My MUST HAVE Credit Cards (2024)

You’ve made it to Step 3. This is so exciting! You’re 1 step closer to your next vacation.

Remember what I told you on Step 1.? I’m happy to repeat it.

**>>> Credit cards are not “BAD” when used wisely <<<**

I’m not, let me repeat, I am NOT telling you to get a credit card to overspend. Overspending on a credit card reverses the incredible FREE travel benefits you could be reaping because you’ll be paying interest. Essentially, what I’m telling you is to use your credit card as a replacement for your debit card in order to rack up points and miles. I’m a huge advocate of only using a credit card if it can paid off in full EVERY month (this is what I do!). Now, onto the rewards…

>>> ANY CREDIT CARD YOU GET FOR THE PURPOSES OF FREE TRAVEL SHOULD BE FLEXIBLE <<<

(NOT AIRLINE SPECIFIC —->> WITH RARE EXCEPTIONS)

Many people that “think” they are travel hacking say “well, I have a (insert airline here) credit card”. Friends, let me tell you, having an airline specific credit card may be great if you travel once every few years, or you have a specific goal in mind like our flights to Chicago for $33 on Delta), or if you are loyal to one specific airline (NO!!), but if you’re serious about unlimited FREE travel and want to travel as often as YOU chose….then the magic is in WHAT KIND OF CARD YOU GET!

By “flexible” I’m referring to credit card reward programs that partner with multiple airlines and hotels. There is almost no limit to where and how you can “spend” the points and miles you earn. By having a credit card that is not tied to a specific airline or hotel your use of reward travel becomes a endless rainbow of opportunity with a huge pot of gold at the end!

Some worry about how applying for credit cards will effect their credit rating. That’s a fair concern and one I had when I first started this hobby (remember, I’m addicted to my credit score).

Submitting a credit card application can lower your credit nominal points. Not to worry. As long as you follow my guidance, pay your new account timely, and NOT overspend, your score will bounce back within three months or so. I personally applied for, and was approved for 5 different credit cards (listed below), a home refinance, and our motorhome loan within a 6 month period.

Chase Sapphire Preferred (VISA) (Apply here)

+50k point sign up BONUS once you meet the minimum spending requirement
+5k additional BONUS points if you add an authorized user to your account
+ Sending a “Friend Referral” will earn another BONUS 10k referral points
+Your spouse applies, meets the minimum spending requirement and then receives their own 50k point sign up BONUS
+Spouse adds you as authorized user to earn an additional 5k BONUS points

Using this single credit card one couple can earn 120k points JUST by signing up and meeting the minimum spending requirements! That’s enough for FIVE ROUNDTRIP tickets to Hawaii!

Chase Business Ink (VISA) (Apply here)

+80k point sign up BONUS once you meet the minimum spending requirement
+5k additional BONUS points if you add an authorized user to your account
+Your spouse applies, meets the minimum spending requirement and then receives their own 50k point sign up BONUS (there is no referal allowed with this card)
+Spouse adds you as authorized user to earn an additional 5k BONUS points

Using this single credit card one couple can earn 170k points JUST by signing up and meeting the minimum spending requirements! That’s enough for SEVEN ROUNDTRIP tickets to Hawaii!

*Note* In these scenarios, between the 4 Chase cards above (if you and your spouse each got approved for both cards) there would be $16,000.00 minimum spending requirement, however, you have 3 months to meet this requirement. Spread applications out over time if needed. The $16,000.00 you spend to meet this requirement IS additional points earned!

Chase Ulimate Rewards points can be redeemed directly through the Chase Ultimate Rewards portal for travel (with 25% bonus), shopping or cash back. However, the most lucrative way to use them is by transferring them to Chase PARTNERS!

Starwood Preferred Group Hotels-SPG (American Express) (Apply Here)

+35k point sign up BONUS once you meet the minimum spending requirement
+5k additional BONUS points if you add an authorized user to your account
+Your spouse applies, meets the minimum spending requirement and then receives their own 35k point sign up BONUS
+Spouse adds you as authorized user to earn an additional 5k BONUS points

Using this single credit card one couple can earn 80k points JUST by signing up and meeting the minimum spending requirements! That’s enough for THREE ROUNDTRIP tickets to Hawaii!

One of the best uses of Starwood points is transferring SPG points to airlines.
There are 30+ SPG transfer partners, including hotels! SPG “Gifts” you 5k for each 20k point you transfer to an airline!!!!

