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So I want to get more reward points from using my credit card, unfortunately, credit card companies only gives this option to you when you open a new account for the first 12-15 months of purchases after that its normally like 1 pt per dollar. So this is what I was thinking, keep opening a new credit card every yr and then close out the one that I opened the previous year? Would this hurt my credit card rating in anyway?
So I want to get more reward points from using my credit card, unfortunately, credit card companies only gives this option to you when you open a new account for the first 12-15 months of purchases after that its normally like 1 pt per dollar. So this is what I was thinking, keep opening a new credit card every yr and then close out the one that I opened the previous year? Would this hurt my credit card rating in anyway?
just get a solid card and hold on to it. my fidelity amex card gets 2% across the board on everything. I have a chase freedom card that has 5% rotating categories (6 months of the year is gas).
It's called credit card churning, and there are entire web sites devoted to it. (search for 'free frequent flyer miles' and you'll find the first group of those folks fairly quickly) If you've otherwise got good credit and an installment loan like a mortgage or car payment, those folks say churning doesn't really do much to negatively impact credit score. You just need to be well-organized in order to make sure you meet minimum spending requirements for a given card when you get it to maximize that first bonus, and then get rid of the card after 11 months if you don't want to pay an annual fee.
And of course, pay your balance in full every month because those kinds of cards often have pretty high interest rates.
So I want to get more reward points from using my credit card, unfortunately, credit card companies only gives this option to you when you open a new account for the first 12-15 months of purchases after that its normally like 1 pt per dollar. So this is what I was thinking, keep opening a new credit card every yr and then close out the one that I opened the previous year? Would this hurt my credit card rating in anyway?
That would destroy your credit!
I use my costco card for gas purchases (3% cash-back).
I use my amazon card for amazon purchases (3% cash-back).
I use an airline card for all other purchases.
I use my costco card for gas purchases (3% cash-back).
I use my amazon card for amazon purchases (3% cash-back).
I use an airline card for all other purchases.
Is this an Amazon Visa or MC? I want one! 3% is nice.
I have an Amex that has 3% for all supermarket purchases. And a Visa from a Pentagon Federal Credit Union that gives 5% cash back for gas purchase.
I have a Target card that gets 5% off on all Target purchases
My next goal is to find a card that consistently gives 3% (or more) for restaurant purchases. Any suggestions?
I already have some cards that rotate 5% for various categories. But need a card that is specific to restaurants.
Also have an Amex with hotel rewards points. Got many free hotel rooms with that card.
I setup all my cards to have the full balance automatically deducted from my checking acct each month. Keeps from having the juggle the monthly statements/bills.
Last edited by sware2cod; 01-25-2014 at 09:14 AM..
I play this credit card roulette thing. I just closed a Chase Southwest Visa and was told I couldn't open another one again. Good thing is that I cannot open one but my hubby can so in a few years we'll come back to it and he'll open it in his name. I'm in my early 30s with a mortgage, paid off student loans, credit score in the high 700s. I do keep an AMEX blue cash open since '06 because I love that dang card lol. I have a Chase Sapphire Preferred now and only charge items that can be paid in the billing cycle. The interest rate is pretty high on these cards that if someone carries a balance, it defeats the purpose.
Not so much a credit score issue, but the banks know who is playing this game. They'll eventually deny you for a new card just to keep you from getting more free stuff. There are only a few major banks that issue credit cards. They know what they're doing.
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