3 Things to Do Before Applying for a Credit Card in 2022

Check these items off your list before getting a new card.

As a general rule, it's not great to apply for too many new credit cards in short order. Each time you apply for a credit card, a hard inquiry is made on your credit report, and too many of those could drag your credit score down.

In fact, if you're going to apply for a new credit card in the new year, it pays to do so judiciously. Here are three moves it pays to make before submitting any applications.

1. Find out your credit score

Not every credit card requires excellent credit. But many credit cards do. Before you apply for a new card, find out what your credit score looks like. And then see if it aligns with the requirements to qualify for the offer at hand. If you're not sure you'll get approved for a card you really want, you may want to hold off on applying and work on boosting your credit score first.

2. Figure out what perks you're lacking

You may have a credit card that offers a decent amount of cash back for everyday purchases. But are you eligible for bonus rewards at the pump? If not, and you drive many miles to work every day, you may want to find a new credit card that gives extra cash back for gas fill-ups.

Similarly, if you plan to do a lot of travel in 2022, and you don't have a travel rewards credit card, it could pay to apply for one. These cards commonly offer perks like free checked bags and discounts on in-flight purchases. Those benefits could really add up to a lot of savings if you're aiming to take multiple trips in the new year.

3. Figure out when you'll be making large purchases

Maybe you're planning to buy new furniture for your home in the new year. Or maybe you have a wedding to attend in the spring, and you're anticipating a hefty credit card bill between the flight, hotel, fancy attire, and gifts for the happy couple.

No matter what your plans look like, it pays to give your calendar a thorough read and see if there are specific times during the year when your spending will increase substantially. If so, it could pay to plan on applying for a new credit card with a sign-up bonus during those times.

Imagine there's a credit card offer for $250 cash back for spending $3,000 within three months of opening a new account. If you normally only spend $800 a month on your credit cards, you'll fall short of meeting that spending requirement. But if you're planning to spend $1,000 on furniture or a wedding on top of your regular spending, then you may be able to snag that sign-up bonus with ease -- and score some free cash to offset your extra expenses.

Getting a new credit card in 2022 could work to your benefit. Just make sure to check these key items off your to-do list before filling out those applications.