03-01-2013 08:45 PM
It's gotten to the point where I can apply for just about any credit card and get accepted. There are no denials for inqs. I have about 20 now. There are so many great signup deals that I can never seem to get to the garden. Every few months I go on an app spree. I got my home with a prime rate based on relationship with morgan stanley and could do so when I purchase again and my score is only around 680/690 right now last I checked today.
Does anyone else seem to do this too, just apply for anything anytime a good bonus comes up and then cancel as soon as they qualify? If I do this for years will I feel a backlash from CC companies? Do they monitor this stuff or is it accepted?
03-01-2013 08:53 PM
In my view, unless you have a big loan or project to finance, there's time enough to garden when the signing bonus wars are over. I don't think people realize how rare it is to have whopping $500 sign up bonuses. We've never seen sign up bonsues like this, and once this golden age of bonus passes (when int rates no longer 0), we'll never see it again.
Will have all the time in the world to garden once these bonuses go away. After this, I'll likely garden for the next 10 years. Can't imagine applying for a card without a sign up bonus moving forward.
03-01-2013 09:05 PM
I got 75,000 MR pts for my platinum card at amex and 50,000 for my gold card. the only cards i don't expect to have those kind of bonuses are 2% cash back cards since I've never seen a flat 2% card have a signup bonus. im tempted to cancel my business plat and go back to personal and get a signup bonus from the personal too and then in 13 months go back to plat business if i can. does amex frown on this kind of rotation?
03-01-2013 09:06 PM
Just because you could doesn't mean you should.
Source: 2008 recession
Are you referring to debt; orr, free rewards on money I'm going to have to spend anyway? On the former, couldn't agree with you more. The latter, I've never seen an arbitrage opportunity I did't like!
03-01-2013 09:10 PM
money i have to spend anyways. i purchase inventory on my CC for business, a lot through paypal since the seller has a merchant rate of 1.9% with them (and is happy to eat 1.5%). i have a monthly spend of between $50k-$80k on my CCs.
03-01-2013 09:13 PM
Going forward I plan to stagger my closing dates on the c1 spark (1st of month) and chase ink plus (16th of month) and put anything over the 15k max on each of those on the plum card. this lets me maximize my purchase power and have the cash in account for maximum time.
03-01-2013 09:16 PM
Amex is fine if you churn their cards once, but don't keep doing it. After a couple of times, they may flag you.
Post signing bonus, if you value cash, your best bet is a 2% or 1.5% statement credit for all spend.
03-01-2013 09:35 PM
03-02-2013 06:32 AM
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