Delta Gold SkyMiles (American Express) (Apply Here)

+30k point sign up BONUS once you meet the minimum spending requirement
+Priority boarding
+Free checked baggage
+Your spouse applies, meets the minimum spending requirement and then receives their own 30k point sign up BONUS

Hyatt (VISA) (Apply Here)

+Earn two free nights at any Hyatt hotel or resort worldwide (see how I used this to go to the All-Inclusive Hyatt Zilara in Cancun, Mexico FREE)
+Receive one free night every year after your cardmember anniversary

It’s easy to see that by transferring your points to partners you gain flexibility and MORE reward!

Now you’re ready for Step 4. Step 4 is going to show you how to meet those pesky minimum spending requirements in a jiffy!

Contact me if you have any questions, and be sure to share you stories with me!

Happy Spending!

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FAQs

How many credit cards one must have? ›

However, having more than three credit cards is generally not recommended. Those who are able to manage with one credit card should stick to one. As long as the individual is making payments regularly on all credit card bills, it will not affect or have an impact on access to other forms of credit.

What is a good amount of credit cards to have? ›

To prepare, you might want to have at least three cards: two that you carry with you and one that you store in a safe place at home. This way, you should always have at least one card that you can use. Because of possibilities like these, it's a good idea to have at least two or three credit cards.

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Is it a must to have a credit card? ›

Despite some significant cons, there are ways to build good credit and maintain a healthy financial history without signing up for a credit card: Use cash or a debit card to avoid overspending. When only cash or a debit card is available, you are limited to spending what's on hand or in your bank account.

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How many credit cards should I have at 23? ›

It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.

Is 7 credit cards too many? ›

Too many credit cards for most people could be six or more, given that the average American has a total of five credit cards. Everyone should have at least one credit card for credit-building purposes, even if they don't use it to make purchases, but the exact number of cards you should have differs by person.

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How many credit cards does average person have? ›

How many credit cards does the average person have? According to the latest figures from Experian, the average American has 3.84 credit cards with an average credit limit of $30,365.

How many credit cards are too many? ›

There is no right number of credit cards to own, and owning multiple cards gives you access to different rewards programs that various cards offer. Owning five cards, for example, would give you a bigger total line of credit and lower your credit utilization ratio.

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Can having too many credit cards hurt your credit score? ›

Having a lot of credit cards can hurt your credit score under any of the following conditions: You are unable to keep up with your current debt. Your outstanding debt is more than 30% of your total available credit. You added too many cards in too short a time.

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Is $1000 on a credit card bad? ›

Once that ratio exceeds 30%, your credit score can start to take a big hit. If you owe $1,000 across your credit cards but have a total credit limit of $10,000, that's only 10% utilization. That means a balance of $1,000 shouldn't have too negative an impact on your credit score.

Is it OK to never have a credit card? ›

No financial product is one-size-fits-all, and it's OK if credit cards aren't for you. There are other ways to establish credit — and keep your credit scores high — that don't involve a credit card.

Does canceling a credit card hurt your credit? ›

Closing a charge card won't affect your credit history (history is a factor in your overall credit score). Closing a credit card could hurt your credit score by increasing your credit utilization if you don't pay off all your balances.

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How much can I borrow with a 750 credit score? ›

You can borrow $50,000 - $100,000+ with a 750 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

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Is 12 credit cards too many? ›

Credit scoring formulas don't punish you for having too many credit accounts, but you can have too few. Credit bureaus suggest that five or more accounts — which can be a mix of cards and loans — is a reasonable number to build toward over time.

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Is it a lot to have 5 credit cards? ›

There is no right number of credit cards to own, and owning multiple cards gives you access to different rewards programs that various cards offer. Owning five cards, for example, would give you a bigger total line of credit and lower your credit utilization ratio.

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Is it normal to have 4 credit cards? ›

If you already have a few credit cards and are interested in opening another, you may wonder if there's an ideal number of cards to have. While there's no one-size-fits-all answer, Experian found that the average American has four.

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Is it bad to have too many credit cards with zero balance? ›

However, multiple accounts may be difficult to track, resulting in missed payments that lower your credit score. You must decide what you can manage and what will make you appear most desirable. Having too many cards with a zero balance will not improve your credit score. In fact, it can actually hurt it.

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Why is it good to have 3 credit cards? ›

With each new credit card you get, your credit limit increases. This is an important factor for your credit utilization rate, which measures how much credit you use compared to how much you have. A higher credit limit and a lower balance are essential for a good utilization rate.

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