Mrs. Dragon and I are currently in the process of buying a house (woot!). As such, I’m not going to be doing any credit card churning until the mortgage clears. But after the dust settles on the mortgage, I’m thinking about trying my hand at travel hacking. Specifically, credit-card churning.
I’m an adventurer at heart. Mrs. Dragon is a little more reluctant sometimes, but we both love to travel. So if I can figure out a way to make travel hacking work for us, that would be a HUGE win for a frugal pair like us.
For the uninitiated, I’m talking about signing up for a bunch of credit cards, getting the sign-up bonuses (airline miles mostly), and then cancelling the cards after the first year. A few comments:
- UNDER NO CIRCUMSTANCES SHOULD YOU EVEN CONSIDER THIS IF YOU HAVE CARRIED A BALANCE ON A CREDIT CARD AT ANY POINT IN THE PAST YEAR!
- Maybe just read that first one again.
- In general, you need excellent credit to make this work.
Sorry I had to yell at you, but the all caps above really cannot be overstated. I know it’s tempting, but just don’t do it if you don’t already have a firmly established healthy relationship with credit cards.
Just to be clear, I have never “churned” any credit cards before. I’ve thought off-and-on about trying it for a while, but I always end up deciding that since Mrs. Dragon and I are pretty frugal, there is no way we would be able to meet the minimum spend limits to get the bonuses. Oh, didn’t I mention? You have to spend a shit-ton of money (in most cases) on these newly opened cards in order to get the sign-up bonuses.