Top 8 Signup Bonuses for Credit Cards
“Churning” credit cards is the easiest way to earn passive income, given you have a decent credit rating and have a few hundred dollars of monthly expenses that can be charged to credit cards.
If you do it correctly, which is easy if you follow these instructions, your credit rating will increase over time. With minimal effort and depending on your spending levels, you can make $1000 — $3000 per year in cash, points, and airline miles.
As a general rule of thumb, Chase and American Express have great programs. However, they can be a bit more difficult to qualify for. I have classified the top 10–20 credit cards with great signup bonuses in various categories to make this easy for you.
Ps. a few of the links are affiliate links; a majority do not. Nevertheless, these are cards that our team has received benefits from individually.
Top Three Overall Signup Bonus Cards
1. Chase Sapphire
APR
15.99% to 22.99%, based on your creditworthiness
Annual Membership Fee: $95
In the first three months of account opening, Chase Sapphire offers 80,000 bonus points after you spend $4000 on purchases. You can also convert that 80,000 points into $100 for travel that you can redeem through Chase Ultimate Rewards.
Pros
- Large bonus
- No foreign transaction fee
- More points on travel and dining at restaurants (2x)
- 25% more in travel redemption
Cons
- $95 annual membership fee
2. Chase Freedom Flex
APR
0% during the first 15 months. After that, 14.99% to 23.74%, based on your creditworthiness.
Annual Membership Fee: None
With Chase Freedom Flex, you earn a $200 bonus after spending $500 on purchases in your first three months of account opening. The second welcome bonus that it offers is a 5% cash back at grocery stores on up to $12,000 on new cardholders’ spending in the first year.
It has some cashback opportunities in different areas. A pretty great one is its 5% rotating cash back that’s optional (if you want it, you opt-in). Each quarter, they highlight a different category of spending, such as groceries, gas stations, restaurants, or a specific place, for 5% cashback up to $1500.
Pros
- 5% rotating cashback
- 1–5% cashback on various expenses
- Two welcome bonuses
- No APR in the first 15 months or membership fees ever
Cons
- The rotating bonus might fall into a category you don’t use.
3. Capital One® Venture® Rewards
APR
17.24% — 24.49% (variable)
Annual Membership Fee: $95
If you travel a lot, the Capital One Venture Rewards credit card is one good one to have. You don’t get money on it, but you get a lot of miles. For every purchase dollar, you get 2X miles. If you spend $25 per month, you get 600 miles a year.
If you spend 20,000 in the first 12 months, you get a sweet bonus of 100,000 miles. You can also earn 50,000 miles if you spend 3,000 on purchases in the first three months.
Pros
- Huge bonuses
- No fees on foreign transitions
- Lots of miles to earn per dollar spent.
- Travel insurance and some cover for auto rental collision
Cons
- $95% yearly fee
Top Three Low Spending Threshold Signup Cards ($1k-$2k)
1. Capital One® Quicksilver® Cash Rewards
APR
26.99% variable APR
Annual Membership Fee
$39
The Capital One® Quicksilver® Cash Rewards credit card is one of the best for low spenders. With it, you will earn a one-time $200 cash bonus on $500 spend within the first three months from account opening. Also, it provides cash back at 1.5% on every purchase. There’s no limit to how much you can earn, and the cashback doesn’t expire.
Pros
- Low threshold
- High sign up bonus
- 1.5% cashback on all purchase — no categories
- Travel insurance and some cover for auto rental collision
- Unlimited
Cons
- $39% yearly fee
2. Chase Freedom Unlimited
APR
0% in the first 15 months from account opening. After that, 14.99% to 23.74%.
Annual Membership Fee
None
Like Chase Freedom Flex, the Chase Freedom Unlimited credit card offers nice signup bonuses. You will earn a $200 bonus after spending $500. What sets this apart from the Flex card is the rotating bonus isn’t present here, but you’ll earn higher in some categories.
You get 5% cashback on grocery store purchases (excluding Target and Walmart), 5% on travel, and 3% on dining at restaurants, including takeout and some delivery services. Also, you get a 3% cash back on drugstore purchases and 1.5% on all other purchases.
Pros
- No annual fee
- 0% APR on the first 15 months
- $200 on $500 spend
- Unlimited earning on some categories
Cons
- The rate for general purchases is not the highest on the market.
3. Discover it Cash Back
APR
0% in the first 14 months on purchases and balance transfers.
Annual Membership Fee
None
The Discover it Cash Back credit card offers enticing rewards. The sweetest of them is matching all the cashback you earn in the first year of your account. This means you get a 200% cashback. So, if your cashback is $200, you walk away with $400. Nice, isn’t it?
Not only that, the Discover it Cash Back credit card comes with 5% rotating quarterly categories with a max quarterly spend of $1500. This category sometimes falls in excellent areas; for example, October to December 2020 was for Amazon, Walmart, and Target. Previous months fell in PayPal, restaurants, Uber, grocery stores, and more.
