How to choose the best credit card with a bonus
The key to choosing the best bonus credit card offers is finding the one that fits you best. Here are the three steps that will help you pinpoint the perfect card.
1. Decide which type of rewards card you want
Rewards are only valuable if you can use them. A 50,000-mile bonus doesn't help you if those bonus miles are with an airline you don't use. That's why the first step is figuring out which types of rewards are best for you.
Maybe you only want cash rewards bonuses, or you'd rather earn travel points. It's usually smart to stick to cash back cards and travel cards. Their bonuses tend to be much more valuable than the bonuses offered by store credit cards.
2. Look for bonus requirements you can meet
Bonus amounts are what get your attention, but bonus requirements are more important. You should be able to spend enough to get the credit card bonus with your normal monthly bills.
There are situations where you could shoot for a bonus with a bigger spending requirement, like if you have some sizable expenses coming up. But for the most part, it's best to avoid bonuses with hard-to-reach requirements. You risk missing out on the bonus opportunity or going into credit card debt to get it.
3. Choose a card with a competitive bonus amount
At this point, you've narrowed it down to the best credit card offers with rewards you like and bonus requirements you can meet with your spending. This is when bonus amounts take center stage. The credit card you choose should offer a competitive amount of bonus rewards.
You'll probably take other features into consideration, too, including the perks each card offers and its annual fee. But it makes sense to go for as big a bonus as possible.
Qualifying for the credit cards with the best sign-up bonuses
Most of the credit cards with the best sign-up bonus offers are only available if you have a good credit score. That means a FICO® Score of 670 or higher. If yours isn't that high yet, then you're probably better off looking for ways to increase your credit score first.