Money Management

Credit card sign-up bonuses can change at any time. Find out what your options are if a card’s sign-up bonus goes up after you get it. 

Sign-up bonuses are one of the best parts about getting a new credit card. But they can also change at a moment’s notice, and that sometimes leads to a frustrating situation.

You open a new credit card. Shortly after, you see that it’s available with a higher sign-up bonus. Maybe you applied when it was offering 60,000 bonus points, and then a week later, you see that it’s offering 80,000 bonus points.

No one wants to feel as if they’re getting shortchanged, especially if the bonus amount is now much higher than it was before. Although nothing’s guaranteed, there could be a way to get the larger sign-up bonus.

You can contact the card issuer and ask it to match the new sign-up bonus

Your only option in this situation is to ask your credit card issuer to match the higher sign-up bonus. Call the number on the back of your credit card, or send a secured message in your online account. Some card issuers also offer a live chat option online.

When you contact your card issuer, start by explaining the situation. You applied for the card when it had a smaller sign-up bonus, and now you see that it’s offering more. Could the card issuer match that new bonus amount for you?

To be upfront with you, this often doesn’t work. Credit card issuers frequently take the stance that you can only earn the sign-up bonus available when you applied for the card. Still, you have nothing to lose by trying.

While every situation is different, your chances of success will depend on a few factors:

Card issuer: Certain card issuers are more flexible than others about matching sign-up bonuses. Based on recent online reports, Chase seems to be one of the card issuers more open to matching sign-up bonuses, at least with some of its cards.Your relationship with the card issuer: It could help if you’re a long-time cardholder and/or you have multiple types of financial accounts with the card issuer. In that case, it’s more likely the card issuer will want to keep you happy. Bank of America is reportedly like this. Reports indicate that a bonus match is more likely for long-time Bank of America clients, particularly those in its Preferred Rewards program.When you applied: Don’t expect your card issuer to bump up that bonus you earned a year ago. You’ll likely have the best odds if you applied for the card within the last 30 to 90 days. Any longer than that, and convincing the card issuer to match a new sign-up bonus will be tough.The representative you speak to: It may be the representative’s call, and some are more helpful in this regard than others. That’s why even if one representative says no, you might want to try again to see if you have better luck with somebody else. Consider trying a different contact method, too. If you sent a secure message the first time, call the next time.

It doesn’t hurt to ask — but don’t get your hopes up

Sometimes, getting a card issuer to match a higher sign-up bonus is a breeze. Other times, it’s mission impossible. Since the terms you applied under had a smaller bonus amount, the card issuer isn’t obligated to help you. But it might do so as a courtesy, so it’s worth reaching out and asking. Even if it doesn’t work out, at least you were approved for the credit card you wanted.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee.

In fact, this card is so good that our experts even use it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Bank of America is an advertising partner of The Ascent, a Motley Fool company. Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bank of America and JPMorgan Chase. The Motley Fool has a disclosure policy.

 Read More 

Want to get off on the right foot for your home-buying journey? Keep reading for two important tasks to complete first. 

The current housing market is difficult, to say the least. And yet, there are plenty of people (including yours truly) who are preparing to enter the fray and attempt to find a new place to call home. If you’re among them, you might be feeling stressed out and wondering where to begin. Should you start attending open houses, or refreshing Zillow listings every hour? Nope. Focus on these two moves first.

1. Shop around for a mortgage loan

It’s important to be realistic about how much you’re going to pay for a mortgage loan in this market — more than you want to, no matter your financial status. As of this writing, the current average rate for a 30-year fixed loan is 7.5%, according to Freddie Mac — in the first week of 2022, that number was 3.22%.

With these higher rates in mind, your best move at the start of your home search is to seek out pre-approvals from a handful of mortgage lenders. Try to get a diverse group — think online lenders, traditional banks, and even local banks or credit unions. Target lenders that work with people with your financial profile — if you’re a first-time buyer and your credit isn’t in the best shape, think FHA lenders. Or if you’re a current or former military service member, a VA loan could be just the ticket.

When you send over your financial details (like tax returns, W-2s, bank statements, and beyond), a lender will be able to get an idea of how much you can afford for a home purchase. This is crucial information at the beginning of your search, and if you couple it with your own calculations (try our mortgage calculator), you’ll emerge with a target home price in mind, and can tailor your home search accordingly. If you know $300,000 is the top end of your budget, you can avoid homes priced above that — thereby sparing you some heartache and also the temptation to stretch your budget to afford more.

2. Find the right real estate agent

The other crucial step to take before you start looking for homes to buy in earnest is to recruit your best friend and biggest advocate for the process: a real estate agent. The right real estate agent can make or break your home search — you want someone who is committed to helping you find the best home for you. Plus, housing supply is limited and competition is fierce as a result. A good agent will do whatever they can to help you craft the best offers that are likely to be accepted.

There are a few ways to approach finding the right agent. If you have contacts in your city who’ve bought homes, ask them for recommendations. You should also check online reviews for agents you’re considering. When you reach the point of that initial phone call or email, go in with a list of questions to ask. How long they’ve been an agent, whether they work full time, and how well they know the area are all of particular importance, so focus on these.

And don’t forget to ask how they communicate, because this is one area where you might find a mismatch. If you prefer texting or email, and they want to chat on the phone, either or both of you could quickly become frustrated with your home search. And if you end up needing to part ways with an agent, do so gracefully.

There’s no guarantee of having an easy time buying a house in any market, and if you’re hoping that buying in the near term will be light on stress and high on reward, you should probably readjust your expectations. With that in mind, making the above moves can help set you up for success, even if the process is more stressful than you’d want. Good luck out there.

Our picks for the best credit cards

Our experts vetted the most popular offers to land on the select picks that are worthy of a spot in your wallet. These best-in-class cards pack in rich perks, such as big sign-up bonuses, long 0% intro APR offers, and robust rewards. Get started today with our recommended credit cards.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has positions in and recommends Zillow Group. The Motley Fool has a disclosure policy.

 Read More