Apply for credit card for single (big) purchase?

[2Xtreme21]

Have you guys ever done this to get a discount / other perks for making a single purchase? I'm going to pick up a TV at Costco today during lunch and I was reading online that the warranty can be extended an extra year if I apply for and purchase the tv with an AMEX. Is it worth it to get an extra credit card just for that extra year warranty?

 

[rudder]

Sure if it is a big dollar purchase. 10% discount will pay the taxes on my purchase.

 

[Mo0o]

Sure. just cancel it later.

 

[TwiceOver]

Sears had a "Get 15% off when signing up for their card" Purchased $2k worth of appliances, saved $300 + Rebates, shredded card.

I don't know if I would sign up for a card just for an extended warranty though.

 

[nakedfrog]

As long as there are no annual fees or anything.

 

[oznerol]

I wouldn't do it for an extra year on the warranty. I have done it for 0% interest for 2 years or 15% off and whatnot.

Costco is good with exchanges as it is, so the warranty might not even be necessary.

 

[TruePaige]

Originally posted by: TwiceOver
Sears had a "Get 15% off when signing up for their card" Purchased $2k worth of appliances, saved $300 + Rebates, shredded card.

I don't know if I would sign up for a card just for an extended warranty though.

I did the same thing at Lowes!

 

[Pheran]

I have done this on occasion. I got $150 off a Blu-ray player by getting a Sony card.

 

[Kyle]

Originally posted by: Pheran
I have done this on occasion. I got $150 off a Blu-ray player by getting a Sony card.

Same, but it was $200 off, and for a ps3.

In general, I don't, but if the perk is really nice I at least think about it. I couldn't turn down a free $200 =).

For an extra year warrenty, I personally probably wouldn't.

 

[nanobreath]

I did the $200 sony card thing as well. Used my discount for a nice 50" plasma TV. The $100 deal they had been running wasn't worth it, but for $200 well worth the effort. I would caution you though to know what your credit is and if you want to protect it in case you are making a purchase in the near future that would benefit from a higher rating. Each application you make on your credit will negatively effect your score.

 

[njdevilsfan87]

Originally posted by: Mo0o
Sure. just cancel it later.

Or just cut it up and throw it out so you don't take a hit on the credit score after it is paid off.

 

[Kyle]

Originally posted by: njdevilsfan87

Originally posted by: Mo0o
Sure. just cancel it later.

Or just cut it up and throw it out so you don't take a hit on the credit score after it is paid off.

I usually try to get one small monthly bill on cards that I don't plan on using so the company doesn't close it due to inactivity. But yeah, I agree, no real compelling reason to flat out cancel the account

 

[Electric Amish]

Originally posted by: njdevilsfan87

Originally posted by: Mo0o
Sure. just cancel it later.

Or just cut it up and throw it out so you don't take a hit on the credit score after it is paid off.

Yeah, you take a credit hit if you cancel the account.

 

[YOyoYOhowsDAjello]

I did the $200 off Sony card as well and got a refurb Onkyo 876. If I can just get my 13% microsoft cashback to go through, I'll be in very good shape

 

[krunchykrome]

I got a Home Depot credit card when we bought our appliances for our house from them

We got 10% off

 

[shelaby]

did it for my ps3, got 100$ off with the sony card, plus i got 100$ gc to walmart and no interest for a year so i have just been making minimum payments on it. Gonna shred the card once the ps3 is paid off

 

[SoulAssassin]

The 'credit hit' for applying for one card is generally exaggerated, your FICO usually takes a 10-20 point dive and evens out after 3-6 months. I'm a fan of the app-o-rama and just apply for 5-10 cards at the same time to maximize your credit lines.

 

[thomsbrain]

The Costco AMEX card is a great rewards card with no fees and generous credit limits. No reason not to get one, even if you aren't making a big purchase with it.

 

[iGas]

Home Depot had a promotion a few years back. 10% off with first purchase using HD credit card.

I signed up and made a 28K purchase, then cut the card up 90 days after I pay it off.

 

[James Bond]

Originally posted by: SoulAssassin
The 'credit hit' for applying for one card is generally exaggerated, your FICO usually takes a 10-20 point dive and evens out after 3-6 months. I'm a fan of the app-o-rama and just apply for 5-10 cards at the same time to maximize your credit lines.

