Make sure you have already read the Start Here section of the site. If you have, I hope you’re ready to start earning some awesome travel rewards!

The New Card Lineup

Before you just haphazardly start applying for credit cards, please read this: credit card companies have imposed certain limits on how/when you can get a new card. Each company is a little different and therefore, there is a certain order you should go about getting cards if you want to maximize the benefit.  I’m speaking from sad experience here.  I started going after all the “good” signup bonuses I could, not realizing I had jeopardized my chance to get some of the best card/offers out there.  So please don’t make the same mistake I did and follow this logic!

Chase

The first credit card company to start with is Chase.  Chase has what is called the 5/24 rule, meaning that they will not approve you for a new card if you have had 5 new cards (from ANY card issuer) in the last 24 months.  That may seem like a lot, but trust me, if you’re doing this right, 5 new cards in that amount of time is a piece of cake.  Chase also happens to have some of the best cards on the market right now, so it makes them a very obvious choice for starting this endeavor.  

You may not realize it, but Chase has a whole gamut of cards (23 to be exact), many of which are co-branded (meaning that there is another company’s name on them).  Now remember, you can only have 5 new cards TOTAL in the last 5 years (that means from Chase or any other card issuer), so you need to be careful about which one(s) you select.

This is where we start looking at the sign-up bonuses and perks. My first recommendation is what is called the Southwest Companion Pass, earned by getting 2 of Chases’ cards. This precious pass is something that slipped out of my grasp because of Chase’s 5/24 rule, but I don’t want you to miss out.

What is the Southwest Companion Pass and why should this be the first thing I get?

The Companion Pass is one of the MOST LUCRATIVE TRAVEL PERKS in the industry. The name sort of explains itself: you can take a companion with you on ANY and ALL Southwest flights for the duration that you hold a companion pass. No blackouts, no restrictions. You only pay for the taxes and fees for each companion ticket (just like any other reward redemption on other airlines). It is valid for the year you earn the pass, PLUS the next calendar year. That means, if you get the pass early this year, you will be able to use it for most of 2017 and all of 2018. For those of you with a travel partner, I can already see the calculations spewing out of your ears for how much you could save. Flying to Puerto Rico? Take your travel partner for just taxes and fees. Then go to Cancun? Again, take your travel partner for just taxes and fees. Then take off to San Diego? Once again, take your travel partner for just taxes and fees. The benefit is unlimited for the entire duration you hold this pass.

The reason I recommend going for this benefit first is that it involves getting Chase branded cards for their sign-up bonuses and remember, because of Chase’s 5/24 rule, you are limited on how many of their cards you can get. So let’s get the best and most lucrative reward first.

In order to qualify for the pass, you need to earn 110,000 Southwest Rapid Rewards points in a single calendar year. That may seem impossible, but with a couple of card sign-up bonuses, it becomes very doable. Currently, there are three Southwest-branded Chase cards available with sign-up bonuses that will put you well on your way to a Companion Pass:

1. Southwest Rapid Rewards Plus

The summary:

• $69 annual fee (not waived for the first year)
• 50,000 bonus points after spending $2,000 in the first 3 months after account opening
• Other perks such as 3,000 point cardholder anniversary bonus

2. Southwest Rapid Rewards Premier

The summary:

• $99 annual fee (not waived for the first year)
• 50,000 bonus points after spending $2,000 in the first 3 months after account opening
• Other perks such as no foreign transaction fees, and 6,000 point cardholder anniversary bonus

3. Southwest Rapid Rewards Premier Business (note: you don’t have to own a business to have a business credit card. Really, truly!)

The summary:

• $99 annual fee (not waived for the first year)
• 60,000 bonus points after spending $3,000 in the first 3 months after account opening
• Other perks such as no foreign transaction fees, and 6,000 point cardholder anniversary bonus.

Now, as you can see, if you pair either of the personal cards and the business card, you reach the magic number of 110,000 points in a maximum of 6 months. If you typically spend more than $833 each month on a credit card, that time period becomes even less than 6 months (remember: make sure you’re following Rule #3: ONLY spend on a card that you’re currently accruing a sign-up bonus!)

Some of you are questioning my logic here, saying you can’t get a business card if you don’t own a business. That’s not the case at all. On your card application, all you need to do it indicate that you’re a sole proprietorship and enter your SSN in the business identification number field. Of course, if you do own a business and put any amount of expenses on a credit card, you can really start to rack up the points by following Rule #3.

Once you have secured your pass, it will arrive in the mail and you use the pass number to book companion flights along with the regular booking. And don’t forget, you have 110,000 points to use for that regular booking, so you may not be spending much money on those flights either!

Questions about how this works? Just let me know in the comments section below and I’ll get back to you in a jiff!

Now, some of you reading this may be in the same boat I’m in and already exceeded the 5/24 rule. Where do you turn next? There are a couple of options, so read on!