Step #2
Step 2: Research & Approach
Research: We looked for credit cards with attractive sign on bonuses that could fulfill our requirement above, which is 170,000 miles and 14 hotel nights stay. Examples of the credit cards that were chosen include United Explorer card that offered 60,000 miles after spending $3,000 in 3 months, and https://wfphoto.biz/wichita-falls-wedding-photography/ Wyndham Rewards credit card that offered 45,000 points (or 3 nights of hotel stay equivalent) after spending $1,000 in 3 months.
Bonus: Credit card application decisions were driven by the type of wedding expense Cedric and Cecilia would incur and the bonus points the cards would yield. In other words, when the couple paid for the wedding cake, they should use a card that gives bonus points for food. When the expense had no particular bonus category, they should use a card that gives bonus points for general expenses.
Approach: Cedric and Cecilia needed to apply for 11 credit cards in total, with a total annual fee of $233 on the 1st year. Cedric and his fiancé applied for 5 and 6 cards, respectively. Each card application represented a specific goal that they wanted to achieve for the trip, whether it is a business class ticket or 2 nights of hotel room.
One very important thing to note is that they did not apply for all the cards at once, but applied strategically with different cards and different banks throughout the year (Don’t worry right now if you are concerned about managing number of cards, credit score, minimum spending, etc. I will teach you how to manage them in a later section). By spreading their card applications, Cedric and Cecilia could manage their cards more easily and meet the spending requirements to achieve sign on bonuses more effectively.
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