Ok, so you’ve just been approved for a credit card and you’re so ready to see the welcome sign-on points posted into your account! There is just 1 step between now and then, and that is fulfilling the required minimum payment. On average, these payments range from $3,000 – $10,000 within 3-6 months. Confirm you know your exact amount and time allotment so as to make sure these points are secured! Now, in some cases, the minimum spend may be a bit more than what you’re used to spending on a credit card. While this isn’t alway advised, it could be worth it if it’s a great sign-on bonus and you can still manage the minimum spend without defaulting into debt.

Remember, even if you miss the minimum spend by $1, you will NOT be granted the points. To keep that from happening, I’ve compiled a list of creative ways to meet these expenses while not going outside of your budget. 

Everything Goes On The Card

The first thing to know is that EVERYTHING goes on the card. Don’t think about spend categories or use another card because that’s what you’ve always used for gas; all purchases should go towards working on this particular minimum spend. If you usually use a card that gets more points on groceries, or a specific one you use for gas, go ahead and set those to the side while you’re working on the minimum spend.

Pick Up The Tab

Out to eat with friends or family? Offer to pick up the tab in full and have the others reimburse you. While this can feel nerve wracking, if you have Venmo, apple pay or one of the other shared bank apps, most of the time it isn’t so hard to get others to send their amount. 

Pay Some Bills For A Friend/Family Member

This of course is assuming you trust the person you’ll be asking! For example, if you have a friend that pays a daycare bill each month, ask to cover the cost and have them reimburse you. Or you have a family entrepreneur who has some monthly business expenses, ask to cover the bill. Just make sure you’re getting reimbursed!

Give Back

Most charities accept payment in the form of a credit card. If you’re having trouble meeting a minimum spend, it could be a win-win to donate to a charity you love to support. 

Pay your bills upfront

Oftentimes, car insurance or phone coverage will allow you to overpay. You could also opt to pay the annual or biannual fee if needed. Remember, this isn’t advised if you cannot afford to pay off the credit card.

Here are a few pro tips before you go:

• The annual fee does not count towards your minimum spend
• The timeline to complete the spend begins once your card is approved, not once you receive your card. You can always call to have your card expedited to you if you are ready to get using it!
• I’ve called the bank multiple times to confirm my minimum spend dates. Sometimes I second guess myself and just want the rep to see what I’ve spent, what’s left to spend and when it needs to be done by to make sure it all lines up.

So, with your new shiny plastic in hand, go out there and use it for all your normal expenses. Enlist a friend or pay some bills in advance if need be, just remember to always pay off the balance each month!