$2400 in Bonuses Since January and Counting

Note: Before applying for multiple cards please read Maximize Credit Cards for Travel which discusses the various considerations including how your credit score may be affected.

Last night I got the call from BMO regarding my credit card approval and amongst their questions was if I had any other credit cards. Hmmm … where to start.

I came into the game with a Visa, US$ Visa and Mastercard. The game started at the end of December. It started with my other half getting the Amex AeroplanPlus Gold card. This card is not the best card for daily use nor for its benefits but it does have a great sign up bonus and is free for the first year. Normally the bonus is 20K Aeroplan points but if you are referred by someone with the card you will get an extra 10K (30K in total – Distinction eligible for until April 1 2014), worth about $450 if you value points at 1.5c/point (a good starting point … you can get higher than this). You need to spend $500 in the first 3 months from the application date in order to get any points. I used the referral of someone who helped me learn about the some of the better ways to use Aeroplan points as the person referring also gets 10K Aeroplan points. If you need a referral you can use mine, or that of a friend, or that of anyone else who has helped you out. This card can be cancelled after 6-14 months if you don’t want to pay the annual fee (I have been told that Amex will refund annual fees in the first two months from the point the fee is charged).

Next up I applied for the Chase Marriott Visa card, also with the first year free, at the start of January as they had a 50K signup bonus, after your first purchase, plus a free night in a category 1-4 hotel (no purchase necessary) worth about $100-$150 if used correctly. The Residence Inn in Westmont, Montreal is 15K points per night and is a category 3 hotel that lists for $200 (although you can probably get something similar on Hotwire for $100-$150) so your 50K Marriott points are worth about $500 in that situation. TownPlace Suites in Richmond VA is 6K points or $89US per night so 50K Marriott points are worth $800 Canadian there. That’s just a quick search – you may be able to find a better deal for your points. I got the coupon for the free hotel night with the credit card but the 50K points only posted with the first statement. Let’s be conservative and say that the signup bonus is worth $600, but it could be close to $1000 depending on your need. I plan to keep this card as I’ll get a free category 1-5 hotel every year which covers the $120 annual fee, Silver Eltite status with Marriott, and it’s one of just two credit cards in Canada that I know of (the other being Chase Amazon Visa) that doesn’t hit you for 2.5% for every foreign transaction. I will only use the card for foreign transactions and at Marriott Hotels. After getting this card my Equifax score dropped 6 points for the hard pull.

The following card was an Amex Gold Rewards card for myself, also free the first year. The signup bonus was 25K, after $500 is purchased in the first 3 months, which can be converted 1:1 to Aeroplan or Avios or could be used directly at 1c/point for travel booked through Amex – I peg the value at $375. Unlike the AeroplanPlus Gold, there is no bonus for getting referred but you can still make someone’s day by using their referral. This card is much better than the Amex AeroplanPlus Gold card as you get double points on groceries, gas and pharmacy purchases (and that includes gift cards for other types of stores that you purchase in those types of stores). Alas, Costco and Walmart do not count as grocery stores for double points.

After that was the TD Aeroplan Visa Infinite card – 15K Aeroplan points for just a single purchase with points worth $225. With my other half getting one as well we were up to $1875 in sign up bonuses. TD doesn’t tell you that the first year is free but currently it is. Just phone them up (or ask at the bank – if they don’t know have them call Visa). If you sign up before May 9th 2014 you also get a free companion flight on a short-haul rewards flight – but it has to be on Air Canada metal and you need to pay fees and taxes which may make the flight more expensive than paying cash with an alternative airline. If you plan to fly to Nunavut from Ontario then that companion flight is worth a good $1500 though as would the 15K Aeroplan points which is enough to fly Ontario-Nunavut. There are other perks too but I’m only counting the value of points so far.

My fourth card, signed up for at the beginning of February, was the CIBC AeroGold Visa Infinite. Like the TD card, it has a 15K Aeroplan bonus for making one purchase and it has an advertized first year free if you sign up in time. It also provides you with an additional 5K Aeroplan points if you spend $500 in three months on the card. Total value of $300.

The latest card I was accepted for was the BMO World Elite Card. Another first year free card and a $300 sign up bonus that must be used for travel booked through BMO. It also has a bonus of a Priority Pass membership and 4 free passes to their airport lounges per year, but I’m not counting that value. This is a card that may be worth keeping if you spend enough.

