Credit Cards - FAQ

Which cards offer Free Hotel Nights?

  • IHG Rewards Club Select Credit Card
    • Annual fee: $49 (waived the first year)
  • The Hyatt Credit Card
    • Annual fee: $75 (waived the first year)
    • category 1-4
  • Marriott Rewards Premier Credit Card
    • Annual fee: $85
    • category 1-5
  • Club Carlson Premier Rewards Visa Signature® Card
    • Annual fee: $75
    • 40,000 points upon anniversary(instead of one free night), good for category 1-4

Are there restrictions on credit card applications?


Chase 5/24 rule: Chase won’t approve the application if you’ve applied for more than 5 credit cards in the past 24 months.

  • Business credit cards from other banks(e.g. American Express and Citi) may not count
  • Chase business cards would count


  • At most 4 credit cards, including business credit cards
  • At most 4 charge cards
  • Opening bonus can only get once in your lifetime

Will Late Payment Be Reported To Credit Bureaus?

Late for 30 days will be reported

Can Late Fee Be Waived?

Maybe. If you are only late for a few days, and you call the bank, the late fee may be waived.

What are the differences between Credit Card and Charge Card

American Express is the only major issuer of charge cards in the U.S.

  • Credit cards: revolving credit instruments that do not need to be paid in full every month. There is no late fee payable so long as the minimum payment is made at specified intervals (usually every thirty days). The balance of the account accrues interest, which may be backdated to the date of initial purchase. Usually have a specified credit limit.
  • Charge cards: need to be paid in full; typically issued without spending limits.

How easy it is to close a credit card

  • capital one: online service
  • orbitz: online service
  • citi: online chat
  • chase: call

What are Credit Scores?

Credit Bureau

  • Equifax
  • Experian
  • TransUnion

FICO Score

  • FICO = Fair Issac Corporation
  • range: 300-850
  • 35% Payment history
  • 30% Amounts owed
  • 15% Length of credit history
  • 10% New credit
  • 10% Types of credit used

NextGen score

Each of the major credit agencies market this score generated with their data differently:

  • Experian: FICO Advanced Risk Score
  • Equifax: Pinnacle
  • TransUnion: Precision

Prior to the introduction of NextGen, their FICO-based scores were also marketed under different names:

  • Experian: FICO or FICO II
  • Equifax: BEACON
  • TransUnion: EMPIRICA


Freely Available from CreditKarma

How to Maintain a Good Credit Score?

  • pay on time
  • use less than 30% of the credit limit
  • keep the oldest account open