Four New Cards and 400,000 Points: My Q2.75 Round of Credit Card Applications
If you have been following this blog, you might remember that I was going to take a break from applying for credit cards. But then Citi Executive AAdvantage World Elite MasterCard happened.
DISCLAIMER: Credit cards can be extremely dangerous for those that cannot control their spending and are not financially disciplined. If you cannot pay your credit card off in full at the end of every statement cycle, all the miles/points are NOT worth paying 15-25% interest. If you don’t have high enough credit score, your applications will be denied and it will lower your score even further. If you plan to take out a mortgage for a home or a loan for a car, recent inquires on your credit will impair your ability to get the best rate, or the loan. You don’t have to earn a lot, but you do need to spend less than you earn. Read more about it on Eden’s blog – Credit Score FAQ.
I applied for the Executive AAdvantage MasterCard – no longer available – (annual fee of $450 NOT waived for the first year) four times. Yes, four times. I read that you could churn this card so I broke all the rules and applied it one after another (over a period of 4 months before the deal died). The offer was 100,000 miles, Admirals Club Membership and $200 statement credit when you spend $10k within 3 months.
Why: After the $200 statement credit, fee is essentially $250. But if you cancelled the credit card within 37 days of the annual fee hitting your statement, Citi refunded the annual fee. Meeting minimum spend was a challenge I must admit, but it was worth all the effort!
Qantas First Class here we come!!!