TJT
Mr. Poopybutthole
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Best Credit Card with Cash Back Rewards
- Thread starter Hatorade
- Start date
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
Lumi
Vyemm Raider
- 4,414
- 3,190
Does anyone else abuse cashback bonus cc's? I get so many offers from various credit cards that give a bonus if you spend x within the first y months. I just sign up for all of them and collect my bonus and rarely use the card again. It's very easy to hit the amount you need because you can just buy yourself gift cards to use at a later date.
Also, the business cards give insane bonuses, the chase one I got this year gave me 900$ back. The best part is you don't actually have to have a business either, you just sign up as a sole proprietar. I think I made like 2,000$ this year alone doing this and it's literally just free money assuming you pay everything off immediately.
Also, the business cards give insane bonuses, the chase one I got this year gave me 900$ back. The best part is you don't actually have to have a business either, you just sign up as a sole proprietar. I think I made like 2,000$ this year alone doing this and it's literally just free money assuming you pay everything off immediately.
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Tmac
Adventurer
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sleevedraw
Revolver Ocelot
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- 5,728
When done correctly, it does hurt it slightly, but not dramatically. The only factors of your score that it affects are average age of accounts and age of youngest account. Once you're sitting at around 800 and your mortgage is already out, reducing your score from 800 to 770 or 780 doesn't matter. The things that really tank your score are late payments and derogs (bankruptcies, collections, liens.)
Additionally, some of the score drop is counteracted by having more available overall credit line, which is another component of the score.
Cards that aren't used don't hurt your score unless they lie dormant and your bank decides to shut the account down for inactivity - and a shutdown for inactivity isn't a derogatory mark, it just takes that credit line away. Additionally, most credit card companies send a warning before they close the account, and it usually takes a single purchase of a pack of gum every 12 months to keep open.
I churn. Not 10 a year, but usually 4-5, and I know others with comparable scores that do more than I do.
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Lumi
Vyemm Raider
- 4,414
- 3,190
Only a little bit and only for a little while. The benefits outweigh the negatives tho imo. My credit score only dropped like maybe 30 or 40 points but it bounces back.
Mist
REEEEeyore
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- 23,787
fris
Vyemm Raider
- 2,183
- 2,548
it's not the opening of the card but the 'soft pull' that the company does to your credit that makes it drop temporally. it also reduces the average age of all your accounts, but also increases your total potential balance, I don't know how much those offset. Credit Karma thinks my score is 820.
I don't open cards really for the bonuses anymore,, but i probably should. I do rotate 'what's in my wallet' a bit. I'll keep my Discover It or Chase Freedom in my wallet if the quarterly bonus is for groceries or gas. I have a few like the Amazon card that i've sent and forget. There's a US bank that gives 5% for thinks like water/power. Outside of that, I just use my Fidelity card for 2% back into my brokerage account.
reminds me i need to downgrade my cash sapphire, not sure what options there are for that.
I don't open cards really for the bonuses anymore,, but i probably should. I do rotate 'what's in my wallet' a bit. I'll keep my Discover It or Chase Freedom in my wallet if the quarterly bonus is for groceries or gas. I have a few like the Amazon card that i've sent and forget. There's a US bank that gives 5% for thinks like water/power. Outside of that, I just use my Fidelity card for 2% back into my brokerage account.
reminds me i need to downgrade my cash sapphire, not sure what options there are for that.
sleevedraw
Revolver Ocelot
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- 5,728
Your options for a CSP downgrade would be:
- Freedom Flex (newer type of Chase Freedom that runs on Mastercard network instead of Visa; the rotating 5% categories work the same, and unlike grandfathered Freedom, it also gets 3% at pharmacies and restaurants and 5% on Chase Travel. However, it cannot be used in-store at Costco because Costco only takes Visa).
- I believe you can have only one Freedom Flex at a time, but you can have one grandfathered Freedom and one Freedom Flex
- Freedom Unlimited (5% Chase Travel; 3% restaurants+pharmacies like Freedom Flex; 1.5% flat cash)
- Sapphire (can only get this by downgrade, not direct application; I believe it's 2x on dining and travel and doesn't have transfer options like the CSP or CSR, so it's pretty crappy overall)
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sleevedraw
Revolver Ocelot
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