Applying for credit cards to get signup promotions/deals?

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Applying for credit cards to get signup promotions/deals?

Postby angellagirl » Tue Nov 08, 2011 1:18 pm

Okay, I need some advice. I keep getting these really good credit card signup deals in the mail. Even though I have applied for them in the past and they all turned out good, I still think there must be a catch or someway I will get hurt down the line.

Here is my situation:

  • My credit score is about 770.
  • I have about 30 credit cards. I have so many because of all the signup offers I keep getting and applying for. I have never cancelled a card.
  • I am very careful with my money and don't believe I will ever get in trouble with credit cards.
  • There is no way I can use each of these cards every month or even every other month.
  • I never spend money just to receive the signup bonus. I just take the charges I would make in a normal month and move them between cards.
My question. Does it hurt my credit score if i use the card just to get the incentive and never use it again and don't cancel it? Is it not smart to cancel credit cards?

I can really use these incentives they offer. The last one was a $750 Home Depot card for opening an account with American Express and spending $2000.

Thanks for any advice and help


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Postby jeffysdad » Tue Nov 08, 2011 8:22 pm

As long as you follow all the rules to the letter and are aware of all the loopholes I think you should keep working it. It sounds like you know what you're doing. Just don't start carrying any balances. If I were you, I would make sure I checked in on all of my open accounts periodically to make sure no sneaky charges were assessed and that there was no fraudulent use.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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Postby bisbicos » Wed Nov 09, 2011 7:10 pm

How many of your accounts have annual fees? Also with 30 cards what is your total credit limit?
Credit Cards
American Express: Fidelity Rewards (2% cash back) 9.5k
Discover: Discover More (5% rotating categories) 12k
Mastercard: Chase Freedom (5% rotating categories) 4.6k
Visa: Citi Forward (5x pts on restaurants) 15.7k
Citi Dividend (5% rotating categories) 5.6
Capital One Journey (1.25% cash back) 1.25k
BofA AAA (5% on gas) 2.5k
PenFed Platinum Rewards (5% on gas 3% groceries) 7.5k

Future Cards
US Bank Cash +
Chase Ink

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Postby JNK » Fri Nov 25, 2011 10:21 pm

Yes, it CAN potentially hurt because you could end up developing a relationship with the credit card company where they'll see your information pop up for a new card application and go, "Oh wait! Here's someone who has a history of applying for credit with us to get the promotional benefits... only to never use the card again!"

There is or was a guy/gal who posted in these forums that they've worked as a credit rep before and that this is one of the things they watch out for when processing applications.
Personal Collection:

AMEX: Everyday (MR), Macy's (cobranded)
MASTER: Citibank Dividend Platinum Select (non-World version)
VISA: Chase Amazon Signature, Chase (bank issued)
GE: Care Credit (medical expenses), Macy's (store), JCP (store)

Business Collection:

AMEX: Costco True Earnings
VISA: Chase Ink Cash

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Should I sign up for every cash reward program I get?

Postby brianmcgann » Mon Nov 28, 2011 10:07 am

Hi all, I have a credit score in the high 700's. My wife and I have used Amex Blue Cash exclusively for years and we usually get about $600 to $700 back each year. Recently we signed up for a Citi Dividend card to take advantage of their 0% APR offer and $100 cash back. I paid off the balance before accruing any interest and got my $100. This past weekend, I got a similar offer for a Chase Freedom card with a $300 cash back promotion. Both my wife & I got one, but I doubt they'd let us both get the $300 offer each? Anyway, the offer was we simply had to make one purchase on the card and then we could request a check.

I'm thinking about taking advantage of this, as well as any other similar offers that come. What is the downside? Would it affect my credit score if I sign up for multiple cards and then immediately pay them off? I will not carry balances on any of them and will pay in full before accruing any interest.


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Postby JohnB222 » Mon Nov 28, 2011 6:39 pm

If both you and your wife got accounts, neither of which were joint, yes you would be able to get the $300 each. Downside whenever opening any type of account is the hard credit inquiry which will bring your credit score down for 1-2 years.
[font=Arial][CENTER]Amex Blue Cash Everyday - 22k CL | Chase Hyatt - 15k CL

PenFed Platinum Rewards - 12k CL | Chase Sapphire Preferred - 8k CL | Chase Freedom - 5k CL[/CENTER][/font]

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Postby naomibatac » Tue Nov 29, 2011 3:49 am

Credit card rewards and promotional deals are very tempting. Some cards have real good deals. However, if you are going to get a card because of the deal, make sure also that the credit card will also be useful and the rewards are appropriate for your lifestyle in order to maximize the use of the card. This way, you get the benefits of the deal, the rewards and most especially be able to build your credit score. Prevent lowering your score because of a cancelled card.
[size=60]I don't have any relationship to the credit cards or companies discussed here. I am solely a regular member of this forum with no direct financial rewards from this site. My opinions are solely mine.[/size]

A mom of 3 and currently living life, and working for credit card helpline, a company dedicated to helping people get out of credit card debt.

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Postby jumbo » Wed Nov 30, 2011 2:19 am

yes, just got a pre-approved offer from Chase Freedom with the reward of $200 once you spend $500 in the first 3 months.. Not bad actually, but gonna skip it for now, just got a couple of cc last month.
BofA Cash Rewards | CapitalOne QuickSilver | Discover More
Gold Delta AMEX | Citi DoubleCash | Citi Simplicity
Chase Freedom | Kohls Charge Card

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