Can I Earn a Credit Card Opening Bonus Again? | Understanding the Rules for Chase, AMEX & Citi


Hi there, it’s Ernest from Trip Astute. In
this video, we’re exploring the question: “Can I earn a credit card bonus again”, as
well as the general policies for the major credit card issuers. (light chiming music) Credit card
bonuses are an extremely effective way to build points, and can sometimes earn
your more than $1,000 in free travel. But a question that often comes up is: “Can I
earn the opening bonus again if I cancel and reapply for the card?” The answer to
this question is: “It depends.” In this video, we’re going to review the policies
of major credit card issuers. Keep in mind that this information is current as
of August 2017, but may change in the future as the issuers update their
policies. For simplicity’s sake, we’re going to look at the top three flexible
point program issuers. Chase has some of the most valuable and sought-after
credit card bonuses, especially with their past promotions on the Sapphire
Reserve and their current opening bonus on the Ink Business Preferred. Chase’s
general rule on bonuses is that you can get the bonus on the same card every 24
months. The clock starts after you receive the bonus and not when you open
your accounts. While this sounds great, keep in mind that Chase has a strict
approval guideline known as 5/24. We covered it in more detail in our “Chase
Ultimate Rewards 101” video, but basically, they generally deny applicants who have
more than five credit cards with any bank within 24 months. There are some
exceptions with targeted offers, but you’re more likely to get restricted by
their 5/24 policy when you’re applying for a card. American Express is also a
popular issuer of credit cards, especially with their Platinum Card and
Starwood Preferred Guest card. American Express is generally strict with their
signup bonuses and will only allow you to earn them once per lifetime. What I’ve
read you can still get a bonus if you receive a targeted offer, and if you cancelled an account more than seven years ago, it’s
likely to no longer be in their system. If you do apply via a targeted offer, I
would check the terms and conditions to see that the following language was
removed. As long as it’s not there, you should receive your bonus. Citi’s rule is
a bit complex. You’re only eligible to earn a sign-up bonus if you haven’t open
or closed a card of the same type within the last
24 months. This means that if you have an American Airlines credit card with Citi,
and you end up closing the account, you won’t be able to earn the opening bonus
again on any Citi American Airlines card for 24 months from the closing date of
your card. And that’s our quick rundown of the flexible point programs. We’ll
look into doing one on the flat rate reward card issuers like Barclaycard,
Capital One, and US Bank. One thing to keep in mind is that you can often get
great sign-up bonuses with the business versions of these cards. We’ll do a video
soon on whether you qualify for a business card, and if so, what’s the
process for applying. What are your experiences with getting a sign-up bonus
again? Please share your experience below in the comment section. Also, let us know
if you have any questions. If you enjoyed this video or found it useful, please hit
the “like” button and consider subscribing. It’s free and you’ll get notifications
on all our new updates. Also, check out our “Points and Miles” playlists for more
videos like this one. We have two “Points and Miles” playlists. One is for those
starting the points hobby, and the other is for those of you who are more
familiar and advanced. Until next time, travel safe and travel smart.

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