Is that all it is? I was worried that the hit would last for at least a year.

 

[imported_Lothar]

Originally posted by: James Bond

Originally posted by: SoulAssassin
The 'credit hit' for applying for one card is generally exaggerated, your FICO usually takes a 10-20 point dive and evens out after 3-6 months. I'm a fan of the app-o-rama and just apply for 5-10 cards at the same time to maximize your credit lines.

Is that all it is? I was worried that the hit would last for at least a year.

The credit hit one takes for canceling a card is overrated.

If it's a card that's 5+ years or your oldest card, don't cancel.
If it's a card that's <2 years, cancelling it won't affect your score unless you're a college student with a low limit, or you carry balances.

Signing up for a store credit card to take advantage of a 10% discount and canceling it 3-6 months later won't affect your score in any way, shape, or form(besides inquires) as long as you're not an idiot who carries balances and it's not your first card.

 

[James Bond]

Originally posted by: Lothar

Originally posted by: James Bond

Originally posted by: SoulAssassin
The 'credit hit' for applying for one card is generally exaggerated, your FICO usually takes a 10-20 point dive and evens out after 3-6 months. I'm a fan of the app-o-rama and just apply for 5-10 cards at the same time to maximize your credit lines.

Is that all it is? I was worried that the hit would last for at least a year.

The credit hit one takes for canceling a card is overrated.

If it's a card that's 5+ years or your oldest card, don't cancel.
If it's a card that's <2 years, cancelling it won't affect your score unless you're a college student with a low limit, or you carry balances.

Signing up for a store credit card to take advantage of a 10% discount and canceling it 3-6 months later won't affect your score in any way, shape, or form(besides inquires) as long as you're not an idiot who carries balances and it's not your first card.

So closing your first card is bad? Do I keep my first CC open indefinitely even if I never use it?

 

[YOyoYOhowsDAjello]

Originally posted by: James Bond

Originally posted by: Lothar

Originally posted by: James Bond

Originally posted by: SoulAssassin
The 'credit hit' for applying for one card is generally exaggerated, your FICO usually takes a 10-20 point dive and evens out after 3-6 months. I'm a fan of the app-o-rama and just apply for 5-10 cards at the same time to maximize your credit lines.

Is that all it is? I was worried that the hit would last for at least a year.

The credit hit one takes for canceling a card is overrated.

If it's a card that's 5+ years or your oldest card, don't cancel.
If it's a card that's <2 years, cancelling it won't affect your score unless you're a college student with a low limit, or you carry balances.

Signing up for a store credit card to take advantage of a 10% discount and canceling it 3-6 months later won't affect your score in any way, shape, or form(besides inquires) as long as you're not an idiot who carries balances and it's not your first card.

So closing your first card is bad? Do I keep my first CC open indefinitely even if I never use it?

Someone correct me if I'm wrong, but I think it's a good idea to use it occasionally just to make sure it's not deactivated due to inactivity.

 

[Ticks]

Originally posted by: thomsbrain
The Costco AMEX card is a great rewards card with no fees and generous credit limits. No reason not to get one, even if you aren't making a big purchase with it.

This! No annual fee as long as your a Costco member and you get 3% on gas.

 

[imported_Lothar]

Originally posted by: James Bond

Originally posted by: Lothar

Originally posted by: James Bond

Originally posted by: SoulAssassin
The 'credit hit' for applying for one card is generally exaggerated, your FICO usually takes a 10-20 point dive and evens out after 3-6 months. I'm a fan of the app-o-rama and just apply for 5-10 cards at the same time to maximize your credit lines.

Is that all it is? I was worried that the hit would last for at least a year.

The credit hit one takes for canceling a card is overrated.

If it's a card that's 5+ years or your oldest card, don't cancel.
If it's a card that's <2 years, cancelling it won't affect your score unless you're a college student with a low limit, or you carry balances.

Signing up for a store credit card to take advantage of a 10% discount and canceling it 3-6 months later won't affect your score in any way, shape, or form(besides inquires) as long as you're not an idiot who carries balances and it's not your first card.

So closing your first card is bad? Do I keep my first CC open indefinitely even if I never use it?

Depends on how long you've had it.