With travel still challenging due to the pandemic, now may seem like an odd time to open a travel rewards credit card, but earning a welcome bonus now can put you in a great position to use points and miles for your next vacation, whenever that may be.  Before you apply for a new credit card, make sure you understand how credit card applications affect your credit score. Also make sure you treat your credit cards like debit cards, only spending what you can afford to pay back each month. If you carry a balance to earn rewards, you'll be putting yourself in a bad financial position — and the interest fees you'll rack up will easily outweigh any points or miles you earn.