Would this be frowned upon by banks?

[Anonymous]

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@Anonymous wrote:

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@elim wrote:

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@Anonymous wrote:

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You must have some invisible line of what is OK and not as you recently suggested this to another poster as help to increase limit...

"Best course is simply to get another card through Chase and move the lmiit over, but don't do it right away."

I guess limit whoring is OK?  Must be as you promote it.  lmao, Should they forfeit the Bonus on the card you suggest opening "only for more limit"?

Just don't grab 40k UR's every 2 years and book flights through Chase portal and spend another 10k on the card for that vacation (as well as your yearly spend x 2).

OP, if you Churn and Burn you may have a moral dilemma.  If you are engaged with the product and make some decent spend, why not?

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Well it's fundamentally different. The OP is not talking about opening a different card with a lender. It is talking about closing a specific card and reopening that same card to take advantage of the bonus you received X amount of time ago for that exact same card --- if this isn't straight bonus whoring I'm not sure what is, normal users don't do this, and the OP seemed to acknowledge/wrestle with that concept, rightly so. The karma of doing such a thing would be to get reopened at a substantially lower limit to make hitting the bonus spending requirement more difficult.

Maybe it doesn't sound so ridiculous focusing on the fine-print and how it's in the rules, so take a practical example:

Why don't you call your bank and say "hi I'd like to close my credit card. I really enjoy the card, but I'd love to get another sign up bonus again for the card and plan to re-apply for the card at a later date". Do you think this would be met with a positive reaction or possibly instead get you flagged as a bonus chaser? If you're comfortable with the inherent risk in doing so and likelihood you'd set yourself up for AA in the future, go ahead, but understand there's a fairly perceptible risk.

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You really have a big misunderstanding and you're very wrong.  Tell me how you have come to this conclusion that by following the riules of the CC companies you're setting yourself up for AA? Just because you think that's what should happen or because you have some actual knowledge of this being the case?  When you make statements like 'the karma of doing such a thing....' shows that this is your personal bias and nothing more.

[kdm31091]

These discussions always seem to get kind of ugly.

In any case, it's a personal choice. I think everyone can read the guidelines: Citi says no bonus if card was opened/closed within the past 18 months, Chase every 24 months, etc. I think it's also pretty obvious that the banks don't want people to constantly get bonuses, especially with the same product repeatedly. What you do with this information is your own decision, but the banks aren't ambiguous about where they stand.

It's up to the individual to decide if they want to "follow the rules" or if they want to keep going after bonuses. Everyone has a different concept of what they think is right or wrong, good karma, bad karma, etc. Is it something I do? No. Is it something I think is a good idea? No - the karma issue aside, constant opening and closing doesn't do one's profile any favors. But ultimately, all one can do is take the knowledge that's out there and make their own choices.

[Open123]

While I appreciate many's need to interject "moral" behavior on a CC forum, I've never understoood their motivations. 

To this day, my "moral compass" has been driven by what I had been taught growing up, "never cheat a friend, but never give a sucker an even break."  That's it.  While some Bankers I consdier friends, the Banks certainly are not my, but I sense some of you may think their yours.  And, that's ok.

I can go into a list of all the hypocrisy from those Folks calling the reaping of sign-up bonuses immoral, while engaging in all sorts of questionable practices themselves.

[longtimelurker]

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@Open123 wrote:

While I appreciate many's need to interject "moral" behavior on a CC forum, I've never understoood their motivations. 

To this day, my "moral compass" has been driven by what I had been taught growing up, "never cheat a friend, but never give a sucker an even break."  That's it.  .

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Similar philosophy to what I was taught, except my parents added "And don't have friends, as that reduces the population you can cheat"

[Anonymous]

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@Open123 wrote:

While I appreciate many's need to interject "moral" behavior on a CC forum, I've never understoood their motivations. 

To this day, my "moral compass" has been driven by what I had been taught growing up, "never cheat a friend, but never give a sucker an even break."  That's it.  While some Bankers I consdier friends, the Banks certainly are not my, but I sense some of you may think their yours.  And, that's ok.

I can go into a list of all the hypocrisy from those Folks calling the reaping of sign-up bonuses immoral, while engaging in all sorts of questionable practices themselves.

