American Express used to let you get one of their cards, haul in the big sign-up bonus, cancel the card, and repeat. You just had to put more than 365 days between when you cancelled the first card and applied for the new one.
After April 30th, they are putting the kibosh on that. You will only be allowed one sign-up bonus per lifetime. They have had this once-in-a-lifetime in their pocket for quite a while, but have not enforced it, instead graciously forking over the bonuses for years. (I have tens of thousands of airline miles and hotel points to prove it – thank you Amex!).
But word on the street is that stops in less than two weeks.
So, if you have had an Amex card in the past, and would like to get another sweet sign-up bonus, this is probably the last call to lather, rinse and repeat. You gotta be approved before May 1st to get another sign-up bonus.
In “Results of My April “App-Aloosa” I went into detail as to how I picked up my four favorite Amex cards (Delta Gold SkyMiles & Starwood Preferred Guest cards). Check out my thoughts on Starwood Points here and Delta SkyMiles here. Of course, Amex has many other cards.
Click on “Chip’s Favorite Credit Card Offers” at the top right side of this website for up-to-date deals, terms, and conditions on these cards and more. Email me if you have any questions about which card might be right for your situation. Click here for a handy way to meet spending requirements.