How to start earning Canadian travel rewards without damaging your credit score, focusing on smart credit card application strategies and prudent spending habits.
Credit Card Application Strategy
- Apply for a new card approximately every 3 months to avoid credit score drops.
- Always pay the full balance on or before the due date to avoid interest that negates rewards.
- Do not overspend to meet card spending requirements; stick to usual expenses.
Spending and Income Considerations
- Track monthly spending on essentials like groceries and gas to select appropriate cards.
- Utilize planned large expenses (e.g., home renovation, wedding) to meet spending thresholds.
- Some cards have minimum income requirements; choose accessible options accordingly.
Marriott Bonvoy American Express Card Highlights
- No strict income requirement; recommended credit score is 700+ (good to excellent).
- Welcome bonus: 50,000 Marriott Bonvoy points after $1,500 spending in 3 months.
- Annual fee: $120, offset by an annual free night worth up to 35,000 points.
- Earn rates: 5x points at Marriott properties, 2x points on other purchases.
- Foreign transaction fee: typically 2.5%, so less ideal for international spending.
- Additional benefits: Automatic Silver Elite status, fast-track to Gold Elite with $30,000 annual spend.
- Extensive hotel network including Ritz Carlton, JW Marriott, Sheraton, and others offers versatile redemption options worldwide.
Practical Tips and Usage
- Membership signup for Marriott Bonvoy is free and necessary for rewards collection.
- Plan card application timing around travel and big purchases to meet spending requirements easily.
- Redemption values vary globally; examples given for Bangkok, Dallas, Algarve, Amsterdam, Beijing, Toronto, and Vancouver.
- Using points for hotel stays can significantly offset or exceed the card’s annual fee.
Watch the video below to learn more in depth planning strategies. Be sure to come back for our next post for our progress on redemptions and tips.
