Use the following budget calculator to the average amount you could spend monthly on a credit card. Not all expenses can go on a credit card, notably mortgage, rent, or car payments. However, there are some services (like Plastiq) that let you pay mortgage or rent. There’s also IRS approved services that will let you pay your taxes using a credit card.
These services can charge a 2-4% fee, which makes it less than ideal to be doing this on a monthly basis. However, they can be a great option if you’re in a jam and need to hit a big spending bonus. If you want to give Plastiq a try, you can use our Plastiq referral link when you sign up, and we’ll both get “fee free” dollars to use. For more info, (read our full article on Plastiq).
Keep in mind that you might have larger, one-time charges throughout the year, like car or homeowner’s insurance. Maybe you have a few big purchases that will be made throughout the year, too. This calculator will give you a feel for your average credit card monthly spending. After adding it all up, you may see that you can hitting a credit card sign-up bonus is easier than you think.
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If you are not sure how you’re paying for certain items like utilities, insurance, music subscriptions, tv/cable/streaming services, now is the time to check. If these are paid via check or debit card, you are missing out on a lot of monthly spending on credit cards that can help you hit bonuses and rack up miles and points over time.
Spending requirements for bonuses have a wide range, from $1 – $5,000. Most of the best bonuses require $3,000 – $4,000 in spending. So, while there are great cards for all budgets, being able to spend $1,000-1,350 per month will put you in great shape for awesome bonuses.