Hoping to get some wisdom from you kind folks.
So I’ve recently signed up an Amex velocity card and straight away met the spending requirements and received my 230000 points a few days later.
I only signed up for points so can I just cancel the card and keep the points?
I haven’t been billed the yearly card fee yet,do they just charge you when you cancel?
Is there any issues I should be aware of if I then sign up for another card and do the same thing?
Thanks in advance.
Welcome and congrats @kotton666 you’re well on your way to the points hacks life!
You will generally be billed for the annual fee in the first statement. I’d imagine if you do phone up and cancel the card they’ll ask you to pay it/settle the account somehow prior to closing fully. So it may pay to wait for the statement to arrive, as it will have all your spending on it as well as the card annual fee. Then you can easily see how much you need to pay off to bring the account back to a zero $ balance. Then closing the account is a much smoother process I’ve found.
As you start churning cards I’d highly recommend tracking them all in a spreadsheet… date applied, date approved, date closed, bonus points spend limit amount, bonus points spend limit timeframe, date spend limit is hit and number of bonus points on offer.
Be sure to read the T&C’s of each and every card… even all the fine print (as boring as that is) as you’ll need to be fully aware of the “blackout period” each institution enforces after card cancellation before you can apply again and be eligible for any Bonus Points offers. Usually it’s between 12 and 18 months. Also be aware of which cards fall under the category of which “family” of financial institutions - eg: Bank SA, Bank of Melbourne & I think St George are considered part of the same “family” so if you cancel a Bank of SA card, you will be in the blackout period for 12-18mths, so if you immediately apply for a Bank of Melbourne card looking to get the bonus points. You would be denied the bonus points if you are approved for the card and hit the spending requirements.
Best of luck!!! Looking forward to hearing your success stories. 
Thank you jenart for your informative reply. Much appreciated