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How many of these credit cards do you apply for? This one seems like an easy way to make $xxx except that I’m currently doing the Discover card deal of spend $1500 every month for six months and get $250. I can’t find another $xxx to spend, even if I spread it out over 3 months! And do you just close the card when you’re done with the deal?
Hello Diana B.
I would definitely not recommend applying for any more bonus credit cards if you would be stretching your finances in order to meet the minimum spending requirements.
I’m not familiar with the credit card offer that you mentioned, and maybe it’s a targeted offer, but spending $1,500 per month for 6 months would require $9,000 in purchases for a $250 bonus, which is not exactly an optimal exchange rate.
Credit card issuers seem to be competing with each other to offer the best bonus deals right now, so I’m sure that you could get an equivalent reward with less spending.
Depending on how many months you’re into your promotion, you may even want to consider if it’s worth while to pursue any longer if you’re stretching your budget too much, especially if you’re in the first or second month.
However, if you’re already committed and it’s spending that you would be doing either way, you could move forward with your promotion, but I wouldn’t try to create more spending in order to get another credit card bonus on top of it.
As a general rule, I don’t recommend abusing bonus credit cards. It’s generally not a good practice to apply for bonus cards only to close your accounts after you meet the promotional requirements and receive your reward.
For certain people in certain situations, applying for new bonus cards to participate in loyalty rewards programs or for different spending purposes will not cause any serious issues, but you have to consider your own circumstances to determine if this is a good choice for you.
I hope this helps out. Thank you very much for sharing your comments and good luck to you.
Max