Credit card promotions?

[Anonymous]

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@Anonymous wrote:

I wonder how much it can really affect them?

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It actually raises your score by quite a bit.

People don't factor in that FICO also gives bonus points for sheer quantity.  Opened or closed accounts, paid on time, are extra points on your credit report.  There is a point of diminishing returns of course.

I have always made sure I got the most bonus points out of Quantity and Mix; AAoA bonus be damned.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

This practice is called churning, and yes, people do it. For obvious reasons, most credit card companies probably don't like when people do this.

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Most credit card companies also hate it when you don't pay interest. 

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Most credit card companies don't try to take proactive measures in their application process and T&C to discourage people from not paying interest.  Also, haven't heard of anyone getting their accounts closed due to not paying interest on their charges (although granted, stories about people getting their accounts closed to due churning are probably mostly speculative).

[Anonymous]

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@Anonymous wrote:

I can imagine their must be some people out their with a really long list of opened and closed credit card accounts on their reports. I wonder how much it can really affect them?

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You need to have and maintain really, really great credit to churn successfully, so to answer your question, it probably doesn't affect them or their scores in any consequential way.

[myjourney]

I won't even think of adding a new card if there's not a good bonus attached 

Depending on bonus size this can amount to thousands of free $$$$$$$$$$$$$$$ a year that the CCC's pay me to use their cards for something I'm going to spend money on anyway 

Makes sense to me 

Had a recent conversation about this....party stated didn't need a HP for a 200.00 bonus Hmmmmmmmmm oh really 

Then we don't think alike because I see more money than that 

(bonus) $200 = to 20,000 points after spend 

Then because I spent in bonus categories I got 5% 

So by time I meet spend that HP is worth 350.00 

Transfer those points to say a FF program and it could well be worth 450.00 or more depending on deal selected and offers 

In this case for me..... keep the cash I'll take the points (this time) Lol

I ask you all..... is that worth a HP? Lol

Turn 4-5 or more of those a year 

[Anonymous]

But is that the only way it can hurt you, is a HP?

[myjourney]

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@Anonymous wrote:

But is that the only way it can hurt you, is a HP?

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Really yes 

It's not like I'm opening cards and once spend is meet I call and say close card...Lol

In most cases the card will remain open unless it has an AF that I don't wish to renew because then I'm giving $$$$$$$$$$$$$ back in  the 2nd year that I earned orginally 

[Anonymous]

Yeah, i guess the idea would be trying to get cards with the best rewards that have no af.

[myjourney]

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@Anonymous wrote:

Yeah, i guess the idea would be trying to get cards with the best rewards that have no af.

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In most cases the best rewards come with AF's which is how they pay for the rewards system... Lol

Some worth keeping long term some get the