Meet Minimum Spending Requirements/Card Cancellation

April 4, 2019

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!

Top expenses you can easily pay with a credit card.

  1. Gas
  2. Groceries
  3. Cable, internet, phone
  4. Utilities including natural gas and water
  5. Kid’s sports or activities
  6. Netflix, Hulu, Spotify, Xbox
  7. Gym Membership
  8. Charitable donations
  9. Federal Income Tax
  10. State Income Tax
  11. Tuition
  12. Dining, even that $4 Starbucks coffee
  13. Property taxes-usually with a fee of 2-3%

Plastiq 

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:

  1. Create an account with Plastiq.
  2. Select a business that’s already in Plastiq’s system or choose to add your own.
  3. Pick a card (American Express, Visa and MasterCard are accepted) and add it to your Plastiq account. You may save as many cards as you want in your Plastiq account profile.
  4. Enter the amount due and payment date. You cab also set a payment schedule.
  5. Your payment is guaranteed to arrive on time in the form of a check or bank transfer.

Why you might not want to cancel your credit card.

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:

  1. You  have too much temptation and can’t control your spending.
  2. You are paying an annual fee for a card you do not use.

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.

Want to learn even more ways to hit your minimum spend? Book a 1:1 consultation with me. I will help you choose the exact travel hacking plan to make your free trip a reality! Sign up here!

 

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Beth S.

Tiffany is truly a credit card point guru. She was very patient and helped my husband and I navigate our credit card point game.

William F.

WE’VE SAT ON THOUSANDS OF POINTS FOR YEARS WITH NO CLUE HOW TO REALLY USE THEM. TIFFANY COACHED US HOW TO COMBINE OUR POINTS, TRANSFER POINTS AND ADD MORE POINTS THROUGH CREDIT CARD SIGN-ON BONUSES. AWESOME SERVICE.

SUZANNE M.

WE OWN A SMALL BUSINESS AND HAVE ALWAYS WRITTEN CHECKS OR USED OUR DEBIT CARD EARNING ZERO TRAVEL REWARDS. WE’VE CHANGED OUR WHOLE WAY OF MANAGING MONEY AND ARE ON OUR WAY TO A FREE LUXURY VACATION THANKS TO TIFFANY.

JANET M.

TIFFANY HELPED MY HUSBAND AND I EARN A VACATION TO CROATIA BY USING SPECIFIC TRAVEL CREDIT CARDS ON OUR DAUGHTER’S WEDDING. WE HAD PLANNED TO WRITE CHECKS TO ALL OF THE VENDORS, SO GLAD WE MADE A 1:1 COACHING CALL.

Liz R.

WITH TIFFANY’S GUIDANCE, we EARNED 400,000 CREDIT CARD POINTS BUT WE DIDN’T KNOW HOW BEST TO USE THEM. WE HIRED HER TO PLAN OUR TRIP USING A COMBINATION OF POINTS, MILES AND CASH (CREDIT CARD). HIRING HER WAS THE BEST MONEY I’VE EVER SPENT. SHE WENT WAY ABOVE AND BEYOND. PARIS HERE WE COME. 

Raving Clients

Raving Clients