Sign up bonus offers - How many credit cards can I possibly sign up for?

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Hi PH. Looking through various sign up bonus point offers I wondered how many I could sign up for. Could I conceivably get a bonus points deal by signing up for a credit card with each major bank and a separate non-bank issued AMEX? Obviously I’d have to be willing to pay the fees for each and satisfy each cards minimum spend, but just wondering if holding any of those cards would make me ineligible for the bonus points deal on another. Thanks

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Cancelling cards is not recorded on your credit record . applying for say 8 cards a year would not appear favourable if you apply for say a home loan later as you look like someone continually wanting more credit. not to mention when you apply for a new card they can check other recent applications you’ve made. they would also wonder why so many applications in a short period and whether you are a serious customer

  • Cheers for the advice.

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We can’t advise how many you could or should sign up for. Each will impact your credit record. Have a read more about that here.

In terms of offer eligibility, you could only apply for one type of American Express-issued card each. That’s the primary restriction. Other banks won’t look specifically at what other cards you hold with their competitors when assessing for bonus points, but see point about credit records above again.

  • Cheers for the response.

    Follow up query,

    If I maintained a total credit limit within my means to manage (across several cards), paid off the balance on every card at the end of each month, and applied for a new card every few months (whilst cancelling cards that no longer offer a bonus point incentive); would I be doing anything that would harm my credit record?

    Ie, does applying for 4-8 cards per year and cancelling them once bonus points have been collected have a negative impact on a credit record, if the other factors listed above are accounted for?

    Thanks,

    Ben

  • Hey Ben – everyone’s circumstances are different and it’s not legally possible for us to give personal financial advice on Point Hacks. Some general advice follows.

    There are several factors that impact your credit score, not only applications for credit. Paying off the balance vs paying the minimum payment for example isn’t represented on your record. Neither are account closures, or whether you are managing your credit within your means, with the exception that this would likely mean no defaults would be showing on a credit file if managing credit properly.

    The primary info held is applications for credit, and defaults such as not paying a bill (including utilities). Have a read of the linked guides above for more on who this works. If you haven’t already, you should check your record and score yourself – easy to do via the Credit Savvy or Get Credit Score sites.

    There are also reasons why you would strongly want to maintain your score as high as you can – for example if I were planning on applying for a mortgage in the near future.

    But everyone’s goals, circumstances and outcomes are different.

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