Hi guys,
I currently have an Amex Platinum Edge as my sole CC atm. I have a 10k purchase coming up but the place does not accept Amex. I wouldn't want the potential points to go to waste so i'd like to sign up for a new CC and put this on there. Due to this, it'd have to be a Visa/Mastercard one, where i can maximise the points i get and take advantage of any sign on bonuses. I'd be okay with keeping it as i do need a substitute for the non-Amex retailers, however i wouldn't want to incur such a big annual fee unless it'd be okay to cancel it after.
A couple of questions:
1) Obvious one, what recommendations do you guys have?
2) For the ones that have 'spend X amount in X time' get X bonus points. Will it be worth it to incur the annual fee and then cancel it after?
3) If i do cancel the CC during or after the first year with this being my only purchase, is that a tarnish on my credit rating?
Edit. Also, i may not be able to pay off the 10k balance in one month, so ill have to incur interest for 2-3 months max. Is there a way i can avoid this via balance transfer magic? Otherwise it may be preferable to go on a CC with lower interest rates.
Thanks Ozb!
Not much you're getting back there, something like $50-$100 in points at most.
At the same time a lot of credit cards now have limits on the points you get back… screwed a lot of small businesses I bet.
On the financial deals section, these 2 look good for you
https://www.ozbargain.com.au/node/251002
https://www.ozbargain.com.au/node/251794
I'd go with the citibank one, the 70k is basically $400 less the $148 fee if you went the cash route, plus $37 or so you get from the 10k spend. You'll obviously get better value if you spend the points on a flight