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I got into it with a teller one time because she didn't want to take my employer's deposit because it contained a Canadian dime.  A coin that we had received from said bank (it was in a roll of coins I opened).  (The deposit had to match what was reported, or else it caused no end of headaches at work, so it was easier to take the deposit back and get another dime than just short the deposit by 10 cents).  Since the C$ was trading at about $1.05 at the time, I told her that due to the financial crisis caused by the banks, that Canadian dime was likely to be worth more than the entire rest of the deposit, if they didn't change their ways.  Yeah, that didn't go over well.

The point is, you're projecting a (false) morality onto the banks.  Trust me, if the policy wasn't worth it to the banks, they'd have any number of ways to keep you from taking advantage of it.  Anything from changing the policy (because of course banks NEVER do that ) to just finding a reason to deny your app.

Hard to make the argument that closing and re-opening cards for bonuses is morally reprehensible when the banks allow it.

[Anonymous]

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@kdm31091 wrote:

These discussions always seem to get kind of ugly.

In any case, it's a personal choice. I think everyone can read the guidelines: Citi says no bonus if card was opened/closed within the past 18 months, Chase every 24 months, etc. I think it's also pretty obvious that the banks don't want people to constantly get bonuses, especially with the same product repeatedly. What you do with this information is your own decision, but the banks aren't ambiguous about where they stand.

It's up to the individual to decide if they want to "follow the rules" or if they want to keep going after bonuses. Everyone has a different concept of what they think is right or wrong, good karma, bad karma, etc. Is it something I do? No. Is it something I think is a good idea? No - the karma issue aside, constant opening and closing doesn't do one's profile any favors. But ultimately, all one can do is take the knowledge that's out there and make their own choices.

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+1

[longtimelurker]

There is at least one person here with a slightly different "moral" arguement, basically that even if the rules appear to allow these things, if enough people "take advantage" it becomes worse for everyone, as banks will reduce rewards for good honest spending (and maybe have higher APRs and lower CLs etc).     That may or may not be true (I suspect credit card "abuse" of this form is a very small drag on profits compared to many other activities engaged in by banks) but even if it is, Tragedy of the Commons type stuff means I don't adjust my behavior, as negative consequences, if they happen, will happen anyway, so I may as well reap the rewards.

But at least it's a reasoned argument rather than, well, the others.

[Anonymous]

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@Anonymous wrote:

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?

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In the end, do what's BEST for you. 

[FinStar]

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@Anonymous wrote:

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@Open123 wrote:

While I appreciate many's need to interject "moral" behavior on a CC forum, I've never understoood their motivations. 

To this day, my "moral compass" has been driven by what I had been taught growing up, "never cheat a friend, but never give a sucker an even break."  That's it.  While some Bankers I consdier friends, the Banks certainly are not my, but I sense some of you may think their yours.  And, that's ok.

I can go into a list of all the hypocrisy from those Folks calling the reaping of sign-up bonuses immoral, while engaging in all sorts of questionable practices themselves.

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I got into it with a teller one time because she didn't want to take my employer's deposit because it contained a Canadian dime.  A coin that we had received from said bank (it was in a roll of coins I opened).  (The deposit had to match what was reported, or else it caused no end of headaches at work, so it was easier to take the deposit back and get another dime than just short the deposit by 10 cents).  Since the C$ was trading at about $1.05 at the time, I told her that due to the financial crisis caused by the banks, that Canadian dime was likely to be worth more than the entire rest of the deposit, if they didn't change their ways.  Yeah, that didn't go over well.

The point is, you're projecting a (false) morality onto the banks.  Trust me, if the policy wasn't worth it to the banks, they'd have any number of ways to keep you from taking advantage of it.  Anything from changing the policy (because of course banks NEVER do that ) to just finding a reason to deny your app.

Hard to make the argument that closing and re-opening cards for bonuses is morally reprehensible when the banks allow it.

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Exactly.

Except that since JackBauer999 has cited "karmic" forces at work then s/he must be right so as to preserve the order of the cosmos.  So, in a sense her/his judgment of peers is absolute from that "moral" standpoint - heaven forbid to consider the reasons that drive banks profits in general (maybe a free enterprise economy is exempt from "karma")

[gdale6]

Enough of all this back and forthm just give your opinion and move on, there is no need to argue something till its dead. Not everyone is going to agree with a persons way of thinking and that is fine this forum does best when there are a multitude of things said for the OP to think about and make their decision on whatever the subject matter may be. Lets all remember this and get along with one another. I thank you for your understanding on this.