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Credit Card Bonus Alert
Posted on 12/2/12 at 7:39 pm
Posted on 12/2/12 at 7:39 pm
Chase Southwest is offering $500 in amazon gift cards or $835 in round-trip airfare for $2k spent in the first 3 months.
LINK
Free money. It does have a yearly fee, just make sure to cancel before the year is up.
LINK
Free money. It does have a yearly fee, just make sure to cancel before the year is up.
5
Posted on 12/2/12 at 8:02 pm to TheOcean
Posted on 12/2/12 at 8:14 pm to TheOcean
Isn't canceling cc a bad idea?
Posted on 12/2/12 at 8:16 pm to bryso
Not if you keep churning or don't care about your credit.
Posted on 12/2/12 at 9:13 pm to bryso
Posted on 12/2/12 at 9:14 pm to Golfer
quote:
don't care about your credit.
Huh? Read the link above. I keep 2 credit cards that I've had for years and the rest I just sign up for bonuses/cancel after. Credit score hasn't taken a hit.
Posted on 12/2/12 at 10:15 pm to TheOcean
Length of credit history is about 15% of your credit score bro.
Posted on 12/2/12 at 11:25 pm to TheOcean
I can't say I've done anything like this before. I'd love to hear some skeptic express the cons. 2 free domestic flights and $500 Amazon GC? Seems worth the hassle for just about anyone. Other than the slight hit on credit. Is there something else I'm missing?
Posted on 12/3/12 at 7:42 am to Signature
I do it fairly often. The only downside for your credit is that there will be a hard inquiry, which is a pretty minor knock.
Posted on 12/3/12 at 8:04 am to Signature
quote:
Other than the slight hit on credit. Is there something else I'm missing?
Nope. I've read a lot from slickdealers that sign up for just about every credit card bonus. They have had no issues with their credit history.
These bonuses are really no-brainers if you know you're going to be spending the money anyways. I just pay all of my bills on my CC and pocket the money. Then just cancel the CC.
Posted on 12/3/12 at 8:36 am to TheOcean
It definitly has a hit on your credit. Its short term but its two fold. A hit on the initial credit pull and then a hit on your credit history length. If you are old or young its minimal because being old you probably have a really long credit history that is being cut in half but is still solid. If you are really young then you just dont have the credit history to begin with for it to hurt it any.
However if you are say in your mid 30s it can wreck your credit profile.
However if you are say in your mid 30s it can wreck your credit profile.
This post was edited on 12/3/12 at 8:37 am
Posted on 12/3/12 at 9:01 am to Catman88
quote:
a hit on your credit history length
That goes away once you cancel the card. I know you addressed this with your comment about being short term, but this hit is only for as long as you have the card open, and can be reversed at any time.
Posted on 12/3/12 at 9:28 am to TheHiddenFlask
Open or closed does not matter in the calculation. While open accounts is what is primarily looked at by lenders. The closed accounts while still reported to the CRAs are still used in the calculation for FICO. They can remain on the report for 10 years if closed in good standing. (ETA that many lenders do a purge anyways after a number of years so many may not make it to 10 years)
But for example if you close a CC after 20 years of use you get credit for having that history for up to 10 years after last use. Same goes for the card that was closed after 6months of use.
Bottom line though.. If you are not buying a new car or house soon then it really doesnt matter and if you can get this card to begin with your credit is already pretty good. (They typically dont approve anyone for these cards that are not already 750+)
But for example if you close a CC after 20 years of use you get credit for having that history for up to 10 years after last use. Same goes for the card that was closed after 6months of use.
Bottom line though.. If you are not buying a new car or house soon then it really doesnt matter and if you can get this card to begin with your credit is already pretty good. (They typically dont approve anyone for these cards that are not already 750+)
This post was edited on 12/3/12 at 9:45 am
Posted on 12/3/12 at 11:27 am to TheOcean
quote:
It does have a yearly fee, just make sure to cancel before the year is up.
According to the link you provided it appears the annual fee is charged immediately....NOT waived for the first year. Still with a fee of $99, it's still a good deal.
Posted on 12/3/12 at 11:48 am to LSURussian
quote:
NOT waived for the first year. Still with a fee of $99, it's still a good deal.
Even if it's charged immediately, they give you a bonus that effectively wipes out the fee.
Posted on 12/3/12 at 1:00 pm to TheOcean
Every year renewing at $99 gives you 6k in points, worth $100 off any SW flight. So if you fly SW once a year, you can't lose. Going to pull trigger tonight, thanks TO
Posted on 12/3/12 at 4:49 pm to ItNeverRains
Posted on 12/3/12 at 6:44 pm to TheOcean
What would happen to my credit score if I cancelled my two current cards (I've had both for about 18 months), and then got the Southwest one?
Currently it is around 730. I am willing to take a bit of a hit on it, but not too much. I want to consolidate to one card and both of my current cards have annual fees that are too high (which was my fault for getting them in the first place).
Thanks
Currently it is around 730. I am willing to take a bit of a hit on it, but not too much. I want to consolidate to one card and both of my current cards have annual fees that are too high (which was my fault for getting them in the first place).
Thanks
This post was edited on 12/3/12 at 6:45 pm
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