A new NerdWallet study says November is the best time to sign up for a travel rewards credit card.
24/7 Wall St.’s Paul Ausick said this is for the following reasons:
- Because November is the off-season for travel (with the exception of family travel for Thanksgiving), airlines and hotels typically offer better reward rates.
- Chase offers the best rewards, on average, for travel credit cards like Chase United MileagePlus and and Chase British Airways Visa in August and November.
- Citi raises their travel bonuses the most in October and November, which is great for cards like Citi AAdvtange Platinum Select MasterCard and Citi Hilton HHonors Reserve Card.
NerdWallet’s Erin El Issa also writes in their study that:
- “83% of consumers apply for credit cards at the wrong time, forfeiting an average of 15,338 miles or points.”
- “Consumers miss out on an average of $177 worth of rewards when they apply for travel cards at the wrong time. But waiting for the right time has a cost, too.”
- “Consumers should apply for a travel card at least five months before they intend to travel to take advantage of the sign-up bonus.”