How to Qualify for the Best Credit Card Signing Bonuses


by

12 May,2014

Now that economy is picking up a bit and consumers are a little more comfortable with credit again, many credit card issuers are stepping up their signing bonus offers. Forget about getting a signing bonus worth $50. Some credit card issuers offer bonuses worth up to $250 or more. Credit card issuers are ready to make more money off consumers, and you can take advantage of this reality.

Depending on your situation, you might be able to qualify for the best possible credit card signing bonuses. This can provide you with free cash, or enough bonus points to enjoy free travel.

Getting the Best Credit Card Deals

In order to get the best credit card signing bonus, however, you need to be prepared to have a good credit score. Only those with the best credit have access to good signing bonuses, whether it’s 60,000 bonus miles, a $200 statement credit, or some other bonus.

First of all, to qualify for the best credit card signing bonus, you need to beef up your credit score. Make sure that your recent credit history shows that you make your payments on time and in full. Also, make it a point to pay down some of your debt, showing that you aren’t maxing out your credit cards and carrying high balances all the time.

The point is to make yourself attractive as a credit card accountholder. If you can show that you are an attractive accountholder — someone who will use credit cards and pay on time — you have a better chance of attracting a good signing bonus. Even if you don’t carry a balance, you are likely to attract a good credit card offer if you have a good credit score.

You also want to show that you have a good income. While you don’t want to lie on your credit application, think about your income from various sources: your job, your partner’s job, self-employed income, and other sources. Most credit card issuers ask for your household income, and not just what you get from a paid job. Use that to your advantage to show that you have the income that can handle the credit card’s credit limit, and you will be more likely to receive the best signing bonus.

Make Sure It’s a Signing Bonus You Can Use

Before you apply for a card with a good signing bonus, you need to make sure that you are getting a card with rewards that you will use. You should also make sure that the signing bonus will be of use. I recently signed up for a card with enough points to provide me with two round-trip plane tickets. Since I fly a few times a year, this signing bonus is a great boon to me.

You want your credit cards to match your spending habits so that you can make the most of them. Take the time to analyze your finances, improve your credit score, and then apply for the credit cards with the signing bonuses that will complement your financial efforts and goals.