Credit Card Cashbacks, how do to min-max gamify them?

[canuckgramz]

G'day folks, credit card cashbacks have recently caught my attention and I want to put some assumptions I have here for discussion.

Look at these:

https://www1.citibank.com.au/credit-cards/citi-premier-cashback

https://www.commbank.com.au/credit-cards/low-fee-gold.html

These credit cards offer Y cashbacks if you spent X amount of money in 90 days.

I'm assuming cashback means, literally free money if you spend X money.

So what I want to do is get these credit cards, spend the X amount of money. And then, cancel the cards as soon as I receive the one-time cashback. Assuming I spent 3,500$ in those two CCs, I will get 900$ cashback. There is an annual fee for the citibank one which'll reduce net gains.

My questions are:

Is it difficult to cancel credit cards?

Is there a "credit score" associated with my ID that'll be hit and that'll implicate undesirable borrowing outcomes in the future?

Can I simply take these CCs and transfer money into my bank account and that would count as X expense for 90 days making me eligible for the cashback?

Can I dodge the annual fee by cancelling after 90 days?

Are there any other caveats?

I specifically prefer cashbacks over points cause I don't travel that much and can't be bothered mathing out all the value savings and making shopping/lifestyle changes to benefit most efficiently. I just prefer versatile, liquid cash.

Looking forward to discussing flipping credit cards!

 

[mimi94]

@canuckgramz There's a website out there that's for churners.

Point hacks or something.

 

[canuckgramz]

@mimi94 Ah yup, friend showed me. I felt it was specifically for FF points though

 

[moonwalker_03]

@canuckgramz Finder is better for you. Finder has a section for cashback offers and nice filters.

 

[thewayofholiness]

@canuckgramz You need to read the terms and conditions, there’s also really nothing stopping you from keeping the CC (without the annual fee) and just not using it. I somehow highly doubt you can use the card, get cashback, cancel and not have to pay an annual fee.

Credit scores are less important in Aus, unless you’re planning to buy a house. Two CCs aren’t going to impact that as long as you pay it back on time etc.

They won’t consider cash as an expense eligible for cashback and they usually charge fees on cash out.

 

[moonwalker_03]

@canuckgramz It is incredibly easy to cancel credit cards. Most you can do online or in app, without any human interaction.
Yes, you have a credit score. The credit enquiry to get the card is negative, closing it is neutral, and multiple enquiries in a short period is very bad. You will get declined for further credit cards and it may impact your ability to refinance or take out a new personal or home loan, though some will accept getting bonus points as a reason and lend to you anyway - depends how bad your finances look overall.
No, you need to make eligible purchases, which excludes cash advances (which have huge fees btw) and government payments.
You cannot dodge the annual fee but many card offers have $0 annual fee for the first year (less popular at the moment).

 

[canuckgramz]

@moonwalker_03 Hey again mate, thanks so much for the no non-sense information. It's very helpful. Is there a way to view my credit score? What other financial information are accessible by companies that build these credit profiles attached to my identity? Do you have other sources of reading or information?

 

[moonwalker_03]

@canuckgramz The info here and the websites of the main credit report providers (listed on the same site), are probably the most no nonsense sources. Aside from credit enquiries, they report on defaulting on payments, I think primarily when it goes to debt collection. It’s designed to prevent banks from irresponsible lending - giving someone credit when they’re overdue and on their fifth credit card.

 

[canuckgramz]

@moonwalker_03 Outstanding! Thanks mate, this is what i come to this subreddit for!

 

[kijani]

@canuckgramz It is also important to note that you may be able to receive a refund on the annual fee pro rata. Some banks will do this if you ask when you cancel. Eg an annual fee of $120 and you cancel after 1 month, you can get a refund of $110.

 

[canuckgramz]

@kijani Notes, thank you so much

 

[bcreggie]

@canuckgramz You could prob use that energy to do something more productive

 

[mimi94]

@bcreggie Eventually it becomes effortless. You've got everything to apply ready to go

 

[resjudicata]

@canuckgramz https://www.stgeorge.com.au/personal/credit-cards/low-rate

10% cashback for 6 months from major retailers.