So I am totally intrigued by this whole credit card churning thing as it seems like a good way to legally (from what I've read) get money from companies that usually screw people (even if they are financially challenged).
My wife just signed up for the Chase Sapphire so we can get the 50k points and she added me as an authorized user to get another 5K (i think).
Can I go and sign up for a Chase Sapphire card as well to get the 50 K points even if I'm already an authorized user?
I have been searching the internet all day for countless articles and just wanted to ask everyone in here: Do you just cancel the card after you get the bonus if it has an annual fee? My wifes main concern is that doing this will screw our credit.
We are interested in hopping on the churning train, but a bit nervous.
The answer to your question is yes - my husband and I both signed up for CSP on the same day, added each other as authorized users, for a total point payout of 118k (50k each for minimum spend, 5k each for authorized user, and the 1 point per dollar on our minimum spend of $4k each).
This hasn't affected our credit, but we only apply for a new card every 3-6 months, keep our credit utilization really low, and have a card that has been open for 16 years (which pulls our average age of credit down). We're both in the 790-810 range.
ETA: Yes, most people cancel the card right before the annual fee kicks in. You can sometimes get them to waive the fee for another year (in which case, go ahead and keep it open; it'll be better for your credit, even though I don't think closing it is a huge problem). Some people also successfully "downgrade" the card to a no-fee card available from the same company at that time, which keeps the same account "open."
Also, generally people advise that you not do any cc churning (or applying for credit in general) for 6-12 months before you actually NEED credit, like if you will be applying for a mortgage. I'm several years away from applying for a mortgage, and I figure what's good credit for, if I can't use it to get credit to my advantage? So, I sign up for cc offers.