Churning credit card advice

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Dec 29th, 2019 11:11 am

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Dec 25th, 2019 9:34 pm

mmikeman [OP]: Sr. Member; Feb 17, 2015; 967 posts; 357 upvotes; Windsor, ON

Dec 25th, 2019 9:34 pm

Churning credit card advice

Merry Christmas to all! Reaching out for some new years advice, I have been able to get approved for 6 cards this year all with various promos welcome bonuses except for 1, with 9 cards open now it's time for some to hit the fan, my oldest out of all these is 6 months old, my question is... if I didn't want to piss the bank's off is 6 months mature a good time to cancel the useless cards then wait 6 more months reapply? Any specific strategy to churning to avoid future denials?

14 replies

Dec 25th, 2019 9:52 pm

JoelK22976: Sr. Member; Jul 25, 2018; 784 posts; 1236 upvotes; Milton, ON

Dec 25th, 2019 9:52 pm

Never feel bad about "pissing off the bank." Who tf cares, as long as you fall within the T&C's, churn to your heart's content. Most banks now have a "blackout" period where they will deny you a WB if you applied for a CC within the past year or so, but again, read the fine print carefully.

+5

Dec 26th, 2019 1:20 am

titaniumtux: Deal Guru; May 8, 2009; 14073 posts; 11728 upvotes; Not Leask

Dec 26th, 2019 1:20 am

JoelK22976 wrote: ↑ Never feel bad about "pissing off the bank." Who tf cares, as long as you fall within the T&C's, churn to your heart's content. Most banks now have a "blackout" period where they will deny you a WB if you applied for a CC within the past year or so, but again, read the fine print carefully.

This.

Premium Life: CDC [Icey Private Status]/SwissBorg/Netflix UHD [100% off]/Amazon [Prime 100% off]/Instacart [Express]

+3

Dec 26th, 2019 9:37 am

wolfs004: Sr. Member; Dec 25, 2015; 530 posts; 325 upvotes; Canada

Dec 26th, 2019 9:37 am

I read you can transfer a card to another card and get the rewards, is that true?

Dec 26th, 2019 9:45 am

titaniumtux: Deal Guru; May 8, 2009; 14073 posts; 11728 upvotes; Not Leask

Dec 26th, 2019 9:45 am

wolfs004 wrote: ↑ I read you can transfer a card to another card and get the rewards, is that true?

Product Switch (PS). Depends on the issuer and the offer.

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+2

Dec 26th, 2019 1:37 pm

AdonisP91: Newbie; Sep 12, 2019; 40 posts; 43 upvotes

Dec 26th, 2019 1:37 pm

I have the same question as the OP, how early can one start canceling cards after collection the welcome bonus? Also, I have an additional question, I started applying for a bunch of credit cards this year, and after six or seven successes with various cards/banks, I just got rejected by Canadian Tire for their Triangle World Elite. Probably too many new trades this year, how long should I wait before applying for cards again, and specifically how long until I should reapply for the Triangle World Elite? Seems like a good card for bill payments, e.g. property taxes.

+1

Dec 26th, 2019 4:46 pm

terracotta92: Deal Addict; Feb 6, 2018; 1301 posts; 1059 upvotes

Dec 26th, 2019 4:46 pm

AdonisP91 wrote: ↑ I have the same question as the OP, how early can one start canceling cards after collection the welcome bonus? Also, I have an additional question, I started applying for a bunch of credit cards this year, and after six or seven successes with various cards/banks, I just got rejected by Canadian Tire for their Triangle World Elite. Probably too many new trades this year, how long should I wait before applying for cards again, and specifically how long until I should reapply for the Triangle World Elite? Seems like a good card for bill payments, e.g. property taxes.

1. 6 months / 6th statement after card approval
2. 6 months to reapply after denial

+3

Dec 26th, 2019 7:26 pm

mmikeman [OP]: Sr. Member; Feb 17, 2015; 967 posts; 357 upvotes; Windsor, ON

Dec 26th, 2019 7:26 pm

6/6 rule sounds legit, most of these bonuses now make you use the card in some of way so one could use the card get the bonus, toss it on the 6th month, replace with different card repeat and enjoy, I get bored at work often and make a schedule for such behaviour and in my situation I could get 3 welcome bonus per year easily for cards bank accounts however...they are getting a bit more strict with those promos some of them disqualifying you for 5 years (RBC)

+1

Dec 26th, 2019 7:46 pm

jtfrogger: Sr. Member; May 26, 2009; 524 posts; 689 upvotes; Calgary

Dec 26th, 2019 7:46 pm

AdonisP91 wrote: ↑ I have the same question as the OP, how early can one start canceling cards after collection the welcome bonus? Also, I have an additional question, I started applying for a bunch of credit cards this year, and after six or seven successes with various cards/banks, I just got rejected by Canadian Tire for their Triangle World Elite. Probably too many new trades this year, how long should I wait before applying for cards again, and specifically how long until I should reapply for the Triangle World Elite? Seems like a good card for bill payments, e.g. property taxes.

