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Old 01-03-2019, 01:49 PM
 
8,664 posts, read 5,052,090 times
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Quote:
Originally Posted by Nolefan34 View Post
What is your credit score after doing this?
Can only speak for myself, but I have been opening and closing cards for rewards regularly for more than a decade. Yes, your score gets dinged a few points temporarily. But, so what? It's not enough to cause any consequences. My score bounces around between high 700s and low 800s. "Excellent" is usually 740 and above.
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Old 01-03-2019, 02:02 PM
 
3,913 posts, read 7,958,949 times
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Quote:
Originally Posted by Petunia 100 View Post
Then why all the hyperbola? Can you point out where anyone said "spend all you possibly can and never pay your statement balance in full!", because I sure don't see that anywhere in this thread.

And you're wrong, cash back rewards on things you were going to buy anyway is tax-free money for nothing. I raked in over $500 in 2018, and I don't spend much. No one time bonuses in 2018 either. Mainly car insurance, utility bills, medical co-pays. Oh, and the cruise we are taking in a few days.

In regard to your first paragraph, I was joking obviously. Do you actually think I meant that?



The cash back you receive is not "tax free money for nothing". It is a rebate on money you spent. Money for nothing would be if you got the $500 simply for signing up.
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Old 01-03-2019, 02:04 PM
 
3,913 posts, read 7,958,949 times
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Quote:
Originally Posted by Petunia 100 View Post
Can only speak for myself, but I have been opening and closing cards for rewards regularly for more than a decade. Yes, your score gets dinged a few points temporarily. But, so what? It's not enough to cause any consequences. My score bounces around between high 700s and low 800s. "Excellent" is usually 740 and above.

To each unto his own. I have gone 20 years building credit on a few cards and over time the rewards have grown for being loyal to those cards.
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Old 01-03-2019, 03:18 PM
 
18,711 posts, read 13,485,028 times
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Quote:
Originally Posted by Moonwalkr View Post
Freedom for gas next 3 months.
I donít have that one
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Old 01-03-2019, 04:15 PM
 
8,664 posts, read 5,052,090 times
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Quote:
Originally Posted by Nolefan34 View Post
In regard to your first paragraph, I was joking obviously. Do you actually think I meant that?
Yes, I did. So now you are backtracking and numerous comments you have made in this thread were a joke. OK.


Quote:
Originally Posted by Nolefan34 View Post
The cash back you receive is not "tax free money for nothing". It is a rebate on money you spent. Money for nothing would be if you got the $500 simply for signing up.
You're just quibbling petulantly. I am going to pay my electric bill irrespective of any reward I receive, as I enjoy using electricity. I am going to pay my car insurance irrespective of any reward I receive, as it is required by law. I am going to pay my medical co-pays irrespective of any reward I receive, as I enjoy receiving medical care while simultaneously not being sent to collections. What extra effort have I exerted to receive the $500+ of tax-free cash I received last year? I actually saved effort by setting these things up to happen automatically and have just one bill payment to send per month instead of several.
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Old 01-03-2019, 04:22 PM
 
8,664 posts, read 5,052,090 times
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Quote:
Originally Posted by Nolefan34 View Post
To each unto his own. I have gone 20 years building credit on a few cards and over time the rewards have grown for being loyal to those cards.
What are the rewards you are enjoying and from which cards?

I have some long-term cards as well, and I keep those. The cards offering a fat sign-up bonus, I generally close after the reward has been redeemed.

Till now I have focused on the cash rewards; I may switch focus to earning travel rewards.
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Old 01-03-2019, 05:24 PM
 
18,711 posts, read 13,485,028 times
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Quote:
Originally Posted by Nolefan34 View Post
To each unto his own. I have gone 20 years building credit on a few cards and over time the rewards have grown for being loyal to those cards.
I have a hard time believing your rewards have grown for being loyal anywhere at the rate the signup bonuses offer. Thatís just not how most companies operate and often offer new customers better deals than current.
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Old 01-04-2019, 05:33 AM
 
Location: Censorshipville...
2,672 posts, read 6,235,563 times
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I had just signed up for the Marriott Premier Plus card a few months ago and got my 75k Bonus points a few weeks ago. Next year I'll be moving and with the expected expenses for moving and light upgrades I'm going time my sign up for the Capital One Savor card. The signup bonuses will be great and really won't affect my 825 credit score.

The sign-up bonuses are free money if you can use the system properly. You get more reward bonus points from the newer cards, but I have an old Capital One Signature card, and the points are "worth" more than my Mom's Capital One Signature card. When I go to cash out points on my card, the formula is points divided by 100 but on her card it's points divided by 200.

The interesting thing is the way they do travel has changed too. My card they just took the balance of the air travel, divided by 100 and deducted that amount of points. On hers, there is a range. I'm going off my memory but it's something like if the ticket is worth $100-300 it's 20K points, if the ticket is $300-$500 then it's 30k points and so on. For hers it's actually better to book travel through them because you may get on the high end of the range but still only use 30k points. If you try to cash out points on her account to just pay for the ticket, it won't be as advantageous. I learned that when I helped her book tickets and realized it's better to book through their portal, versus cashing out the points. I also like to needle her that my APR is lower. Not that it matters since I always pay off balances, but it's fun to tease her a little

So read the fine print to make use of your points as best as possible! Some of those travel hack blogs amaze me on what they can get from the free points. I just don't have the time to do all that. The rewards from my few cards is good enough for me.
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Old 01-04-2019, 09:02 AM
 
3,913 posts, read 7,958,949 times
Reputation: 1890
Quote:
Originally Posted by Petunia 100 View Post
Yes, I did. So now you are backtracking and numerous comments you have made in this thread were a joke. OK.




You're just quibbling petulantly. I am going to pay my electric bill irrespective of any reward I receive, as I enjoy using electricity. I am going to pay my car insurance irrespective of any reward I receive, as it is required by law. I am going to pay my medical co-pays irrespective of any reward I receive, as I enjoy receiving medical care while simultaneously not being sent to collections. What extra effort have I exerted to receive the $500+ of tax-free cash I received last year? I actually saved effort by setting these things up to happen automatically and have just one bill payment to send per month instead of several.
Where did I backtrack? Please describe. I said the same things from my first post. The joke post was just that, a joke.



All I did was answer the original poster's questions of downsides of the credit card deal. Then I was attacked by multiple posters including you. If you disagree with the facts, then state your case and move on. All you do is personal insults.
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Old 01-04-2019, 09:08 AM
 
3,913 posts, read 7,958,949 times
Reputation: 1890
Quote:
Originally Posted by Lowexpectations View Post
I have a hard time believing your rewards have grown for being loyal anywhere at the rate the signup bonuses offer. Thatís just not how most companies operate and often offer new customers better deals than current.

If you are a loyal user with the same card for years, over time your credit limit grows exponentially and you get offered upgraded cards with better rewards.



If you constantly churn cards I doubt your credit limits would increase much with any one card. Although what do I know because according to the posters here it doesn't matter.
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