Which FF programme for 25yo Sydneysider?

[JohnK]

are their any penalties associated with cancelling credit cards after using them for a year?

I have never heard of penalties imposed for cancelling credit cards. Sometimes you may even get back a pro rata of the annual fee.

Taking advantage of promos would seem a good way to earn points. I signed up for the woolworths one and getting 16k points. Could I join ANZ one aswell?

Why not?

One thing to note though - I don't remember where I read it from, but I think if you have too many credit cards it can hinder your credit rating.

Sometimes it may hurt. How many credit cards is too many?