If you’re looking for a new credit card, this is a golden opportunity. I want to emphasize that I’m not recommending you get this card and spend beyond your means. When I make these recommendations, I’m advising you to act wisely and cancel the card after you’ve used the bonus. But, keep it open if you need a card. The bonus rewards for just opening it are reason enough to snag this one while the promotion lasts. Opening and closing credit cards during these special promotions is a great way to make a little bonus every month on the side!
Citi is offering preferred and premier versions, here are the perks:
- 6,000 bonus points after $300 in eligible purchases during first 3 months.
- 0% APR for 12 months
- 1 point rewarded for every dollar spent
- 2 points for every dollar during first 12 months.
- 100 bonus points for signing up online
- 100 bonus points for paperless statements
- 3% bonus on existing point balance at year end.
- No annual fee!
- 20,000 bonus points after first $1,000 spent in first 3 months.
- 1.2 points per dollar at gas stations, supermarkets, and drugstores.
- 2 points per dollar spent on airline miles.
- 200 bonus points for signing up online.
- 200 bonus points for paperless statements.
- 5% bonus on existing point balance at year end.
- Annual complimentary domestic companion ticket.
- Annual fee waived for the first year.
Both are great cards, each will cater to different spending habits. Check them out and enjoy some holiday bonus cash!
-JE
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Jon, I heard that if you open and close credit accounts your credit score will drop. Is this false?
Hey Matt,
Yes, your credit score will not, but not by much. it’s all about time frame. For example, if I was planning on buying a house within the year, i would not be opening and closing credit cards. but since I’m planning on waiting 10+ years to buy a home, the small little hits to my credit score are of no worry to me. There are many years to go before the home purchase, so plenty of time to build that credit score up again. in the mean time, I’m making major profit off the banks and their credit cards!
-JE
Your credit score is based on many factors. One of them is opening and closing accounts. The recommended sweet spot for maximizing your credit limit/spending ratio is 3 credit cards, preferably ones that have cash back type rewards with no annual fees.
Other things that affect your score are the number of cards, on time payments, balances over 10% on all your revolving credit accounts, total balance above %20~30 of your aggregate credit limit, and hard inquiries of your credit score. These are factors that get summed up into one score. There are 3 major companies that track your credit: TransUnion, Equifax and Experian and their scores will differ because they wight these categories differently but minimizing your risk in all areas will increase your credit score across the board and help you get the best interest rates on cars, homes etc..