How does opening and closing credit cards just to gather points in a span of 12 months affect credit history?


New to this so hopefully I explain myself clearly.

Wife and I thought that we could use some credit cards to spend up on the Government $20K instant asset write off. We do have the cash available to pay off the CC when the bill comes in.

Wife already had a heap of QFF from her previous employment so we are just sticking with QFF for now.

We both opened QANTAS AMEX Ultimate Card with 100K QFF points (min spend $3k in 90 days).

I opened a complimentary QFF membership with pointhacks referral to CBA - went with CBA as that is who I do my everyday banking with.

So we will be looking to spend approx $14K on business expenses before the end of financial year, the plan was to split the cost across the 2 AMEX card which would easily meet all the min requirements for the the points offer.

We still have the $450 AMEX travel vouchers, so would spend them and then cancel the cards.

I see ANZ has a deal for 75000 bonus points and no fee in the first year and $2500 spend in 90 days.

I was thinking of getting the wife and myself a ANZ card each and split the $14K across 4 cards.

I would cancel the ANZ cards once points redeemed and CC paid off.

This leads me too, credit history, someone posted that opening and closing CC affects your credit history, the wife and I have no debts, own the house, own 2 cars, and I still work full time $100K+.

Is 4 CC opened and closed in a 12 month period going to have any negative affect on my credit history?



what are you worried about?\r\nif you apply for too many credit cards, then eventually you will find it harder to get credit cards approved and thats it.\r\n\r\nGo ahead. what affects your credit history negatively is if you dont pay your debts.

Hi gadgets,

There is no quick answer to your question. You should have a read of this then make a decision.

This is what I do…

I closely monitor my credit score every month using the GetCreditScore website. If my credit score is below a level that I am happy with, I hold off applying for more credit until my credit score has risen again. The same website gives lots of useful information about how to grow, and keep, a healthy credit score.

Yes, applying for multiple credit cards will have an adverse affect on your credit score, so it pays to monitor things closely and to be careful. For me, that means applying for no more than 1-2 new credit cards every year;  going for lower, rather than the higher, credit limits; and, most importantly of all, ALWAYS paying ALL bills on time.

Having said that, if you’ve got a sufficiently high credit score you may well be able to get away with applying for more cards than I do. Just monitor things closely, go slowly at first … and did I mention that you should always pay all your bills on time?