Personal Finance

getting CC's just for promotions...what's the downside?

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  • May 31st, 2013 11:00 am
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Deal Addict
Oct 19, 2007
2568 posts
1093 upvotes

getting CC's just for promotions...what's the downside?

With promotions of CCs popping up once in a while (such as 1st yr fee waived), are there any conseqences of applying to a few of them and having them? Such as having 2 visas, 1 mc, and 2 amex..or whatever.
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Deal Addict
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Dec 5, 2008
1432 posts
114 upvotes
Seks wrote: With promotions of CCs popping up once in a while (such as 1st yr fee waived), are there any conseqences of applying to a few of them and having them? Such as having 2 visas, 1 mc, and 2 amex..or whatever.
only consequence is the hits on your credit, you can have as many Visas or MasterCard or Amex as creditors see fit in accordance to your credit score of course.
Deal Fanatic
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Oct 23, 2006
5314 posts
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Winnipeg
Seks wrote: With promotions of CCs popping up once in a while (such as 1st yr fee waived), are there any conseqences of applying to a few of them and having them? Such as having 2 visas, 1 mc, and 2 amex..or whatever.
It may reduce your credit score initially but not for long. Always keep your oldest card active, to show the long credit history.

I have applied for and gotten 4 cards in the last 6 months, and my score is fine (although I don't care what my score is, it's just a number)

If you need a mortgage right away, maybe don't apply for a bunch of cards.

I get the bonus points and cancel once the 1st year is up on the free annual fee. Ten reapply a few months later. Done it with Amex 3-4 times. Done it with CIBC a few times.

As long as you aren't maxing out your cards, I would not worry.

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