my wife and i are saving up velocity points in order to fly to Europe in business class in 2025. We have a good income and excellent credit scores but have recently kept getting declined for credit cards.
We have churned through about 4 or 5 in the last 6 months in getting the promo points on offer. we usually make the minimum spend, collect the points then cancel the card.
Any idea of what we can do in this situation? I think the fact we have applied for so many have hurt our credit score a little even though we have 2 mortgages and have never missed payment on anything
What should I be doing if getting declined on credit card applications?
Hi, while I can’t be sure of the circumstances surrounding your applications (and why the bank has chosen to decline your recent application), I imagine having 4-5 credit cards in a six-month period will certainly have had an adverse impact. Probably best to wait it out for a few months, at least.
Just wondering how you go about accumulating the points if you cant sign up for the different cards? is it mainly by flying with those airlines?
It’s about having a range of sources. Credit card signups give the most points quickly, but it’s generally best to spread them out so you don’t run into issues with banks. Banks don’t like excessive churning so that’s something to keep in mind.
I keep a high-earning card or two open and use it to pay bills, use third-party payment processors like Pay.com.au for ATO, maximise bonus points opportunities with shopping and travelling etc. It all adds up very quickly.
Have a read of my case study of how I booked two Business Class return trips to Europe for two people, it gives a brief outline of how we earned the points over two years. You’ll see my partner and I are quite conservative in credit card signups (more so than some readers, I imagine!), but it still works out.