I am getting too much free money

Triumph

Lifer
Oct 9, 1999
15,031
13
81
In the form of credit card offers, and I'm wondering if I should keep opening cards for their enticing offers. I'm not talking "Zero percent interest for 3 months!" offers. So far:

Opened Citibank Forward, got $75 for spending $250
Opened Citibank Preferred, got $500 for spending $2,500
Opened Penfed, got $250 for spending $1,000
Opened BofA 321 card, got $300 for spending $500

All of which was money I was going to spend anyway, so I'm not just going out buying things to get to the rewards limits. But I've got a pile of other credit cards

College credit union card, first card so longest credit history
Older Citi card, second longest history
Debit card, not sure if that counts
Travel card for work
Kohls card for coupons
Target card for 5% discount

Now I've got three offers in my mail recently, one for an American Express card that will pay $250 in rewards for spending $2,000, a different American Express that will pay up to $1,000 in rewards for spending $3,000, and yet another BofA 321 Privileges card that will pay another $300 cash back for spending $500 (not rewards).

How long can I keep this up? How many cards is too many? The AmEx cards have annual fees so I'd have to cancel those after a year, how would that affect my score?

Oh, and mortgage is my only debt, don't need a car loan or any other loan i can foresee, only thing I'd think of doing is opening a line of credit against my house in case of something DRASTIC where I'd need that cash fast. Like need-to-pay-ransom-to-Mexican-drug-cartel drastic. Hey, you never know.
 
Last edited:

Insomniator

Diamond Member
Oct 23, 2002
6,294
171
106
I definitely do not think its worth opening 7+ cards because they offer you some chump change amount, especially if you are going to close them due to a yearly fee anyway. I opened one card for a $500 bonus after 3k and also have a costco amex with good cashback... but thats it. 2 cards... I may pick up a 3rd.

9 cards? Are you crazy or is this a joke thread?
 

Svnla

Lifer
Nov 10, 2003
17,999
1,396
126
The frequency of credit card openings is one of the core things that will affect your credit score.

Only $1K for AE? Last year I received over $1.5K for AE Platinum card plus other benefits/freebies.
 
Last edited:

HendrixFan

Diamond Member
Oct 18, 2001
4,648
0
71
Do it.

I typically get $1200-1500 in credit card signup bonuses each year. Some of the better ones are the Chase Sapphire for $500 and Barclays NFL for $400 recently. I churn through the cards, get the bonuses and then cull them every year or so to get ready to apply for new ones. Even with cancelling and consolidating credit lines I still have over 20 credit cards open right now.

My credit score is up near 800 usually, sometimes dipping to the 770s with a few more recent inquiries and new accounts. Unless you are planning on buying a house or car within a year there really isn't much need to "protect" your score by not taking advantage of the better offers. Anytime I get my credit report, including free offers through CC companies, I always do poorly on average age of accounts despite my oldest one being 21 years old and second oldest at 15 years old. My average is 4 or 5 years depending on the offers I get.

The Chase Southwest card is the most lucrative signup bonus I have gotten and it kicked in this year. I have 8 free flights by stacking bonuses and the possibility of more down the road. That is worth between $2400-3000 or so. AMEX offered me $250 for $1000 spend too, so this year is only entering the fifth month and I have done amazingly well.

Don't be shy about taking advantage of these scumbags and the billions of dollars they took from taxpayers during the crash a few years back.
 

Chrono

Diamond Member
Jan 2, 2001
4,959
0
71
Smart guy. I've taken advantage of these deals myself and my credit score is 800+. I think I have over 100+ credit cards.
 

DrPizza

Administrator Elite Member Goat Whisperer
Mar 5, 2001
49,606
166
111
www.slatebrookfarm.com
Smart guy. I've taken advantage of these deals myself and my credit score is 800+. I think I have over 100+ credit cards.
Egads! If serious, how do you track that? I too have noticed an increase in credit card offers and enticements. And, noticed on one card that after only a couple months, they raised the limit significantly within just a couple of months of issue.

