canuckgramz
New member
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!
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!