Would this be frowned upon by banks?

[Anonymous]

A lot of credit cards state in their terms that if you have had that particular card open within the last 18/24 months that you would not qualify for that cards signup bonus.

It just seems a little shady to take advantage of an offer, close and then open it up again in another 18/24 months to use that signup bonus once again.

But another part of me thinks, it is there to get you to signup and use the card anyway...

Would this be frowned upon by banks? Is this a practice to stay clear from?

Would a bank blacklist you for doing this?

What are your opinions?

[Anonymous]

realistically they have those limitations to prevent people from opening and closing constantly but, if done within the guidelines, you should be fine. i wouldn't worry about it.

[Anonymous]

EVERYTHING is frowned upon by banks

The terms are there to keep the churn down.  But if you follow their rules, they can't really ding you for following their rules.  But if they really wanted to, I am sure they can ding you for some other reason.

[Broke_Triathlete]

That's an interesting question you are asking. I know people (on here) that have got multiple Capital One Venture cards and have gotten sign up bonuses for both cards, at the same time (within the 3 month bonus alotment). So even though it's in their terms it seems as though if you can get multiples you can get multiple sign up bonuses. YMMV.

[Anonymous]

yeah capital one is different. this sounds more like a chase or amex question lol.

i have yet to see a cap1 card not get the bonus if spend was met no matter how recent. i got 2 of the same bonuses in 3 months

[Anonymous]

Whoever does this deserves their accounts closed, IMO. It's not so hard to just earn bonuses and rewards the right way. Double dipping and skating around rules is a good way to get blackballed by a lender.

[Anonymous]

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@Anonymous wrote:

Whoever does this deserves their accounts closed, IMO. It's not so hard to just earn bonuses and rewards the right way. Double dipping and skating around rules is a good way to get blackballed by a lender.

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That's ridiculous.  If a credit card company allows you under their terms to open another card every 18/24 months or whatever term they set and you get another bonus you aren't doing anything immoral, illegal, unethical or anything else.  If they didn't want you to do that then they would make their bonuses available once in a lifetime like Amex.  Otherwise it's perfectly legitimate to take advantage of the programs that they offer.

[FinStar]

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@Anonymous wrote:

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@Anonymous wrote:

Whoever does this deserves their accounts closed, IMO. It's not so hard to just earn bonuses and rewards the right way. Double dipping and skating around rules is a good way to get blackballed by a lender.

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That's ridiculous.  If a credit card company allows you under their terms to open another card every 18/24 months or whatever term they set and you get another bonus you aren't doing anything immoral, illegal, unethical or anything else.  If they didn't want you to do that then they would make their bonuses available once in a lifetime like Amex.  Otherwise it's perfectly legitimate to take advantage of the programs that they offer.

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Absolutely agree.  Hence the reason why the majoriy of lenders have placed longer restrictions for some products, but they are not forbidding the same individual(s) from re-obtaining said product once the 18/24 month timeframe has lapsed provided one can qualify for the CC again. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Whoever does this deserves their accounts closed, IMO. It's not so hard to just earn bonuses and rewards the right way. Double dipping and skating around rules is a good way to get blackballed by a lender.

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That's ridiculous.  If a credit card company allows you under their terms to open another card every 18/24 months or whatever term they set and you get another bonus you aren't doing anything immoral, illegal, unethical or anything else.  If they didn't want you to do that then they would make their bonuses available once in a lifetime like Amex.  Otherwise it's perfectly legitimate to take advantage of the programs that they offer.

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I'm sure there are legitimate reasons one might close a card, say being unable to afford a high annual fee and later re-open the card, but I think that what the OP was referring to and even acknowledged in his post is that banks may frown upon the activity, and possibly take action. With all the talk of MS on here, I'm not sure it's a good idea to promote the idea that there's nothing wrong with what is most likely an attempt at bonus whoring.

But hey if you think it's a good idea then by all means keep closing and reopening the same account once you can claim a bonus again and see what eventually happens.

[myjourney]

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@FinStar wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Whoever does this deserves their accounts closed, IMO. It's not so hard to just earn bonuses and rewards the right way. Double dipping and skating around rules is a good way to get blackballed by a lender.

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That's ridiculous.  If a credit card company allows you under their terms to open another card every 18/24 months or whatever term they set and you get another bonus you aren't doing anything immoral, illegal, unethical or anything else.  If they didn't want you to do that then they would make their bonuses available once in a lifetime like Amex.  Otherwise it's perfectly legitimate to take advantage of the programs that they offer.

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Absolutely agree.  Hence the reason why the majoriy of lenders have placed longer restrictions for some products, but they are not forbidding the same individual(s) from re-obtaining said product once the 18/24 month timeframe has lapsed provided one can qualify for the CC again. 

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I concur doctor Irish and Fin

Banks know exactly what they're offering and to who 

And don't think for one minute that haven't assessed the bottom line and determined they can profit from it 

Lets just say I get the card again just for the bonus well I'll spend 4k-5k for them plus swipe fees and if I don't use the card again then they save in other benefits I.E ins.,warranty, trip cancellation etc etc