- Gold Member
- Posts: 45
- Joined: Sat Feb 28, 2015 7:45 am
- Location: NYC
New member, lurking around, trying to absorb information.
Financially OK, 18K car loan, 75K paying job, pays credit card bill in full every month (never missed so far), credit score around 750 (according to Credit Karma), have Chase Freedom, Costco Amex and standard bank card.
Not too much dough lying around (savings or retirement) as we are spending 10X of our earning on our son's Autism treatment/therapies. So although tough times aren't here, they will be if we continue this road. Hence, we have cut back a TON on our spending. Spending only for his treatment/therapies, and almost zero on us (except absolute necessities).
That being said, I personally never looked too much into rewards until I ran numbers recently. We travel once a year to see a specialty physician. We pay about $700 for the tickets. Recently, after receiving a pre-qualified offer for a credit card with some points for air travel, I thought, how about me getting this card, collecting the points, redeem those points and close after a year. Not rigging the system per se, but just taking advantage, pretty much the same way these companies use us.
I am not trying to justify this method, but it did occur to me. Desperate times have brought desperate measures upon us. I don't really care much about credit score as we won't be taking any big loans in near future (savings for the house have already been spent on therapies).
- How much this practice will affect financial standing overall, other than losing that year of credit history, ding in the credit score?
- How such practice will affect future credit card applications, if any?
- Do you suggest me to give this a shot? (although its my personal decision, would you do it, if you were in my shoes?)
Thanks a million in advance.
Chase Freedom 04/2012. $6500 | Costco Citi 10/2012 $8100 | AmEx BlueCash 06/2015, $15000 |Discover It 07/2015, $5200 |Amazon Store Prime 01/2016 $2200
Local Credit Union secured card, 12/2009 - Closed 02/2015