Can I Cancel My Credit Card Anytime Once I Have Reached Minimum Spend?

LNoodle340 on 26/05/2019 - 19:37

I have just been approved for the ANZ Black card with 100,000 FF points with the $4000 in 3 months spend.

I have $7500 to spend on new heating so I have the minimum spend covered in an instant, so my question is how soon can I cancel that card and move onto another and still get the points?

I am collecting points as I am heading to Scotland in September next year.
thanks!

Financial

Comments

  • oscargamer on 26/05/2019 - 19:39

    Read the T's and C's that relate to collecting the points

    • Noodle340 on 26/05/2019 - 19:41

      I did, I couldn't find anything that would indicate I need to keep it for a long period.

      • oscargamer on 26/05/2019 - 19:47
        +5

        Stop using it.
        Pay it down to zero.
        Wait until the points show.
        Cancel it.
        Not hard.

        • Noodle340 on 26/05/2019 - 19:55

          Obviously, the concept isn't hard. Just thought I would ask. Thanks.

          • Randxyz123 on 26/05/2019 - 20:33

            @Noodle340: May as well wait for your flight to use the lounge with your card then cancel it.

            • Gandalf the Thrifty on 26/05/2019 - 20:43

              @Randxyz123: You ring up card concierge for the Qantas lounge passes and have them moved to your Qantas account. No need to hold the card for that.

    • Noodle340 on 26/05/2019 - 19:56
      +1

      Thanks, I just read it again. Seems like I am safe to cancel once I have scored the points.

      • Poolprouk on 28/05/2019 - 13:16

        Yes but ANZ will note that you only came for the bonus points (that they would have paid for and probably made a loss against your account).

        Fast forward 18 months after your Scotland trip when you think "Oh, ANZ have another offer again! woo hoo!".

        ANZ Computer will say "No".

  • 87percent on 26/05/2019 - 21:45

    I've heard that rinsing and repeating is not a good idea though

    • PepperedAngus on 26/05/2019 - 22:33

      doing it often 'can' lower your credit rating, depends tho
      two cards a year should be quite safe

  • Archi on 26/05/2019 - 23:25

    My 4th credit card this year and my credit score recently says excellent.

    • Nugs on 27/05/2019 - 07:09

      next thread - "why has my credit rating suddenly dropped"
      .

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