We're psyched to have another great SavvySugar post here on LearnVest!
We're usually wary about pre-approved credit offers and we take pains to opt out of the ones we receive in the mail. But every once in awhile, for better or for worse, one slips through. We recently received one that caught our eye: 50,000 reward points for spending just $500 on American Express.
Sometimes It's Okay To Open a Credit Card
Since we pay off our credit card balances, hadn't applied for a credit card in awhile, and are not applying for a loan anytime soon, we decided to open this one. After all, the annual fee is waived for the first year (and we can cancel at any time) and amount of points offered is high—enough for roundtrip airline tickets or $500 in gift cards.
We plan on using our card for some of our holiday shopping and then paying it off before the balance is due. Are you also in the market for a good rewards card to rack up points while buying all those gifts?
Before you swipe, it's a good idea to call and double check your rewards offer, and not only that—keep your original offer letter in case of any mix-ups.
File Away That Original Letter
When we spoke to customer service, the agent at first couldn't find any of our rewards information, but once we gave her the "RSVP code" that had been mailed to us, she was able to pull it up and give us the details. The agent even reminded us to file away the original letter even after we verified the rewards just in case we didn't see our points posted later.
If you receive an offer that is too good to refuse, remember to hold onto the original terms. And don't forget to pay off your balance; rewards cards usually have higher interest rates than other credit cards!
Tell us in the comments: Do you ever take credit card companies up on their mailed offers?