of holiday shopping. Nonetheless, before jumping on this opportunity, ensure you have the money on hand and are meeting all the credit card requirements, to avoid any inconvenience down the line.
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