When beginning in the points and miles hobby, we recommend starting with Chase cards. They offer the most opportunities for building a large collection of points and some of the best transfer partners. But once you’ve been in the hobby long enough, you eventually need to diversify.

American Express is the system we suggest getting into next. Amex has a deep lineup of cards that come with strong earning structures and impressive welcome bonuses. But there is a catch. You can only earn each Amex card’s welcome bonus once per lifetime.

Here's how to strategize and make the most of it.

Know the Rules Before You Apply

American Express has more rules than most other banks, and understanding them upfront is critical.

• Amex 1/7 rule: Their lifetime rule functions more like seven years in practice.
• If you add your cards to Points Navigator, we’ll track this for you and alert you when you may be eligible again.
• Because of the 1/7 rule, wait to apply until a card has an elevated signup bonus.
• You can usually hold up to five Amex credit cards at once. This limit does not include charge cards with no preset spending limit, such as the Green, Gold, and Platinum cards.
• Know the Family Rule and apply for certain cards in the correct order, or you risk losing eligibility for signup bonuses
• Amex will warn you with a popup during the application process if you are not eligible for a signup bonus because you have already earned one on that card.
• If you see this popup, do not proceed with the application. There will be no hard pull on your credit.
• Keep some monthly spend on the Amex cards you already have open, even if it’s minimal, to avoid landing in Popup Jail. This is different from the bonus eligibility popup and will affect future applications.

Downgrades, upgrades, cancellations, and referrals

What you do after opening an Amex card matters just as much as when you apply.

• Do not downgrade an Amex card. If you do, you will lose eligibility for the signup bonus on the card you downgrade to.
• Avoid upgrades as well. You generally do not receive a welcome offer when upgrading, and even when one is available, it is rarely close to the public offer.
• If you do not plan to keep a card long term, wait until the annual fee posts. At that point, either cancel the card or downgrade to a no-annual-fee version where the signup bonus is small enough that you do not care about missing it.
• Refer a friend whenever possible. Add your referral link to your card page and use it when friends or family can take advantage of a strong signup bonus.

American Express cards are valuable for several reasons. They offer strong co-branded options and flexible points that can be used across flights, hotels, car rentals, cruises, and excursions. There is usually an Amex card that fits what you are trying to book.

The key is making sure you apply for the right card, at the right time, and in some cases, in the right order. While having a plan is always important in this hobby, staying patient and waiting for Amex signup specials is a big part of getting outsized value from the system.