Is it bad to sign up for credit cards just to get rewards points?
I sign up for 5-10 credit cards a year solely based on the fact that they’ll give me $50-$100 in rewards points for using it once. I pay my balance in full every month. Is it hurting my credit to have all these open accounts? I only use one card at a time and that’s whichever card gives me the best rewards.
Credit Score
thats a good question cuz me and my mom do it all the time. I don’t think it could be harmful
I think credit cards suck the life out of you. They are the devil.
What the main point why you asked this question. You want to advertise that you this much of credit cards?
Well yea if u want to be in debt. But as long as ur spend within ur means than ur fine. That’s good that ur paying ur cards off when their due. No it’s not hurting ur credit. Ur actually building ur credit up and when u pay them off in full at the end of the month ur getting a good score on ur credit. But in another way than ur fine when u apply for those cards cause ur not spending like a mad man and getting urself into debt so ur fine.
I don’t know what it does to your credit but your chances for identity theft are now 10 times greater.
I definitely would cancel all but one.
Actually, I heard from a financial advisor who came to speak in class that no matter what, don’t sign up for any of those cards… They are really bad for your credit score!!! She said, try to have as few credit cards as possible, and only real credit cards from banks and not rewards cards form stores etc.
If you do get a lot of credit cards, it can hurt your credit if you have some charges on a lot of them. Like you said though, that u pay off the one card each month. The best thing for you to do is reduce the credit limits on the other unused cards. High credit limits will worry lenders when you try to get loans, bc u “could” one day decide to utilize ALL the credit you have (25 cards with 1,000 limits = a whole lotta money). Call up ur cc and reduce the limits to really low amounts and it won’t change your credit very much. Why not reward yourself for using a credit card. Just remember to pay it off and the end of the month or you’ll fall into the credit trap (your interest is what is paying for the rewards)!
Every time you sign up for a credit card it goes on your credit report. Excessive sign ups bring your score down and can leave you vulnerable. Check your credit reports. Open accounts mean you have access to lots of money on credit and it doesn’t look good. You may want to close some of them. After you get your rewards close the account.
Having a lot of credit cards, even if you do not use them, is a red flag to lenders, such as auto finance, mortgage, and so on. Owning more than two or three cards costs you points on your credit score per card.
It shows that you have the potential for going on a spending frenzy.
it might lower your score for having to many active accounts but if it works for you why not, http://www.fastcreditcardapprovals.com has all kinds of reward credit cards.
If you play with snakes you are gonna get bit.
some credit cards charge a fee if you dont use them. And the ones that dont could start. You see, credit cards make all the rules and can change the rules anytime they want. Just read the fine print.