Knightshade
Well-Known Member
So do you sign up for new CCs every year to take advantage of the signup bonuses? And then cancel after finishing the payments?
We do new signups throughout the year for bonuses... tax time is just when we do the really high spend ones (normal ones are like spend 3-5k in 3-4 months, the bigger ones are spend 10-50k in a few months).
Typically if the card has no annual fee there's no good reason to close it (unless you plan to churn it again for the same bonus)
If it does have a fee it'll usually be closed after 1 year-- though in a handful of cases the other benefits of such cards are worth keeping (for example we have one that costs $450/yr, but gives you a $250 airline credit, a $250 Hilton credit, and a free night at any Hilton each year- plus some other benefits (Hilton status, airport lounge access, etc)- so that card is profitable to keep year over year.
We've opened dozens and dozens of cards each over the years, and gotten tens of thousands of dollars in "free" premium travel out of it for not much effort beyond a little bit of paperwork/accounting.... probably not worth the effort for the folks with 8 and 9 figure net worths, but us 7 figure peons like nice vacations too!