Credit Card Bonus Alert | TigerDroppings.com

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TheOcean
Florida State Fan
Member since Aug 2004
30811 posts

Credit Card Bonus Alert



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.







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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
30514 posts

re: Credit Card Bonus Alert








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bryso
Clemson Fan
The Real Death Valley
Member since Dec 2006
27086 posts

re: Credit Card Bonus Alert


Isn't canceling cc a bad idea?





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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
57699 posts

re: Credit Card Bonus Alert


Not if you keep churning or don't care about your credit.





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TheOcean
Florida State Fan
Member since Aug 2004
30811 posts

re: Credit Card Bonus Alert


quote:

Isn't canceling cc a bad idea?


LINK

Minimal impact.






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TheOcean
Florida State Fan
Member since Aug 2004
30811 posts

re: Credit Card Bonus Alert


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.






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lighter345
New Orleans Pelicans Fan
Member since Jan 2009
10608 posts

re: Credit Card Bonus Alert


Length of credit history is about 15% of your credit score bro.






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Signature
LSU Fan
Omnipresent
Member since Sep 2005
6478 posts

re: Credit Card Bonus Alert


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?





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TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
17032 posts

re: Credit Card Bonus Alert


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.





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TheOcean
Florida State Fan
Member since Aug 2004
30811 posts

re: Credit Card Bonus Alert


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.






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Catman88
LSU Fan
Baton Rouge, LA
Member since Dec 2004
40286 posts

re: Credit Card Bonus Alert


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.



This post was edited on 12/3 at 8:37 am


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TheHiddenFlask
Clemson Fan
The Welsh red light district
Member since Jul 2008
17032 posts

re: Credit Card Bonus Alert


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.






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Catman88
LSU Fan
Baton Rouge, LA
Member since Dec 2004
40286 posts

re: Credit Card Bonus Alert


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+)



This post was edited on 12/3 at 9:45 am


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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
84242 posts
 Online 

re: Credit Card Bonus Alert


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.






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TheOcean
Florida State Fan
Member since Aug 2004
30811 posts

re: Credit Card Bonus Alert


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.






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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6914 posts

re: Credit Card Bonus Alert


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







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TheOcean
Florida State Fan
Member since Aug 2004
30811 posts

re: Credit Card Bonus Alert








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LSUtoOmaha
LSU Fan
Nashville
Member since Apr 2004
21272 posts
 Online 

re: Credit Card Bonus Alert


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



This post was edited on 12/3 at 6:45 pm


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