Comments

  1. says

    It sounds like you’ve got a good system setup Harry. When I first started reading this post I was thinking how bad this could be for your credit. I like how you take precautions to keep your credit score high. The trick of opening more than one card on the same day is a good way to get around some of it. The main thing is that people shouldn’t overspend just to reach the minimum spending requirements. That’s when this strategy could become disastrous.

    • says

      Yep, this definitely is not for everyone, but a lot of people have been asking me how I do it, so I thought I’d share. Most people are usually worried about their credit but as long as you don’t overdo it you should be fine.

      I have some good tips to help you hit the spending requirements too but I couldn’t give it all away in one post!

      • says

        It’s awesome that you did share this strategy. Considering how much bonus money you’ve racked up, it’s obviously working well for you. It makes me jealous of the sweet US credit card promotions.

        • says

          Yea I don’t mind sharing these because I know most people probably won’t do it. But for the few who do, they will make a ton of tax free money.

          You can’t enroll in any of these offers or does Canada not have similar stuff? That’s a bummer, it would almost be worth it to try and get dual citizenship! haha

  2. says

    Sounds like a good system however I would caution many on this. I have known far too many people who take advantage of these offers and then get themselves into debt they can’t pay off. They get too tempted to overcharge once they have the credit card.

    • says

      I understand the temptation but I think people should be treated like responsible adults. I hate the fact that we baby everyone with credit cards. The terms are pretty clearly laid out up front and if you want to pay a ton of interest then don’t pay your card in full every month. I mean your bill even states now how much you’ll pay in interest if you make the minimum payment, haha!(Reminds me of the cigarette packs that say this product will cause cancer!)

  3. says

    I signed up for a great cash back card for a $60 opening bonus plus 5% cash back for the first six months. I did not do this for the bonuses, it is the best no annual fee rewards card in Canada. The bonus is just that, a bonus. The site I signed up for the card through hasn’t paid my bonus yet though so I am still getting that sorted out.

    • says

      Wow 5% cash back is pretty awesome. Honestly, most credit cards these days offer many of the same benefits and the only card I’ve found that goes above and beyond is AMEX, but their gold cards have a $195 annual fee :(

  4. Financial Penguin says

    I recently went on a spree of credit card rewards grabbing, and then a few days later decided it was time to refinance my house. This made things a bit complicated because the bank was a little curious about the 8-10 inquiries on my report. It didn’t hurt my credit score much but the bank was a little cautious and I had to fill out some extra paperwork. All in all though I’m getting a lot of points / cash from these signup bonuses and it was worth the hassel, especially because as a business owner, I signed up for the personal card and the business card at the same time on all the really great bonus cards like chase sapphire preferred, so I doubled my bonuses!

    • says

      Yes I think a lot of people are scared to have too many inquiries but I have never been denied for a line of credit and refinanced twice in the past two years. I think I’m up to 12 credit cards now and I’ve gotten some freaking awesome sign-up bonuses. For the deal mentioned above, I actually signed up personal/business and got 100k and companion status for this year and next year. Free flights for me and a companion, love it! haha

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