Congratulations, you’ve just received your new credit card with a big sign-up bonus! Now, comes the important part; you need to complete your minimum spending requirement within the specified time to earn that bonus.
First things first, I always tell my clients…start with your own bank account. Print out your last 30 day ledger, go through with a highlighter and find any bill that is set to autopay using your bank account, aka debit card. You can change those auto payments to your new credit card and start earning points and ease up the burden of hitting the minimum spending requirement!
This really needs its own category. This service virtually allows you to pay any bill with a credit card including college tuition, mortgages, country club bills, insurance, car leases…really any bill that requires you to send in a check for payment. There’s a 2.5% transaction fee, but depending on what your financial goal is or whether you need to meet a minimum this might be of value to you!
Using Plastiq is easy:
Do you really need to cancel it? Or could you tuck it away and just not use it? Having an available line of credit on a card with no balance always helps your credit score, and it could come in handy in an emergency.
However, there are two occasions when closing a credit card is called for:
In those cases, it makes sense to cancel cards, since they are unnecessarily costing you money.
Our rule of thumb…if we’ve used the sign up bonus and don’t want to pay the upcoming annual fee, we might close it and open a new card to earn a new sign up bonus. We try and only cancel cards after 1 year.