Travel Tip: Banks Crack Down on Credit Card Churners
Enter the world of churners—that’s what they call folks who play the bonus credit card game by signing up, getting the bonus, and then closing their accounts.
They do this trick with multiple bonus offers and different credit cards.
But be warned: the banks now know about the game and are making it much harder to get those multiple cards.
Some banks, such as Chase, now reject applications from people who have opened five or more credit cards within the past two years.
Other banks make you wait at least two years before you can collect another sign-up bonus for the same credit card.
American Express is even tougher: only one sign-up bonus, once per credit card.
If you do get some of the bonuses, many credit rating services drop your score if they see you apply for too many cards.
Your credit rating gets hurt, and that presumes you can even redeem those extra bonus miles at all.
- Ways You Can Make the Most of Your Frequent Flyer Miles
- Hidden Travel Perks in Your Credit Card
- Three Questions to Ask Before Signing Up for a Travel Credit Card
Keep reading for more travel tips.