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Getting an approval of a new credit card that comes with a great welcome sign-up bonus deserves a celebration! Your next important step is how to meet minimum spending requirement within the specified time set by the card’s issuer in order to earn that lucrative sign-up bonus.
Below are some ideas to meet minimum spend for those that are not sure of how to complete that minimum spending requirement.
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Spend On Regular Expenses
This is a pretty straight forward way to put spend on your newly approved card such as gas, groceries, dining, cable TV, Internet, Phone, streaming services, gym memberships, etc. Stop writing checks or using a debit card to pay for those regular expenses. If you have been using a credit card to pay for those expenses, move the payments to the card that you are trying to meet the minimum spend for now until you receive the sign-up bonus.
Prepay
This is one of my favorite methods to meet the minimum spending requirement. You can usually prepay for your cell phone, cable and Internet bill using a credit card. Some insurance company also allow prepayment. If you have upcoming trips planned, consider paying for things like cruises, hotels, activities, etc. in advance. There are many services out there that allow prepayment using a credit card, you’ll just have to reach out to the service provider and ask if you are not sure.
The way I see it is that, since I am going to spend money on those services anyway, I might as well prepay now because I’ll pay for it sooner or later. But do not do this if you do not think you are able to pay off your credit card’s balance on time and end up incurring credit card’s interest. It defeats the purpose of maximizing miles and points value through credit card’s sign-up.
Buy Gifts
I personally like to pick up a couple new credit cards with great sign-up bonuses during Christmas season because that’s the holiday time to purchase some gifts from Amazon.com for friends and family. But don’t stop there! Birthdays, baby showers, graduations, other holidays or “just because” – go ahead and buy some gifts early with your credit card. If you have no one to buy the gifts for, buy for yourself!
Buy Gift Cards
Like the method mentioned above this, purchasing gift cards is also a great way to put spend on your credit card to meet the minimum spending requirement. There are a tons of gift cards out there that are available for purchase. I love buying gift cards for my local favorite restaurants, movie theatres, stores, hotels and airlines to be used later on. The good thing about gift cards is that, they do not expire!
Make Charitable Donations
Donating money to the charity is definitely a nice thing to do. You can make donations to a cause that’s meaningful to you. Some charity accepts donations online that you can use your credit card or you can swipe your card at a local charity organization!
Pay Medical Bills
Dealing with medical bills is not fun. But hospitals do take credit card as a form of payment. If you have medical bills that you have been wanting to pay off, this is one opportunity for you to use your credit card to make that payment while you are working towards the sign-up bonus.
Pay Down Payment or Partial Amount On Car’s Purchase
One time when I went to purchase a car, I asked their financial department if I could put the down payment with a credit card. Surprisingly, the agent said yes but it was capped at $5,000! That was one easy thing to meet the minimum spending requirement right there.
Truth be told, some car dealers do allow down payment paid through a credit card. If you do not have down payment, you can also pay partial amount towards the total purchase price using a credit card. You just need to find out how much they do allow on credit card’s payment.
Pay Tuition
When I was in college, I always paid my tuition fees with my credit card because I earned credit card’s rewards. That’s how I got hooked with points. Ask your school’s financial office if you can pay for your tuition fees with your credit card. Never hurt to ask!
Add an Authorized User
Adding an authorized user (AU) to your card can help putting spend on your account. Any expenses made by AU will be counted towards the minimum spend threshold as well. However, any charges made on the AU’s card are still your responsibility to pay that balance off, so be sure to do this with someone that you can really trust.
