Credit Card Companies Offering Generous Sign-Up Bonuses
BOSTON (CBS) - Credit card companies are looking for new customers and they're offering some great travel bonuses to hook you in. If you pick the right one, it could help fund your summer vacation.
According to experts, one of the best incentives right now is the Citi AAdvantage card. You get 60,000 American Airlines miles after spending $3,000 in the first three months.
According to Jim Sinegal, an analyst at Morningstar, the companies are happy to have any qualified customer, but they are zeroing in on younger consumers.
"Everyone is trying to get the millennials," he said. "If you can bring in that customer now as a card customer, you have a lifetime of opportunities to sell to them."
The United MileagePlus Explorer and Southwest Rapid Rewards cards offer 40,000 miles or points. British Airways offers 50,000. The American Express Platinum card offers 60,000.
And, you'll get even more, 100,000 points, with the Marriott Rewards Premier Plus card.
Some companies also throw in complimentary upgrades, free checked bags, priority boarding, and even monthly Uber credits.
The average interest rate offered on the travel cards is 20-percent. According to industry analyst Matt Schulz, those terms are not going to work for everyone.
"The perfect person to use these travel credit cards is somebody who travels quite a bit, but also who pays off their credit card, in full, every single month," he said.
Before you open a new credit card account, don't forget to factor in annual fees, which can range from $69 up to $500.