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More Credit Cards!

July 26th, 2011 at 10:41 am

These rewards are completely out of control!

I just applied for Southwest Rapid Rewards card. A $99 annual fee + ONE purchase = $500 Amazon gift cards.

I usually write off any card with annual fee (when it's not waived first year), off the bat. BUT, I have made so much cash this year off credit cards, it was a very small gamble.

Rewards round up:

$600-ish deposits to ROTH IRA (Fidelity AmEx)
$1000 (maybe?) cash - not sure if Chase will honor second $500
$300 Cash - Citi
$200 Cash - Chase
$500 Amazon gift cards - Southwest Chase
-$99 fee

=$2500

If Chase flakes out on full $1000 cash, I am still up $2000 for VERY little effort.

I am not sure if I will be approved for this Southwest card - since it is another Chase card. I decided to apply, and ask them to close my Chase Freedom - *if* they deny me for that (too many Chase cards). Was going to close it anyway, but figured it was easiest to do it this way.

I will probably redeem these rewards and close all of these credit cards (4 cards - 2 for the each of us) before I consider any more reward cards this year. I think 4 *extra* cards is about my limit. Should be able to close them all by end of September, and to start anew.

{CAVEATS - we tend to charge most our bills anyway (so we don't have to do anything extraordinary to meet purchase minimums), we ALWAYS pay the balance off monthly, and our 800-ish FICOs seem unaffected by semi-frequent card opening and closings for cash rewards. Once one-time rewards are earned - we immediately close those credit cards. I was blessed to be taught how to handle credit cards versus just fearing them. That said, I don't recommend utilizing these deals if you can't treat your credit card like a debit card, or if you have to rack up expenses that you wouldn't otherwise. Then, it's no deal...}.

2 Responses to “More Credit Cards!”

  1. ceejay74 Says:

    Unbelievable! I only recently got on the bandwagon, but it looks like I'm going to end up with:
    $500 or $1000 on AS's Chase Sapphire
    $500 on my Chase Sapphire
    $150 from Citi Mastercard
    $25 (after $75 annual fee) on Amex (but with 6% rewards on groceries, will get more than the usual for regular spending!)
    = either $1175 or $1675!

  2. Ima saver Says:

    You have gotten some great deals. I have signed up for the Chase Sapphire and a Citi card for cash back. I already get $50-100 back from my Chase business card every month.

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