Bite a credit card offer? It could chew up your credit
Ever been tempted to get a new credit card just for the sign-up bonus?
Credit card bonuses keep getting better, with some even offering $500 cash-back. That’s nothing to sneeze at.
So is it safe to bite at an offer, only to spit it back out once you’ve earned the sign-up bonus?
While you may like the idea of earning rewards, your credit score can end up being damaged by opening and closing accounts on a semi-regular basis. Each time you apply for a credit card, the issuer will pull your credit report, and it will leave marks on your credit score.
Your lower credit score can mean higher interest rates if you apply for a mortgage or an auto loan. Paying those higher interest rates can offset any extra money you received from a sign-up bonus.
Instead of chasing after any good deal placed in front of you, find a card that works for you, and stick with it!
