Big Upcoming Spend - Get All The Credit Cards?

xdivino on 14/07/2018 - 21:26

I've been told i'll have a large upcomming spend within my strata unit due to a number of issues.. over the course of about 6 months we'll be up for a very large sizable cost. I've known for a while and have saved up for it so it's not an issue of credit but how can I get something out of it..
I can pay my strata fee's via a card provided that passes on a surgcharge etc, and no problem with that at like 1.5-2% overall..

My thoughts are to apply for as many reward cards as possible, hit the min spends for them all, take the bonus points and then cancel them after 6-9 months as to avoid the next annual fee.

My questions mostly are:

  • Can I get blocked by Qantas or Virgin for doing a points grab like this?
  • what risks are there? (non-financial as i'd pay them off almost straight away)
  • will it work?
  • any other tips?
Financial Credit Card

Comments

  • ronnknee on 14/07/2018 - 22:43
    +4

    Too many applications in a short period of time will have you flagged as higher risk and may reduce your chance on getting approved on your next credit card. Space them out by at least a few months or half a year.

    • trotsky on 14/07/2018 - 23:03

      This is where they'll have op, I am afraid. All of the point reward offers have a period of time, between 30-90 days where you'd need to make the minimum spend in order to qualify. Each card will have you take a hit to your credit score, which is going to influence the provision of the cards to you, so if you can defer the spend and space it out over 6 months, you might be able to pull off anywhere up to 6 or so offers depending on minimum credit limits, scheduling wise you'll only have say 4-5 ongoing offers to choose from and some will be multiples with the same institution which may disqualify you for 12-18 months from re-application.

      Can be done but won't be quite as easy as it sounds.

  • John Kimble on 15/07/2018 - 04:00
    -5

    So you are trying to just take advantage of multiple sign up bonuses? Seems like a lot of effort because you'll likely get slugged the surcharge and the annual fee for each one, right?

  • xdivino on 20/08/2018 - 12:35

    Thought i'd re-bump this as the spend is now due soon (October) and will be split payments over Oct, Dec, Feb. All up will be 70k approx.

    Understanding the fee's and charges, whilst i'm a bit hesitant overall with some cards as they do have a large annual fee the points in total should offset a sizable business class airfare for overall spend around what an economy one would be.

    Firstly, is there any recommendations or suggestions for this?
    Perhaps only worth doing over a few cards for big points gains rather than lots of cards for somewhat meh points gains given the fees.

    Currently I already have CBA Platinum and Amex Velocity Platinum.

    Would be ideal to get rid of CBA but I get it for nil. But just got the Amex card recently will likely keep this as CBA ditches the Amex.

    So net new cards will be looking for biggest points gains for little fees.

    • trotsky on 02/09/2018 - 15:39

      I also get CBA for free as part of a loan package, my advice is to ditch it. I did so through NetBank and replaced it just recently with a pair of cards that netted me 120K points and far more per dollar than any CBA card provides.

  • happy bargain fox on 04/09/2018 - 17:21

    Personally, I usually go for all the credit cards that have no annual fee in the first year and get their sign up bonuses.

    Westpac have an offer here: https://www.ozbargain.com.au/node/391084 <- it's worth checking out

    The one i'm considering at the moment is the Qantas Premier Everyday credit card - which gives you 40K QFF points and no annual fee in the first year (https://www.qantasmoney.com/credit-cards/premier-everyday). The offer is until 30 Sep 2018. I already have the Westpac card, so this is my next best option for "free" credit cards.

    P.S. I'm not affiliated with either of the two companies and haven't got any referral links, etc…

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