So here we are, in less than 2 months with more than $2400 in rewards and still only a 6 point credit hit (you may see a much greater hit depending on your credit history – monitor your credit with Equifax – they have a free trial that will get you your score and you can phone them up before the month is up to upgrade to a free month of the premium monitoring). This week I plan to get the Amex AeroplanPlus Gold myself and for the better half to get the Business version of the Amex Gold Rewards (they don’t check if you have a business but we do have one – you need to spend $3000 in 3 months but you can always get Costco or Esso gift certificates is needed to complete the spending). Including the points for referring each other we will have another 75K Aeroplan points worth $1125. I’m hoping to add a CIBC and BMO cards for my spouse as well. That would take our Aeroplan total to: 30Kx2+25Kx2+15Kx2+20Kx2+10Kx2=200K Aeroplan points. The value of all our sign ups at the end of the week should be $4125.

Later in the year I will get the Amex Business Gold Rewards card and my other half the regular Gold Rewards card for 70K 35K more points worth $1050 $525. I also plan to get the Amex Platinum Card – a $700 fee but with $200 in travel credits each calendar year it means I’m only paying $300 for a 60K signup with referral and the 10K for the referral with is $1050 in value … net $750.

So the total by mid year should be 350K 3150K Aeroplan points (not counting spending), worth $5925 $5400 for long-haul economy travel on Star Alliance airlines (such as United and Swiss) without big fees and taxes, including other signup bonuses. If we cancel the Amex cards we got at the start of the year after we’ve had them for 6 months, and assuming the sign up bonuses are still there a year from now we should be able to get another 150K Aeroplan points taking us to 500K 465K total. With 600K you can get 4 business class tickets to Asia (with fees as low as $200 each) and do a mini round the world trip (mini RTW– see my database of actual miniRTW trips taken by FlyerTalk members) with a potential ticket value of $10 000 each. Worth the trouble? I would say so ….

UPDATE

Equifax is a bit slow with the point drops but they do drop. After 5 cards applied for & approved for myself, three hard pulls reporting (one card had no hard pull and one was pulled at Trans Union) and fourfive new credit accounts (one left) showing up in Equifax there has been almost an 8085 point drop. It is just starting to creep back up 2.5 months later In theory this should start to disappear in 3-6 months but there may be some outstanding points to come off still for the credit that hasn’t yet reported. If you don’t have long established credit this will take a lot longer to recover. The last card reporting dropped the score by 7 points after it had recovered a point. There are two cards still showing “not used or too early to report”. The scores should start to recover after they report in.

UPDATE March 2014:

Amex removed the first year free for the Business Gold Rewards card (not a big deal as they may bring it back) before I could apply and also increased the minimum spend from $3000 to $5000 (changes reflected in strikeouts above). This was done without warning. I will be applying for the Amex AeroplanPlus Gold using the referral before the month is over. Amex has a promotion for the bonus counting towards distinction that expires at the end of March. I am concerned about a rumour that the extra 10K you get from a referral may disappear as well at that time.

UPDATE April 2014:

Managed to get 6 points back out of 85 lost … slowly but surely.

3 thoughts on “$2400 in Bonuses Since January and Counting

  1. This is a very informative Blog that you have. I am thinking about churning Credit Card as well but don’t have high enough score. Keep it up!!!!

    • You will want to have at least a couple of years of credit, and ensure you always pay on time. If you only have one card, look to get the limit increased (you want to be using as small a percentage of your available credit as you can) and add a new card each year. A new card will hurt in the short term but it will help your credit in the medium to long term. Try to choose a card that will give you a sign-up benefit and that you can downgrade to a free card later – that will let you keep the card and increase the average age of your cards which will increase your score.

  2. thank you for this information. In the last few weeks I:
    Changed my royal back gold back to a infinite avion. 15,000 points
    now have american express aeroplan plus gold 30000 points
    3 referral 30000 points
    american express gold 25000 points
    1 referral 10000 points
    td infinate aeroplan visa 2 for 1 15000 points
    td chequing account and overdraft 25000 points
    cibc aeroplan visa 15000 points
    Bmo world elite mastercard 30000 points
    total in 3 w 195000 points

    I was a little worried about credit hits. Then I thought about it. I have now more than enough credit in plastic…. As well I have a $360,000 line of credit on my home that has $0 on it. I realize I do not need to worry about applying for any credit in the near or not so near future.

    thank you for your help!

Leave a Reply