Thursday, April 25, 2019

Should I or Shouldn't I?

I got these two credit card offers in the mail recently, on the same day.

An offer for a Capital One Visa and an offer for a Bank of America Mastercard.
Each came with the incentive of a $150 Cash Bonus if I put $500 worth of charges on the card within the first 3 months of having it.

1 has a permanent 1.5% cash back on everything you purchase and the other has a varying schedule of cash back(between 1 and 3%)depending on where you spend your money.

As for interest rates.....those don't matter to me as we NEVER carry a balance and we don't take cash advances either.
And I am not one of those people who can't resist using a credit card when they can't pay off the balance each cycle.

I don't NEED another credit card(I have two already)so I'd just get these for that $300 cash bonus. 
I know $300 is not much in the scheme of things but still it's free money and that calls my name. lolz

I would cancel the credit cards at some point(whenever it was safe to do so)or maybe keep one of these and cancel one of my other 2 cards, depending on which one was better for my needs.
I don't worry about dinging my credit score at this point in my life as I don't buy anything on credit so don't need to have a high rating really.

So should I get these cards just for the cash or not?

Have you ever gotten a credit card for some incentive?  What did you do if anything?



  1. Please don't underestimte the importance of your credit score. Should you (or your spouse or children for whom you are still financially responsible for) require medical treatment or you have to make an emergency purchase on credit, having a high credit score is crucial. Having lost my spouse suddenly and unexpectedly, relocating to a home that required less (and more manageable) maintenance, having emergency surgery, and needing to replace my vehicle, I know first-hand how important a good credit score is. If the cash-back offer is that enticing, replace your current cards with these. But do not keep all of the cards active. My two cents ...

  2. I would not but that is just me.

  3. Active credit cards help credit score here in Canada. Not sure I follow the worry of your other comment! Go for it. Take the benefit. Cancel the card when it makes sense. I get loads of free travel that way.

  4. Plus... I think your credit score is solid. A couple of open cards ain’t gonna hurt the slugs score.

  5. We (hubby & I) both have the Capital One (same deal) and love it. Our only major cc. We put EVERYTHING on it. Their CS is amazing. You can get instant notifications when a charge transaction goes through. They're excellent at questioning charges & ask for confirmation. Best card we've ever had/been so satisfied with. A few other cool features they offer.

    1. And we're like you, Sluggy, we pay our cards off in full every month. We have never paid cc interest. So it's really free money! 😍$$

  6. Your method of telling everything in this article is actually
    good, all be able to easily know it, Thanks a lot.

  7. I hate BOA, so I'd never give them any of my business-even for "free" money. The other one, I might consider, but would cancel it once I received the $150 bonus.

  8. I wouldn't. But my brother would!! He's diligent about getting these things then cancelling. I'm afraid I'd get myself into a mess! 😂

  9. Hi Sluggy, this is Chris. I don't know if I missed this in the article, but if there is an annual fee for either of the credit cards, I would definitely not do it. Idk how you and hubs use your credit cards. I do not use mine very often, so it would not be worth it for me. We get offers in the mail like this sometimes also, but I am not tempted. My other thought is that if these are not local banks to your area, you cannot go into a branch if there is a problem, the CS is all by phone. Idk if that is a thought for you or not, but it is to me. I agree with the other readers about keeping your credit score up, even without a mortgage. I am not one of those who has to put everything on a cc and then pay it off every month for the points, but idk if you are. We have family members who do this, but I don't really see a positive for us to do it?

  10. I'd be tempted. Right now, every extra dollar is needed as we try and update the house and put one more kid through school. However, it also falls into the category of two more things to have to think about. You are better organized than I am, so if I had your skills, I'd probably opt in, if they were 0 fee cards.

  11. I'd do it for the cash especially since you don't need to worry about your credit score anymore. Free money is free money. (I don't do cash advances either as the interest rate of those is usually BAD!)

  12. I would do it then forget the due date get dinged and leave a balance. I just don't have your discipline or mad skills. But if you think you can get free money by all means.


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