If you haven't yet, call them to find out why you were declined. Ask them to reconsider. They should be able to tell you what they are looking for. Then use that information to plan your next step.

+2

Dec 27th, 2019 11:59 am

AdonisP91: Newbie; Sep 12, 2019; 40 posts; 43 upvotes

Dec 27th, 2019 11:59 am

jtfrogger wrote: ↑ If you haven't yet, call them to find out why you were declined. Ask them to reconsider. They should be able to tell you what they are looking for. Then use that information to plan your next step.

I tried calling they said they didn’t have any information to provide and to just check my file at the credit agencies. I mentioned I looked at it already and there is nothing there that is negative other than multiple new accounts. The customer service representative told me that could easily have been it and to wait 6 months before trying again. From my understanding talking to them, everything is handled by the computers and they don’t have any way to change what the computer decides. I guess I’ll wait the recommended time and try again. Cheers to all the replies given.

Dec 27th, 2019 12:22 pm

NobleFalcon1: Sr. Member; May 18, 2019; 862 posts; 442 upvotes

Dec 27th, 2019 12:22 pm

AdonisP91 wrote: ↑ I tried calling they said they didn’t have any information to provide and to just check my file at the credit agencies. I mentioned I looked at it already and there is nothing there that is negative other than multiple new accounts. The customer service representative told me that could easily have been it and to wait 6 months before trying again. From my understanding talking to them, everything is handled by the computers and they don’t have any way to change what the computer decides. I guess I’ll wait the recommended time and try again. Cheers to all the replies given.

Same exact response American Express gave me on two occasions 8 months apart. It's all computerized with these non-banks and there is nothing a human rep or even manager can do it seems. Just be careful when you reapply in 6 months and call them beforehand to find out what they are looking for in an application.

Dec 27th, 2019 1:52 pm

komodor: Deal Addict; Aug 7, 2010; 1026 posts; 388 upvotes

Dec 27th, 2019 1:52 pm

AdonisP91 wrote: ↑ I tried calling they said they didn’t have any information to provide and to just check my file at the credit agencies. I mentioned I looked at it already and there is nothing there that is negative other than multiple new accounts. The customer service representative told me that could easily have been it and to wait 6 months before trying again. From my understanding talking to them, everything is handled by the computers and they don’t have any way to change what the computer decides. I guess I’ll wait the recommended time and try again. Cheers to all the replies given.

NobleFalcon1 wrote: ↑ Same exact response American Express gave me on two occasions 8 months apart. It's all computerized with these non-banks and there is nothing a human rep or even manager can do it seems. Just be careful when you reapply in 6 months and call them beforehand to find out what they are looking for in an application.

I see...

+2

Dec 28th, 2019 4:40 pm

wolfs004: Sr. Member; Dec 25, 2015; 530 posts; 325 upvotes; Canada

Dec 28th, 2019 4:40 pm

terracotta92 wrote: ↑ 1. 6 months / 6th statement after card approval
2. 6 months to reapply after denial

Say you see a new promo from a Canadian bank, take BMO, now you sign up for the BMO CC and in 6 months you see BMO has another card that has a promo

Is the best course of action

1. Cancel said BMO card, get new BMO card
2. Ask BMO to transfer your CC to new CC to get the promo

Just thinking in advance here.

It seems like some of you are able to get several promos. There's a lot of CC's out there so it must add up to a couple hundred dollars!

Dec 28th, 2019 11:16 pm

toaster5: Member; Mar 6, 2013; 317 posts; 121 upvotes

Dec 28th, 2019 11:16 pm

wolfs004 wrote: ↑ Say you see a new promo from a Canadian bank, take BMO, now you sign up for the BMO CC and in 6 months you see BMO has another card that has a promo

Is the best course of action

1. Cancel said BMO card, get new BMO card
2. Ask BMO to transfer your CC to new CC to get the promo

Just thinking in advance here.

It seems like some of you are able to get several promos. There's a lot of CC's out there so it must add up to a couple hundred dollars!

I would cancel BMO and find another bank. Honestly, in my experience, I've found BMO to have the worst credit card rewards.

Dec 29th, 2019 11:11 am

mmikeman [OP]: Sr. Member; Feb 17, 2015; 967 posts; 357 upvotes; Windsor, ON

Dec 29th, 2019 11:11 am

wolfs004 wrote: ↑ Say you see a new promo from a Canadian bank, take BMO, now you sign up for the BMO CC and in 6 months you see BMO has another card that has a promo

Is the best course of action

1. Cancel said BMO card, get new BMO card
2. Ask BMO to transfer your CC to new CC to get the promo

Just thinking in advance here.

It seems like some of you are able to get several promos. There's a lot of CC's out there so it must add up to a couple hundred dollars!

A lot of these banks as mentioned have a 6 month cooldown rule, you cancel and the computer and rep won't approve another card for 6 months after date of cancellation, I can confirm this for PC Financial, Capital One, Desjardins, pretty sure CIBC unless rep lied to me....there are so many choices though...one could easily walk away with $500-$1000 in bonuses if you play your cards right

+1

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