Just looking at introductory offers etc and was wondering if there was any disincentive to card hop? I currently have the AMEX Ultimate Card which gave me 80k QFF points but was thinking of cancelling before the next years $450 fee to search for another intro offer. Is there any reason I shouldn't do this? It does say in the T&Cs that I will forfeit any accrued points but I am assuming that is just points that haven't yet been transferred to Qantas (which happens each month?)
Card Hopping for Points
- Thread starter KyBry
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casanovawa
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It can have some impact on your credit score, so if you have an upcoming loan for a house or something that you may be counting on it might be worth making sure you're in good standing...
But apart from that no there doesn't seem to be too many repercussions other than that applications showing up on your credit history and some institutions might turn you down...
Also with some institutions you need to wait 12 months before you open another card product to be eligible for the bonus points so you might want to take account of this in choosing what offers to take up and how soon to close them compare to ongoing benefits...
I always try and close my cards before the 2nd annual fee comes up, why pay an annual fee and no bonus when you can shut it and go and open another similar product for an often reduced/no fee and be in the running for a nice fat bunch of sign on points...
Just maybe be aware or how many you are churning as the insitutions may look at this before granting them... Not sure there is an exact number of how many you should or shouldn't churn in a year...
But apart from that no there doesn't seem to be too many repercussions other than that applications showing up on your credit history and some institutions might turn you down...
Also with some institutions you need to wait 12 months before you open another card product to be eligible for the bonus points so you might want to take account of this in choosing what offers to take up and how soon to close them compare to ongoing benefits...
I always try and close my cards before the 2nd annual fee comes up, why pay an annual fee and no bonus when you can shut it and go and open another similar product for an often reduced/no fee and be in the running for a nice fat bunch of sign on points...
Just maybe be aware or how many you are churning as the insitutions may look at this before granting them... Not sure there is an exact number of how many you should or shouldn't churn in a year...
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