Don’t Disrupt your App-O-Rama Schedule by Applying for the Chase Ink Plus Credit Card #Rant
Honestly, you could replace “Chase Ink Plus” with any other credit card and the argument would still be valid. Every few weeks, a large credit card sign up bonus comes out and the entire blogosphere goes crazy! Let me refresh your memory:
- Chase United MileagePlus – 50,000 United Airlines miles
- American Express SPG – 30,000 SPG Points
- Chase Ink Bold/Plus – 60,000 Chase Ultimate Reward Points
- Chase Freedom – 20,000 Chase Ultimate Reward Points
- Citi American Airlines Executive – 100,000 American Airlines miles
- And so on and so on…
So what’s my point? Most of the credit cards above have increased sign up bonuses for several weeks, if not months. I was approved for every card on the above list, even though I did not apply as soon as the increased sign up bonus came out. Let me say this again, just because a credit card has recently raised the sign up bonus, doesn’t mean you should go and apply for the card as soon as possible.
Let me explain…
I look at credit card sign up bonuses and the miles and points game as a long-term strategy. Applying for every new sign up bonus is great in the short-term (lots of miles and “free” trips), but may negatively affect your long-term chances for success (such as getting denied new credit cards for having too many recent credit inquiries, having too many new accounts open, not having a long enough credit history, etc.)
I’m not going to lie, I am a big fan of app-o-ramas, whereby I apply for several credits cards from several banks on the same day (I don’t recommend this strategy for everyone, especially beginners). I space out my app-o-ramas every 3 months and try to time the applications so that I apply for new credit cards around the same time that old credit card annual fees are about to post. That way, I can avoid paying annual fees on credit cards I no longer need/use and get approved for new cards that I want*.
*Most credit cards I apply for do have large sign up bonuses or rewarding shopping categories.
With that said, here is my personal app-o-rama strategy:
- First, I figure out what my next app-o-rama date is (usually I just add 3 months to the date of my last app-o-rama).
- Then I determine which credit cards I would apply for if my app-o-rama was tomorrow.
- I then write down the name of the credit card, the sign up bonus, and the minimum spend requirements for each credit card on my app-o-rama list.
- Throughout the weeks/months leading up to my app-o-rama date, I evaluate new credit cards or increased sign up bonuses that come out.
- I check to see if the new credit card application end date falls after my app-o-rama date.
- Then I determine if the new credit card is worth adding or replacing a card on my app-o-rama list.
- Lastly, I wait until my app-o-rama date to apply for new credit card. I recommend applying early in the morning on a weekday, preferably Monday, and then I do any necessary reconsideration calls immediately after I apply (the sooner I call, the less time they have to deny my application).
To repeat one last time: do not break your app-o-rama schedule to apply for a credit card with an increased sign up bonus. Most offers are around for at least a few weeks, if not months, and some offers return shortly after their sign up bonus disappears. If you have any questions, please leave a comment below.
#rantover
Hey Grant, good post. One exception to this may be if you have planned an App-rama, that includes applying for several cards issued by Stank … err Bank of America, I would not worry about grabbing a high-bonus offer like the Ink Plus off-cycle, as B of A seems to approve just about anything with above a 700 credit score, and has not been sensitive to multiple recent credit inquiries, in my experience. I carry 2 B of A Alaska Air personal cards at any one time, and close one quarterly, wait two weeks, then open another, getting another 25 K miles upon account APPROVAL … yes, this is the fastest mileage posting card I have found – posting miles to the frequent flyer account 5 – 7 days after account approved …I did not even spend a cent yet, and the miles post! Crazy!
Good point Jason, I suppose with a high enough credit score, you could theoretically get approved for any credit card you want. I only have 3 Alaska Airlines cards open at the moment. I will plan on converting them to Better Balance Rewards to get $100/year cash back.
Hard to ignore the ubiquitous 70k chase ink ads by every single miles and points site out there … You’d think it was the new incarnation of vanilla reloads at cvs or something ….
Pump pump it up
Yes, it is annoying, but it will die down eventually. I was going to talk about my approval for the Chase Ink Plus Credit Card (took 2+ weeks to arrive and 2 recon calls to get approved), but I will save that story for another day.
Wow, 2 recon calls! I didn’t know that was possible. Can’t wait to hear that story.
If you want to hear my story, here is a sneak peak: called in, spoke for 10 minutes and rep said “I’ve submitted your application for approval.” That doesn’t necessarily mean “you’re approved.” Got a letter a week later saying they could not approve my application. Called back and was told they needed to verify my business revenue and were sending me a form. Didn’t sound good. Then on Monday, got the Chase letter and was surprised to see a brand new Chase Ink Plus Carr inside. Not sure what happened, but that’s my story.
Nice post
Thank you, glad you liked it!
I’m a student, and I signed up for my first ever credit card in early July, a student Citi Dividend. Yesterday, I got a targeted offer in my inbox for 50,000 bonus Skymiles, and the offer is valid until November 2. Seeing that it’s 3 months since I signed up for my first card, do you think I have a good chance of getting approved for this Skymiles card? Also, do you recommend I do an app-o-rama that includes the Gold Skymiles card?
Good morning, since you got your first credit card in July, I would take it slow and only apply for one credit card at a time. It is fine to apply for the targeted Delta offer (assuming you want Delta SkyMikes) but you may want to see if their are any other credit cards that would be better. Personally, I would go for the Chase Freedom so you can build a good relationship with Chase. Plus, the card has no annual fee so you can practically keep it forever. Just my 2 cents.
I agree with the sentiment but I don’t know that an app-o-rama necessarily makes sense any more. I know the conventional wisdom was that you should do all your applications on one day so that the companies wouldn’t see all your inquiries, but I don’t think that’s relevant any more.
Still, I do agree that you shouldn’t apply for credit cards just because it seems like every blog / credit card marketer in the world is talking about how awesome it is and how you BETTER ACT NOW!!
Even though app-o-ramas might not hide applications from the same day, my success ratio is still very high. If I were able to apply for multiple cards and submit the application at exactly the same second, that might be slightly better.
When you say “and then I do any necessary reconsideration calls immediately after I apply (the sooner I call, the less time they have to deny my application).” You call if you didn’t get instant approval?
Yes, exactly. If I get any other message besides “Congratulations, you’re approved!”, I call the credit card company and plead my case and work my magical reconsideration call skills.
Pingback: Chase Discontinuing the Ink Bold & Why I AppliedMiles to Memories
I thought that doing app-o-ramas was going out of fashion. The whole point is so that each bank can’t see all the applications you’re making, but that’s no longer the case. When you apply for a card nowadays, the inquiry goes on your report instantly.
I’ve been applying for one card every 4-6 all this year with no denials. This helps spread out minimum spend requirements as well.
“one card every 4-6 all this year” – weeks or months?
I don’t mind the MS to finish the minimum spend, it actually makes my day more exciting. I’m glad you found a system that works for you. Keep doing what works!
4-6 weeks. Sorry for the omission.
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