Pros
- Matching all the cashback in the first year
- 1% unlimited cash back on all purchases (no need to sign up)
- 5% rotating cash back that falls in nice categories
- No limit to how much you must spend to get the 200%
Cons
- Aside from matching all cashback, its percentages aren’t the best.
Top three signup bonus cards for small businesses
1. Chase Ink Business Cash Card
APR
0% intro APR for the first 12 months. After that, variable APR of 13.24% — 19.24%.
Annual Membership Fee
None
As far as getting cash back for business cards, Chase does well with its Ink cards. One that’s mouthwatering is the Chase Ink Business Cash Card. With it, you get a $500 bonus cash back after a $3000 spend on purchases in the first three months.
For categories, it offers a 5% cashback on the first $25,000 spent on office supply, internet, cable, and phone services each time your account gets a year older. Also, there’s a 2% cashback on the first $25,000 spent at gas stations and restaurants each time your account gets a year older.
Plus, a 1% cashback on other purchases, and your employees can get employee cards at no extra cost.
Pros
- $500 bonus on $3000 spend
- Employee cards are free
- Nice cash back in different categories
- The annual membership is free
Cons
- Some cashback only comes after a huge spend.
2. Ink Business Unlimited credit card
APR
0% intro APR for the first 12 months. After that, variable APR of 13.24% — 19.24%.
Annual Membership Fee: None
Like the Ink cash card, the Unlimited credit card provides a $500 bonus after a $3000 spend in the first three months after account opening.
There’s no rotating cash back category here, which might be a downside for some people. This comes with an unlimited 1.5% cashback on all purchases you make with your card. Employees’ cards also come at no cost.
Along with a sign-up bonus of $500 when you spend $3,000 in the first three months, you’ll enjoy a 0% introductory APR on new purchases for the first 12 months (13.24% — 19.24% variable APR after that). This could be a massive help if you need to finance a large business purchase or free up cash flow.
Pros
- $500 cashback on #3000 spend
- No annual fee
- Cashback on all purchases regardless of category
- Employees card at no additional fee
Cons
- 1.5% is smaller in a cash bank than most cards.
How To Choose The Right Card
The key variables you will need to know before choosing the right card are:
- Your monthly spend that you can put on a credit card. Are the categories that it covers areas you spend on? You need to choose credit cards with thresholds that you would meet.
- Your credit rating.
- Your finances in general. Don’t try to stretch yourself to get a signup bonus.
How To Maximize Your Credit Card Sign Up Bonuses
To qualify for signup bonuses and maximize them, here are some things you need to look out for:
1. Choose A Card With A Threshold That You Can Reach
If you want to get a signup bonus, you need to choose a card with a threshold that you can get to. If the requirement is spending $2000 in a category in three months and you don’t think you will spend that much in that category, you might want to consider other options.
Choose a card that matches your spending habits. You can use an app like Mint to monitor how you spend. Don’t just go into spending a lot because of a signup bonus; else, you might realize that the bonus is not all that worth it compared to the irrelevant things you bought.
2. Check The Fees
Check the annual fees, late fees, transfer fees, foreign transaction fees, and interest on balances. The sign-up bonus might be juicy, but it can quickly disappear under a load of fees. So, check the fees beforehand, and for whatever card you choose, always pay off your balance on time to avoid late fees and related charges.
3. Check The Market Periodically
The credit card offers change with time. The bonus today might be different from the bonus in three months. So, reevaluate the offers to see how great yours is with time. If there’s a better offer on the market, you might want to take it as well.
Tracking Your Credit Cards
When churning credit cards, you can be left with many of them, so it’s best you have an easy way to manage your cards. We have prepared this spreadsheet as a template for you to use to track your credit cards.
If your credit card has an annual fee (which is usually waived the first year), always set calendar reminders a few weeks before the end of the year — say 11 months from the date you open the card — to help you remember to close your credit card before the annual fee kicks in.
If your card does not have an annual fee, don’t close it. Having a few cards open for a long time is helpful for your credit rating.
Credit Card Bonus FAQ
These are some questions that I usually get asked concerning credit card bonuses. If you have anyone not answered in this article, reach out on our website, I will reply to you ASAP.
What’s Important To Know Before Applying For A Credit Card?
Before applying for any of the best credit card bonuses on our list, check your credit score.
Some of the issuers have restrictions that you may or may not meet. So, you need to also look at application restrictions and rules for the card issuers you want. You should get most of this information on their website. Check it out to avoid wasting time applying and having a credit inquiry on something you can’t get.
How Many Credit Cards Should I Get?
I know this is all business; you’re trying to increase your passive earnings, but that doesn’t mean you should get 100 cards if you can’t spend enough on them to get the benefits. Nevertheless, there’s no wrong or right answer; it all depends on your spending habits and earning goals.
The most important thing is to get credit cards with thresholds that you can meet comfortably that offer bonuses in categories that you want or use.
