This tip is not appropriate for someone with bad credit scores, lots of debt or a shaky loan, or who has trouble keeping their spending in line. But for the brave and credit strong who have solid financial “self-control” there are potential ways to rack up lots of cash (some claim to have made $ thousands), miles (free flights), and more.
The key is to take advantage of new signup bonuses for credit cards, like the ones you probably get in the mail every day. Some cards offer rich rewards such as enough miles to gain a free flight, just for opening an account and making an initial purchase. The best cards do this while waiving the annual fee for the first year so you can take advantage at no cost.
If you are going to try this make sure you are smart about the offers and risks. Read stories and advice from others who have tried this at places like Fatwallet and App-o-rama. Among the strategies they recommend are applying for multiple credit cards on the same day to discount the effect of multiple credit inquiries. There are stories of people getting credit of $200k+ and making $15k+ in freebies, but with the rules of credit constantly changing you need to be sure to review the details before signing up for anything.
|A LOZO expert posted this tip.|