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Credit card reward programs often offer welcome bonuses to new cardholders, which are advertised with phrases like “60,000 bonus miles” or “$300 in statement credits.” But it can be frustrating when the sign-up offer bonus on a card increases soon after you open a new account. However, it’s possible to see if you can be retroactively approved for an offer you just missed. You often just have to call the issuer and ask.
Find The Best Credit Cards For 2024
No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers.
What Is a Welcome Bonus?
Credit card issuers use welcome bonuses, also known as sign-up bonuses, as a marketing strategy to attract new customers to apply for a card. New cardholders can receive a bonus in the form of miles, points or cash back. Typically, the requirement for receiving a bonus involves a new cardholder meeting a minimum spending threshold within the first few months of opening their account.
Credit cards offering the most lucrative welcome bonuses often require good to excellent credit. Those looking to rebuild credit may need to wait until they have a better score to qualify for a rewards card with a hefty sign-up bonus.
Can I Get a Higher Welcome Bonus After Applying?
Receiving a better welcome bonus may be possible after applying and receiving approval for a credit card. Your success in unlocking a higher welcome bonus retroactively will depend on the bank or card issuer and possibly your standing with the company. Cardholders without a good history with the issuer are unlikely to receive any existing welcome bonus, much less a higher one they didn’t directly apply for.
Keep in mind there may not be any explanation or explicit rule written into your credit card agreement when it comes to receiving approval for different welcome bonuses following application, so the best thing to do is to call and ask.
How To Request a Higher Welcome Bonus
Credit card issuers sometimes get a bad rap, but customer support representatives are human beings like you. If you get a brand new credit card and discover that the issuer increased the welcome bonus a few weeks later, there’s no harm in calling the number on the back of your card and asking if the bonus can be matched.
When reaching out to a representative, have available both the amount of the welcome bonus you were approved for and the new and increased bonus amount. It’s also helpful to know the exact timeline of what happened to help explain your frustration: When were you approved and when did you notice the bonus increase? If you already have a history with the bank or card issuer and your accounts remain in good standing, you may have a better chance of receiving approval for a retroactive bonus increase.
Canceling the credit card and reapplying to earn a bigger and better bonus is not likely to work. Many issuers only allow cardholders to earn a welcome bonus for the same card once. For example, the Chase Sapphire Preferred® Card allows only new cardholders who have not received a Sapphire bonus in the last 48 months to be eligible. American Express limits the welcome bonus for the American Express® Gold Card (Terms apply) to new applicants as well as many other cards, often referred to as Amex’s “once per lifetime” rule.
Credit card issuers also reserve the right to revoke a welcome bonus. Whatever you do, do not treat a bank representative poorly. Instead, ask politely if the bank or issuer can match the new bonus and accept the answer. The answer may be “no,” but at least you’ll still receive the reward you were expecting.
Find The Best Credit Cards For 2024
No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers.
Bottom Line
Welcome bonuses can be a handy way to maximize your rewards. If you spot a higher bonus soon after you receive approval for a new credit card, there’s no harm in calling the number on the back of the card to ask a representative to match the new bonus. Remember that if you’re required to spend a few thousand dollars to qualify, make sure you pay off your balance on time to avoid interest or late fees. Otherwise, your bonus may lose value if you have to spend more on fees.
Frequently Asked Questions (FAQs)
Can I request a higher welcome bonus?
Calling the number on the back of your card to request a higher welcome bonus won’t do any harm, but there is no guarantee the bank or card issuer will approve your request.
Can I earn a welcome bonus more than once?
Depending on the card issuer, you may be able to receive a welcome bonus for the same card more than once, but each bank or issuer has its own rule about who is eligible. With certain Chase cards, for example, you may have to wait up to two years between canceling a card and reapplying to be able to requalify.
Is there a catch to earning a welcome bonus?
Credit card issuers often require new cardholders to spend a certain amount of money within the first few months of account opening to be eligible for a welcome bonus. You may also have to keep the card open for a period of time, generally a year. Read a credit card’s terms and conditions carefully before applying.
Is getting a welcome bonus worth it?
Earning a welcome bonus is a significant perk many cardholders with good to excellent credit can take advantage of. But it’s only worthwhile if you can avoid interest and fees by paying off the amount you’re initially required to spend. Otherwise, the bonus, like any rewards on everyday purchases, will lose its value.
FAQs
Receiving a better welcome bonus may be possible after applying and receiving approval for a credit card. Your success in unlocking a higher welcome bonus retroactively will depend on the bank or card issuer and possibly your standing with the company.