I thought credit was supposed to be tight?
 

zanejohnson

Diamond Member
Nov 29, 2002
7,054
17
81
anyone dumb will tell you:

this is why we have so much debt

anyone smart, understands fractional reserve banking.......thank you sir... the debt, is our golden ticket.
 

zanejohnson

Diamond Member
Nov 29, 2002
7,054
17
81
Egads! If serious, how do you track that? I too have noticed an increase in credit card offers and enticements. And, noticed on one card that after only a couple months, they raised the limit significantly within just a couple of months of issue.

I thought credit was supposed to be tight?


the more debt we can rack up,. the more spending power we have......to give financial aid to countries who have actual worth (in recources, rarities, labor, etc..................that they can never pay us back, because of &&&&fractionalreservebanking&&&&

basically the best thing america can do is get as upside down as we can!!!!
 

EliteRetard

Diamond Member
Mar 6, 2006
6,490
1,021
136
How the hell does anybody spend that much?!

I wouldn't even do the $75 one because I'd struggle to spend $250 in a month.

I have my original credit card for like $250 and a second one I got only for my car insurance to get a lower rate.
 

Anonemous

Diamond Member
May 19, 2003
7,361
1
71
its like those guys on the FW finance forums: app-o-rama

As long as you aren't trying to get a loan/mortgage within a year and you have good credit standing go crazy with the card applications.

Last one I got was some AMEX Gold deal where they gave you 50k points if you spent $1000 in 3 months. Traded those points for $660. Once the reward was cashed the card was closed.
 

pcgeek11

Lifer
Jun 12, 2005
21,308
4,427
136
Seems like a sound financial plan .... wait no it doesn't. More like a recipe for disaster.
 

dabuddha

Lifer
Apr 10, 2000
19,579
17
81
Egads! If serious, how do you track that? I too have noticed an increase in credit card offers and enticements. And, noticed on one card that after only a couple months, they raised the limit significantly within just a couple of months of issue.

I thought credit was supposed to be tight?

I use my google calendar to remind me when to drop cards. I usually average around $1000 a year from bonuses from credit card offers. Free money is free money :)
 

Triumph

Lifer
Oct 9, 1999
15,031
13
81
Don't be shy about taking advantage of these scumbags and the billions of dollars they took from taxpayers during the crash a few years back.

That's a very good point, fuck those guys. Got away with robbery.

How the hell does anybody spend that much?!

I wouldn't even do the $75 one because I'd struggle to spend $250 in a month.

How do you not? Don't you eat or spend money on gas? A tank of gas a week is 50 bucks. Groceries for a month are $200. There's your $250. You mean you're not using a credit card that gives ~5% back on groceries, something that you are going to spend money on anyway?

Seems like a sound financial plan .... wait no it doesn't. More like a recipe for disaster.

If you're not shopping for a loan or for a job, credit is basically irrelevant. I have NEVER reached my credit limit on a card. I have only carried a balance once - when I missed my bill pay due to being overseas. I have never used a credit card to pay for something I couldn't afford. No reason I'm going to change now.
 

Triumph

Lifer
Oct 9, 1999
15,031
13
81
Only $1K for AE? Last year I received over $1.5K for AE Platinum card plus other benefits/freebies.

Good to know, I'll wait on the AE offer to improve. How are their rewards? Citibank gives pretty good gift cards, you get more value per point than from getting a trinket or an airline ticket. Penfed gives prepaid visa cards, which are great for universal acceptance. If AE is $1,000 or $1,500 worth of airline miles or Itunes songs, that really isn't as worthwhile to me.
 

Tweak155

Lifer
Sep 23, 2003
11,448
262
126
I take the 0% offers but that's about it. I'm done opening cards for those bonuses, although a $500 one might be hard to pass up.

I love getting a new 0% card when my current one runs out... they love giving me free loans for life it seems.
 

dabuddha

Lifer
Apr 10, 2000
19,579
17
81
Seems like a sound financial plan .... wait no it doesn't. More like a recipe for disaster.

Not only do I take advantage of all the free money offers, I use my Chase card to pay most of my other bills which gives me points/money back. Win win
 

sze5003

Lifer
Aug 18, 2012
14,182
625
126
I only use cards when they offer me 0% for 12-15 months to transfer balances if I need to. For example, my root canal and crown cost me over 1100 and I had to pay out of pocket. I put them on my credit card and pay it as I can without interest until it's down to 0.

