The Smartest Credit Card Strategy: Knowing When To Wait

Welcome bonus offers are constantly in flux, so you can make the most of your credit card applications by being patient and waiting for a bigger, limited-time bonus. This strategy is even more important as card issuers impose restrictions on bonus offers, such as the once-per-lifetime limitation Chase added to the Chase Sapphire Preferred® Card (see rates and fees) and Chase Sapphire Reserve® (see rates and fees) in 2025.

Here’s an example of how an increased welcome bonus can boost your return on spending: The Capital One Venture Rewards Credit Card normally offers 75,000 bonus miles after spending $4,000 in the first three months of account opening. That’s a return of over 18X miles on your minimum spending.

Right now, the card features an even bigger welcome bonus worth up to $1,000 toward travel. You can still earn 75,000 miles after spending $4,000 in the first three months of account opening, but you also receive a $250 Capital One Travel credit upon approval to use in the first year. That’s like getting an additional 6%+ back in travel credit on top of 18X+ miles — and you don’t need to meet the minimum spending to earn the bonus Capital One Travel credit, in particular.

Transferable travel rewards programs regularly offer bonuses when you move your credit card rewards to a specific partner. Transfer bonuses for airline programs usually range from 15% to 30%, and hotel program transfer bonuses can be even higher.

If you have your eye on a specific award and your travel plans are flexible, playing the long game can help you squeeze more value from your points.

Let’s say you’re interested in booking a trip to Spain, and you apply for the American Express Platinum Card® for its transfer partners and welcome bonus. (New cardholders may be eligible for as high as 175,000 Membership Rewards® points, earned after spending $12,000 on eligible purchases on the new card in the first six months of membership. Welcome offers vary, and you may not be eligible for an offer.)

If you qualify for the Amex Platinum’s highest bonus, you’ll receive a total of 187,000 American Express Membership Rewards® Points — including the rewards you’ll earn from spending to meet the welcome bonus, or at least 12,000 points. That’s a return of nearly 16X+ points from meeting the minimum spending.

Spanish airline Iberia charges 40,500 points for a one-way, business-class award flight from a handful of U.S. cities to Spain, and Membership Rewards® Points transfer 1:1 to Iberia Club. That means you could book five of these flights — but if you were hoping for three round-trip tickets to take your family to Spain, you’d be out of luck.

While it’s rare to find three business-class awards on the same flight, these flights can easily cost $5,000+ round-trip, making the value of a transfer bonus all the more apparent.

If your travel plans aren’t flexible, waiting can be costly, as the best hotel and airline awards may disappear. When you need to travel on a school break to fit your kid’s schedule, waiting for an increased welcome offer or transfer bonus could mean missing out on the cheapest awards or not being able to use your points at all.

Sometimes, having rewards in your account early and using them right away is more useful and valuable than waiting to squeeze every last cent out of your travel credit card.

For example, the Chase Sapphire Preferred® Card currently has a welcome bonus worth 75,000 points after spending $5,000 in the first three months from account opening — but it’s previously featured offers as high as 100,000 points (and lower 60,000-point offers).

Waiting for the card’s higher bonus offer to return (if ever) could dramatically increase your return, especially since you’re only allowed to earn its welcome bonus once per lifetime. However, 75,000 points right now might be more valuable than waiting and finding out your preferred flights sold out.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card article is based on rigorous reporting by our team of expert writers and editors. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.