MetroStyles
Stylish Dinosaur
- Joined
- May 4, 2006
- Messages
- 14,586
- Reaction score
- 30
You know all those spam letters you throw out immediately? "Sign up for the XYZ Visa today and earn 25,000 United miles instantly!" Things like that.
My automatic reaction is to throw out - but seriously, what is the down side? Is it really as simple as:
1) Sign up
2) Make a purchase
3) Pay off bill from aforementioned purchase
4) Collect free miles
5) Cancel card before annual membership fee kicks in
Positives:
- 25,000 airline miles
Negatives
- Credit score may be impacted negatively, but not by much
- I am assuming they can get you by charging the membership fee upon cancellation even if it is before the normal date the fee is usually assessed, or by at least charging a pro-rated part of the fee (which would not be so bad for 25,000 miles).
I must be missing something here, because it sounds too good to be true. Credit card experts - please advise! Thanks.
My automatic reaction is to throw out - but seriously, what is the down side? Is it really as simple as:
1) Sign up
2) Make a purchase
3) Pay off bill from aforementioned purchase
4) Collect free miles
5) Cancel card before annual membership fee kicks in
Positives:
- 25,000 airline miles
Negatives
- Credit score may be impacted negatively, but not by much
- I am assuming they can get you by charging the membership fee upon cancellation even if it is before the normal date the fee is usually assessed, or by at least charging a pro-rated part of the fee (which would not be so bad for 25,000 miles).
I must be missing something here, because it sounds too good to be true. Credit card experts - please advise! Thanks.