My discover it card will be free this month and I'll start using that as my daily food, gas, shopping since I usually spend about $50 a week on gas, $50-60 a week in food to make lunch for work and eat at home. Discover gives you cash back for that stuff so I'll use it.

Previously I've always been buying everything but expensive items with my debit card.
 

EliteRetard

Diamond Member
Mar 6, 2006
6,490
1,021
136
How do you not? Don't you eat or spend money on gas? A tank of gas a week is 50 bucks. Groceries for a month are $200. There's your $250. You mean you're not using a credit card that gives ~5% back on groceries, something that you are going to spend money on anyway?

Food is maybe $2.5/day and gas is maybe $1/day.

I've never been offered a card with 5% cash back, even with a fee.
I don't have any credit to qualify for anything anyway.
Just found that out trying to buy a car.
Ended up having to pay cash.
 

slayer202

Lifer
Nov 27, 2005
13,682
119
106
maybe I should start doing this...my credit is great and I don't anticipate taking out any loans in the near future
 

sze5003

Lifer
Aug 18, 2012
14,182
625
126
maybe I should start doing this...my credit is great and I don't anticipate taking out any loans in the near future

It's a good way to build credit. Everything that you buy on your debit buy with a cash back card. Just don't get lazy and rack up a lot of debt. When the bill is due pay it in full. Rather than spending $20 on debit here, $50 on debit there , coffee and lunch, small things. Use the card, the amount won't be so big.

Just don't do that if you expect a big expense in the future that would require a card.
 

purbeast0

No Lifer
Sep 13, 2001
52,851
5,724
126
Food is maybe $2.5/day and gas is maybe $1/day.

I've never been offered a card with 5% cash back, even with a fee.
I don't have any credit to qualify for anything anyway.
Just found that out trying to buy a car.
Ended up having to pay cash.

some of us don't like eating ramen noodles for all meals and walking everywhere.
 

BlitzPuppet

Platinum Member
Feb 4, 2012
2,460
7
81
I just got an offer this weekend for a balance transfer of 0% for 24 months (with 4% fee). I considered it since there was a card I wanted to pay off, but I opted for a slate card instead since it was 0% for 15 months with $0 fee instead.

Playing the card game is pretty fun...I may have a dozen or so cards.
 

Svnla

Lifer
Nov 10, 2003
17,999
1,396
126
Good to know, I'll wait on the AE offer to improve. How are their rewards? Citibank gives pretty good gift cards, you get more value per point than from getting a trinket or an airline ticket. Penfed gives prepaid visa cards, which are great for universal acceptance. If AE is $1,000 or $1,500 worth of airline miles or Itunes songs, that really isn't as worthwhile to me.

Their rewards are pretty good. Look here = https://www304.americanexpress.com/credit-card/platinum/25330

I was talking about $1.5K in cold hard cash, plus $200 airline gift card, plus free entries into airline lounges, plus free TSA quick entry program, plus double the warranty, and much more.

If you travel as much as me, AE Platinum is the way to go IMO, unless you are rich enough to get their Black Card.

How the hell does anybody spend that much?!

I wouldn't even do the $75 one because I'd struggle to spend $250 in a month.

I have my original credit card for like $250 and a second one I got only for my car insurance to get a lower rate.

I can spend over $100K per year easily and I am a small potato comparing to the big heavies in FWF and FT.
 
Last edited:

Triumph

Lifer
Oct 9, 1999
15,031
13
81
Their rewards are pretty good. Look here = https://www304.americanexpress.com/credit-card/platinum/25330

I was talking about $1.5K in cold hard cash, plus $200 airline gift card, plus free entries into airline lounges, plus free TSA quick entry program, plus double the warranty, and much more.

If you travel as much as me, AE Platinum is the way to go IMO, unless you are rich enough to get their Black Card.



I can spend over $100K per year easily and I am a small potato comparing to the big heavies in FWF and FT.

I don't travel as much as I used to so it isn't so important to me anymore to have a real travel card. But 1500 in cash is quite an enticing offer.