Learn From Others’ Mistakes

When you’ve been in the points collecting game for a while, you see the same mistakes repeated. Here are the big ones — and how to avoid them.

1. Chasing the Headline Bonus Without Reading the Fine Print

That “40,000 point” offer? It might be split across three spending tiers with an anniversary bonus you won’t earn until month 14. Always check:

• What’s the first purchase bonus vs. spending bonuses
• When does the anniversary bonus post (and do you plan to keep the card that long?)
• Are there category restrictions on the MSR?

2. Ignoring the Annual Fee After Year One

First Year Free (FYF) cards are great — until they’re not. Set a calendar reminder for month 11. Decide: does the ongoing value justify the fee?

3. Missing the Rebate

Applying directly through the bank leaves money on the table. FrugalFlyer, GCR, and CreditCardGenius pay $50–$175 for the same approval. Always check rebate sites first.

4. Applying for Cards Without a Plan

Buying gift cards, prepaid cards, or paying bills to hit MSR can work — but it has costs (fees, time, risk). If you’re paying 2.5% in fees to earn 2% in rewards, you’re losing. Do the math.

5. Applying Too Fast

Banks have limits. RBC won’t approve more than one card per 90 days. TD has strict 6-month rules. Amex has “2 in 90” for credit cards. Space out applications or you’ll get denied — and a hard pull for nothing.

Bonus Mistake: Not Checking If You’re Targeted

Sometimes the public offer isn’t the best offer. Check:

• Amex “Check for Offers” tool (incognito browser)
• In-path offers when booking flights
• Targeted mailers

The Golden Rule

Never spend money you weren’t going to spend anyway. The goal is capturing value on purchases you’d make regardless — not forcing spend to chase points.

What mistakes have you made?