Most people don’t open new credit cards too often. The average American has about four credit cards, according to research by Experian. But there are plenty of consumers who have more — and in some cases, a lot more.
I’m one of those people. I love looking for opportunities to save money or get useful perks with travel rewards cards. Recently, I opened three new credit cards. While that might seem excessive, I had a few good reasons for doing so.
1. To earn bonus rewards in more categories
Many rewards cards have bonus categories where you earn more back on your purchases. In these categories, they may earn 3 points per $1 or more, compared to just 1 point per $1 on everything else.
Bonus categories vary from card to card. If you’re looking for ways to maximize rewards, one of the best options is to get multiple cards. By using each card in its bonus categories, you can earn more points on your spending.
The cards I opened have a total of 10 bonus categories and earn at least 3 points per $1 in all of them. These categories include:
- Travel
- Dining
- Transit
- Mobile wallet spending (purchases made through Google Pay, Apple Pay, and Samsung Pay)
- Shipping
- Internet, cable, and phone services
2. To earn sign-up bonuses
Sign-up bonuses are another way to earn more rewards, and quite a few credit cards have them. For example, there are cash back cards that offer a $200 bonus if you spend $500 in the first three months. A travel card may offer 60,000 bonus points if you spend $4,000 in the first three months.
Before you apply for a card with a sign-up bonus, see if you’ll be able to meet the spend requirements. You should only open the card if you can spend enough, because if not, you’ll miss out on the bonus.
I’ve had some big purchases to make lately. Since I was going to be spending more, I figured I’d apply for new credit cards to turn that spending into bonus rewards. With the three cards I opened, I’ll earn over 200,000 bonus points.
3. For the travel benefits they offer
Since I like travel cards, I consider more than just how many points I can earn when I’m picking one. I also look for travel benefits that could come in handy or make my trips more enjoyable.
For example, one of the cards I got includes free access to airport lounges. Being able to kick back in a lounge before your flight is usually more enjoyable than waiting in the general boarding area.
Another card will pay for a membership to CLEAR Plus. That gets you to the front of the security line at airports with CLEAR lanes. It’s probably not a service I’d pay for on my own, but it’s a nice extra perk on a credit card I like.
A new credit card could be a good money move
I’m not saying you should go apply for a bunch of credit cards all at once. I’ve been managing multiple credit cards at once for a long time, and I saw a few I wanted to get. For most people, taking it slow and getting one card at a time is safer.
If you don’t look for new credit cards all that often, it’s a good idea to try it every six months to a year. This doesn’t need to take long. Spend 10 or 15 minutes looking over the best current credit card offers. If you see one that you like, do a deeper dive to decide if you should apply for it. Credit card companies are all competing for customers, so you could get some valuable benefits by occasionally opening a new account.