Tuesday, February 8, 2011

Getting Started With Credit Cards

If you are just starting out in the Credit Card game, there are a few things you need to consider. Check your credit score and make sure your FICO score is over 700 or your VantageScore is over 800. If your credit card scores are below the thresholds, you are not ready to play the credit card for miles and points game. Your credit score is one of your greatest assets and should be treated accordingly. If you are currently carrying a balance on your credit cards, you need to be looking for a way to reduce your interest rates and get out of debt. There are many good sites to help you get out of debt and change your financial future. I recommend Get Rich Slowly, The Simple Dollar, and Man vs. Debt.

If you have a good handle on your personal finances and can control your use of a credit card, there are some unbeleivable opportunities to obtain airline frequent flyer miles and hotel reward points to help cover the cost of your next golf adventure. Without much effort, the following miles and points were obtained as sign up bonuses for members of my family from July through December of 2010:
  • Priority Club                         60,000 points
  • Hilton Honors                       70,000 points
  • Amex Membership Rewards     50,000 points
  • Delta Skymiles                     15,000 miles
  • American AAdvantage            75,000 miles
Pending rewards based on meeting credit card minimum spend requirements are as follows:
  • American AAdvantage            75,000 miles
  • Amex Membership Rewards     50,000 points
These were all obtained as bonuses from acquiring new credit cards. The above amounts do not include the points and miles received based on the spending on the credit cards.

If you are ready to get started, below are a few links to some of the current bonus programs being offered by various credit cards.

American Airlines Citi Visa or American Express

Starwood American Express

Priority Club Select Visa

Hilton HHonors Visa

Start today so you can begin planning that Frugal Golf getaway.

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