Hi there, it's Ernest from Trip Astute. In this video, I'm gonna share with you
some things that I do whenever I get a new credit card.
Getting a new credit
card can be exciting, especially if there's a generous opening bonus
associated with it. Even for those of us that have been
collecting points for years, there is something really exciting about getting
approved and knowing that you might be earning a large opening bonus. Okay, I
know I'm a nerd. However, I can say from personal experience that I've messed up
a few times when getting a new credit card.
In fact, I once accidentally forgot to pay my statement balance, and even missed
my window for my opening bonus. So today, I want to share some tips to take when
you get a new credit card. Some of these might seem very obvious or basic, but I
think it's worth reviewing even if you're experienced in the points and
miles hobby. Number 1: Set-up auto-pay. You should always pay off your statement
balance, and the best way to do it is to automate the payment process. You can do
this with all issuers. I usually just opt to pay off the balance due on my
statement. Not to be confused with the minimum balance due. You definitely want
to pay the full statement balance and not just the minimum balance. Doing this
means you'll never get hit with a late payment or interest fee. It's probably
the most important thing that I do when I get a new card, and I highly suggest
setting it up as soon as you receive a new credit card. Also, if you're planning
to use your new credit card with reoccurring expenses or subscriptions,
like a utility bill or gym membership, then make sure you set it up with those
vendors. Number 2: Set up notifications. I've set up my accounts so that I receive a
mobile notification if there's any charge on the account. I like to use the
notification to remind me to update my expenses in You Need a Budget. I also
find it useful to keep track of any unauthorized charges. To be safe, I also
recommend setting up a notification for gas stations and international charges.
Stolen card numbers are often used at gas stations, so it's a good practice to
monitor those charges. Number 3: Plan your strategy for meeting your minimum spend.
If you're chasing an opening bonus, then it's worthwhile to plan out how you're
going to meet the minimum spend. If you need some ideas, check out
our video on the topic. Number 4: Add your card to a tracker.
I like to log when I get a new card so I can keep track of my application
history and bonuses. If you need a tracker, check out our free credit card
tracker on Google Sheets. I'll include a link below, but if you want to see more
details, check out our "How to keep track of credit cards" video. Number 5: Merge
credit cards from the same issuer under one view. For some reason, when I apply
for new cards, I sometimes get a separate login for that card, even though I have
other cards from the same issuer under a different login. If this happens to you, I
suggest calling the issuer to have your cards merged under the same login and
view. That way, you can monitor all your cards from the same issuer without
having to manage multiple sign-ins. Also, this can be useful if you have a
separate personal and business account. For example, I have two Chase Ink Business
cards and some Chase personal cards. I called Chase to see if I could merge the
views and they ended up moving all my personal credit cards into my business
account view. So now I can see all my cards under one view, which saves me time
and effort. Number 6: Save card details in a password manager. I like to save my
card number expiration date and security code in my password manager. It's a
secure and encrypted database, and it's a good place to keep your details in case
you lose your card or need to make a payment without your physical card in
hand. I personally use 1Password as my password manager, but there are several
options on the market. Fiona uses LastPass and seems to like it
a lot. Number 7: Opt for paperless statements. This is not only a more
eco-friendly option, but it also reduces the chance of your statement being
stolen or lost in the mail. With identity theft on the rise, it's important to
minimize the opportunities for someone to steal your information. And those are
my top tips when getting a new card. Do you have any tips or routines when you
get a new card? If so, please share them below in the comment section. If you
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articles, updates, and information on giveaways. Until next time,
travel safe and travel smart.