My Latest Round of Credit Card Applications

As I discussed in this post, I apply for a new round of credit cards every 90 days.  Remember, this is not for you if you are a) working on improving your credit b) planning on applying for a loan such as a mortgage in the near future or c) if you periodically carry a balance on your cards.  The rewards that you'll gain in these cases will be heavily offset by either not being able to qualify for the lowest lending rate (due to recent inquiries on your credit report) or actually paying interest if you carry a balance.  Each application will typically ding your credit 2-5 points (those inquiries fall off over time and your score will go back up) thus the reasoning for applying for cards every 90 days on the same day.  The inquiries fall off roughly at the same time and on the day you apply, the other banks don't see that you applied for a card earlier in the day.

Now that the disclaimer is out of the way...Here's an overview of my most recent card application including what I applied for and why.

1)  American Express Everyday Preferred

This is a new card from Amex that offers 15,000 miles after spending $1,000 in the first 90 days.  The annual fee (not waived for the first year) is $95.  Even though this sign-up bonus kind of sucks, I needed a quick way to rack up some Membership Rewards points to top off my account for an award and wanted to try out the new offering from Amex.  I value MR points at $.02 teach so this bonus is worth $300.

Result:  Instantly approved

2)  Chase United Explorer Business

This card offers 50,000 United miles after spending $2,000 in the first 90 days after approval.  The annual fee is normally $95 but is waived for the first year.  It is essentially the same version as the consumer card which I have had a couple of times in the past.  I wanted to pick up a couple of cards for my business and also need to work on replenishing my United mileage balance.  I value United miles at $.02 each so this bonus is worth $1,000.

Result:  Application pended but was approved without a call after a couple of days

Chase MileagePlus Explorer Business Card Welcome Email

3)  Citi AA Advantage Business

This card offers 50,000 American Airlines miles after spending $3,000 in the first 90 days after approval.  The annual fee is $95 and is not waived for the first year.  I value American miles at $.02 each so this bonus is worth $1,000.

Result:  Approved after a quick 10 minute call to Citi

Summary:

So I went 3/3 on this round.  After spending $6,000 (should be a slam dunk thanks to Amazon Payments) in 90 days and paying $190 in annual fees, I'll earn 115,000 points/miles that I value at $2,300 which will be put to good use towards future airline and hotel awards.