They say that if an offer seems too good to be true, then it probably is. Therefore, one could be forgiven for dismissing some generous credit card sign-up bonuses on that basis, as many do. Nevertheless, travel credit cards really do offer some amazing bonuses that allow my family and I to travel extensively. When handled responsibly, these offers are legitimate ways to earn points and miles while giving banks the chance to compete for your business. (See also: 40 Most Useful Travel Websites That Can Save You a Fortune)
At first, finding a great credit card sign-up bonus may seem like luck, but there is actually a good deal of skill involved. The first order of the day is research. Many of the offers below do not apply to everyone who fills out an application, and you have to spend some time looking for the best deal and applying online from the link that is promoting it. Once you have learned what the most competitive offers are, the next strategy is patience. Banks love to promote their best deals over and over again as limited time offers, so if the right deal isn’t currently on the market, just wait a month or two and check again. The final key is to strike while the deal is hot; any of the offers below can disappear tomorrow. While many of them will come back, there is no guarantee. If you think that you are seeing a great deal now, don’t tell yourself that it will probably be available next month when you get around to filling out an application.
In my research, these are the best bonuses available at the moment.
1. Southwest Airlines Rapid Rewards Plus
Chase is offering 25,000 points in Southwest’s Rapid Rewards program, worth more than $400 towards any ticket in their “Wanna Get Away” fare class. Unlike other frequent flier programs, you don’t have to worry about award seat availability, as points work essentially as credits towards the cost of any ticket that is sold. Furthermore, there is an opportunity here to get both the consumer and business cards in order to earn 50,000 points. This gets you closer to receiving their companion pass, which requires 110,000 points in a calendar year. The trick here is not to activate your cards until after the new year, so that you can accumulate all your points in 2012. Doing so will qualify you for a free companion ticket on on all of your trips throughout 2012 and 2013, even on award flights. There is a $99 annual fee for this card, but it is worth it as it comes with an annual bonus worth $99 in flights.
Click here to apply now
2. Chase Sapphire Preferred
Chase has become one of the largest issuers of credit cards, and they are trying hard to develop a proprietary rewards program to rival American Express’s Membership Rewards. This card is currently being offered with a sign-up bonus of 50,000 points in their Ultimate Rewards program. Those points can be redeemed for miles with United, British Airways, and other airline and hotel partners. Alternatively, you can use their sign up bonus to book $625 worth of travel through Chase’s travel agent. To receive this bonus, cardholders must spend $3,000 within the first three months of opening their account. There is a $95 annual fee for using this card, but it is waived the first year and there are no foreign transaction fees with this card.
Click here to apply now
3. American Express Business Gold Rewards
Travel experts find exceptional value in American Express’s Membership Rewards program. There are many cards that earn Membership Rewards points, but the Business Gold Rewards card is now offering 50,000 points to new members who spend $10,000 within five months. While there are many cash back, gift card, and merchandise options, the real value comes when you transfer those points to miles with over 15 different airlines. There is a $175 annual fee, but it is waived the first year.
Click here to apply now
4. American Airlines AAdvantage Platinum Select Visa
This card is now being offered with a 30,000 mile sign-up bonus after spending a reasonable $750 within the first four months of opening an account. Cardholders will also receive two free Admiral’s Club lounge passes immediately upon sign up. The best part about having miles with American Airlines is that they are very easy to use at the lowest award levels. I have had few problems redeeming two or even award three seats with them, at the lowest level, on the same flights. There is an $85 annual fee that is waived the first year.
Click here to apply now
5. British Airways Visa From Chase
This is the wild card in the bunch. Their current 50,000 mile sign-up bonus is competitive, but they had previously offered an incredible 100,000 mile bonus on two separate occasions. Nevertheless, those who can spend $30,000 with this card in a calendar year will earn a companion award certificate that essentially doubles the value of their miles. Another great feature is that cardholders will earn 1.25 miles per dollar spent, significantly more than most airline affiliated credit cards. This deal is further complicated by two other conditions. First, British Airways engages in the disreputable practice of imposing hefty “fuel surcharges” on flights they operate. Secondly, they are currently in the process re-branding their frequent flier program as Avios. Marketing aside, it is unclear what their award redemption chart will be when this process is concluded. There is a $95 annual fee for this card. While that fee is not waived the first year, at least this card doesn’t have any foreign transaction fees.
Click here to apply now
Responsible consumers are right to question whether or not they can truly fly for free by taking advantage of sign-up bonuses offered by travel credit cards. The truth is that the travel is never free. Customers will still be responsible for taxes and possibly annual fees and fuel surcharges. These costs are relatively minor costs compared to the expense of purchasing international tickets in Business and First Class. My experiences and those of others prove without a doubt that you really can enjoy a world of highly discounted award travel merely by earning credit card sign-up bonuses while giving the banks and the airlines an opportunity to earn your business.
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