Can you negotiate a credit card welcome bonus? ›
In my years writing about credit cards, I've learned you can basically negotiate anything with credit card providers: annual fees, interest rates, penalties on late payments, and, yes, welcome bonuses. It's not guaranteed. But it doesn't hurt to try. First you have to build up your case.
How do welcome bonuses work? ›
A credit card welcome bonus is an incentive that banks offer to entice new customers to sign up for their credit cards. Often, welcome bonuses come in the form of additional points or cash back after meeting a certain spending threshold in a limited amount of time.
Do you get welcome bonus if you upgrade credit card? ›
Drawbacks of upgrading your credit card
No introductory offers: Upgrades may not be eligible for introductory annual percentage rate (APR) offers or welcome bonuses intended for new credit card accounts. New or higher fee: An upgrade may come with a new or higher annual fee.
Can you cancel a credit card and reapply to get a bonus? ›
With most issuers, you can open the card again, but you might not be eligible to earn another welcome bonus. For some credit card issuers, there may be a waiting period before you can receive a bonus on the same card again.
Can you get a higher welcome bonus if it changes after you apply? ›
Your success in unlocking a higher welcome bonus retroactively will depend on the bank or card issuer and possibly your standing with the company. Cardholders without a good history with the issuer are unlikely to receive any existing welcome bonus, much less a higher one they didn't directly apply for.
How do you negotiate a higher bonus? ›
Here are some tips on how to ask for a signing bonus:
- Know Your Value to the Company. Before asking for more money, either with a bonus or your regular salary, get clear on what value you can bring to the company. ...
- Choose a Specific Amount. ...
- Make Your Case. ...
- Split the Difference With Your Salary. ...
- Get it in Writing.
Understanding a Welcome Bonus
For instance, when a casino offers a 100% match bonus on the first deposit up to $200 this implies that if you deposit $200 the casino will give you an extra $200 as a bonus.
What does a $200 bonus mean on a credit card? ›
@evelyn_boros • 07/22/24. A cash bonus on a credit card is cash back offered for new cardholders who spend a certain amount in the first few months of opening their account. Most of the time, these bonuses can be redeemed in the form of statement credit or a check.
How are bonuses determined? ›
These bonuses are often based on overall performance, company profitability, or individual contributions over the year. 2. Performance-Based Bonuses: Bonuses can be given when employees achieve specific performance goals or targets.
In the case of upgrading your Credit Card, you may upgrade the credit card you current owe, in order to take advantage of the benefits that come with it. However, it may not come with an enhanced credit limit. In such a case, you may opt to use multiple credit cards even if you upgrade a single credit card.
Do you get welcome bonus if you upgrade Amex? ›
Upgrade Bonus
Amex's once-per-lifetime policy for welcome bonuses means that upgrade offers are especially attractive for cardholders who have previously had The Platinum Card, but closed their account. Though you would not be eligible for a welcome bonus, you may still be offered a transfer bonus.
What's an excellent credit score? ›
800 to 850: Excellent Credit Score
Individuals in this range are considered to be low-risk borrowers. They may have an easier time securing a loan than borrowers with lower scores.
What is the 5 24 rule? ›
The 5/24 rule is an unofficial policy that dictates that Chase won't approve you for its cards if you've opened five or more personal credit card accounts from any issuer in the last 24 months.
Is it bad to open a credit card for the bonus then close it? ›
You could regret it later on
Credit card issuers could also see this behavior as a red flag for the future. They can quickly catch on that you are signing up for cards only to earn their bonuses and then canceling in a short amount of time, which will put you at risk of damaging your good credit in the long-run.
How many credit cards are too many? ›
Owning more than two or three credit cards can become unmanageable for many people. However, your credit needs and financial situation are unique, so there's no hard and fast rule about how many credit cards are too many. The important thing is to make sure that you use your credit cards responsibly.
Are credit card rewards negotiable? ›
I asked around my network of credit experts and learned that you can certainly ask for a better bonus if you've just signed up for a card and are now seeing a better offer. But as with most negotiations, your mileage may vary.
Can credit card companies be negotiated with? ›
If you don't want to use a third-party agency, you can also negotiate with your issuer directly. Many credit card issuers offer hardship programs, and some might agree to lower your interest rates for a set period of time while you pay down your debt.
Is it possible to negotiate credit card APR? ›
If you tend to carry a balance on your credit card month after month, those high interest rates, also known as APR, can quickly bring you deeper into debt. Fortunately, you may be able to combat this by simply calling your credit card issuer and negotiating a lower rate.
What does a $200 bonus on a credit card mean? ›
A cash bonus on a credit card is cash back offered for new cardholders who spend a certain amount in the first few months of opening their account. Most of the time, these bonuses can be redeemed in the form of statement credit or a check.
