Eyeing a credit card sign-up bonus? Here's the best time to apply

Are you considering applying for a new credit card bonus but unsure when you should start preparing? Getting your credit in shape, choosing the right card and planning out how to meet the spending requirement can take longer than you think.

Your credit score can play a big role in whether you're approved for a credit card, and improving it usually takes time. In the final weeks leading up to your application, it's also worth outlining how you'll meet the spending requirement.

With many cards offering limited-time bonuses, not getting approved for a card could mean missing out on a best-ever welcome offer. CNBC Select covers how to prepare for your next credit card application and provides a rough timeline for when to tackle each step.

Since many credit card bonuses rotate in and out of availability, it can be hard to time your application exactly right, especially if you can't afford to wait around. While you should typically apply for a card when it has a higher bonus, it's also important to have a plan for meeting the spending requirement in a way that doesn't overextend you financially.

If you're planning on making a major purchase in the near future, this could be a great reason to look into earning a welcome bonus. For example, if you have a home repair or are buying a new appliance, these larger expenses can be an easy way to hit a bonus's spending requirement. Plus, you can stack the bonus with any rewards you earn on the purchase itself.

It's also a good idea to consider opening a new card right before a vacation. Travel rewards cards typically earn points or miles on your travel purchases, so after booking your trip, you'll have a stockpile of points for either a few extra days or the start of a new journey. Plus, these cards come with perks like TSA PreCheck credits or access to airport lounges.

It's never worth attempting to hit a bonus's spending requirement if you're not able to pay back your purchases. If you do, interest charges can cancel out any rewards you earn.

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This is the earliest phase of planning, when you start thinking, "Maybe I could use another credit card."

In this phase, you should focus on making sure your credit score is in the best shape possible for any future applications. During this period, be sure to pay bills on time and in full and double-check your credit report for any errors or outdated information.

If you're looking to boost your credit score a bit, Experian Boost could work. This free service lets you connect your Experian account to your bank account or credit card and receive credit for paying certain bills, like your rent or internet. While this will only influence your Experian credit score, it could still help depending on which score your lender uses.

During this phase, start to narrow down the credit cards you're interested in and evaluate current offers to see how they compare to older ones.

Since credit card welcome offers can go in and out of availability, a card's best bonus might not always be available. You can often find sites that list past bonuses of credit cards — like we outline in our list of top welcome bonuses ending soon — which can help you know how current deals compare to older offers.

It might not always make sense to wait for a card's highest possible bonus, especially if you have a time-sensitive purchase. However, if you can afford to wait for a better offer, it can greatly increase the card's initial value.

This is also a great time to do a deeper dive into one or two cards you're targeting to make sure they make sense for life beyond the bonus. If you don't get future value from the card, it might not be worth it; here are a few questions to consider:

• Does the card offer any statement credits? If so, are they for services you'd realistically use?
• Is the card earning rewards on any of your top spending categories?
• Will you take advantage of any perks like lounge access or hotel upgrades?
• Will you get more value than the annual fee in the second year?

The best credit cards come with a welcome bonus you can hit and benefits that provide value in the years to come.

In this window, map out your future spending so you have an idea of how to hit the spending requirement.

For example, if you have to hit a $4,000 spending requirement within the first three months of account opening, that means you'll have to spend an average of $1,334 per month, or roughly $333 per week. If that's above what you normally spend, you should come up with a plan of attack before you apply.

This would be a great time to make any large purchase you've already been planning, like a new home appliance or even a vacation. You shouldn't simply increase your spending without thinking about it; the goal isn't to spend more, but to redirect all your intentional spending through your new card.

Once you apply for your desired card and receive approval, you can start spending.

If your new card earns rewards on utilities or streaming services, for example, make sure you swap out your payment information so the new card is being charged. It's also recommended to set up auto payments for your new card; you might even get a discount depending on the card and issuer.

Front-loading your spending may help relieve some stress when the bonus deadline starts looming. You never want to leave hitting your bonus until the last several days, so periodically check on your overall progress, whether that's at the end of each month or week.

Once you've hit your spending goal within the allotted timeframe, simply wait for the bonus to hit your account.

If you're still shopping around for a credit card that fits you best, here are a few current welcome bonuses you could take advantage of.

Chase Sapphire Preferred® Card

If you've been looking for a credit card with a sub-$100 annual fee that still comes loaded with perks, the Chase Sapphire Preferred® Card (see rates and fees) is a great fit.

The card has a welcome offer of 75,000 bonus points after you spend $5,000 on purchases in the first three months. Even if redeemed at a rate of 1 cent per point, this bonus is worth $750 — and potentially much more if redeemed toward travel.

On top of the bonus, the card comes with a $100 annual hotel credit for Chase Travel, a Global Entry, TSA PreCheck or NEXUS application fee credit and several 3X rewards categories, including gas stations, dining and streaming services.

Capital One Savor Cash Rewards Credit Card

The Capital One Savor Cash Rewards Credit Card is a good option if you're looking for a cash-back credit card but don't want to fork over a couple thousand dollars for a welcome bonus.

The card is currently offering a one-time $200 cash bonus after you spend $500 on purchases within the first three months. This solid no-annual-fee card earns 3% cash back in a variety of categories, including grocery stores (excluding superstores like Walmart® and Target®), dining, entertainment and popular streaming services.

Ink Business Unlimited® Credit Card

If you're a freelancer, independent contractor or even a small-business owner looking for your next business card, the Ink Business Unlimited® Credit Card (see rates and fees) earns an unlimited 1.5% cash back on every purchase made for your business.

It's also offering its best-ever bonus offer of $1,000 in cash back after spending $8,000 on purchases in the first four months. Points are easy to earn with this flat-rate card, and you can redeem them in several ways, from generic statement credits to travel.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

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