No good deals at the moment?

[drmatte]

Not sure where to post this so I'll put it here.

I'm looking to get my next credit card, but there just don't seem to be many great deals around at the moment.
e.g. the Citi Prestige is still quite good, but the annual fee is $700 compared to $350 a few weeks back
The Virgin Money flyer card was offering 100000 points a few months ago (plus more points or status if you got the velocity offer) but is now only 60000.
Amex Qantas platinum is offering 60000 points and was previously 100000. Similar for the Velocity platinum. The Amex Platinum charge card is 150000 amex points down from 300000 a few months back (might have needed a referral for that.)

Is this cyclical? EOFY related? Banks getting stingier? Points worth more as redemptions worth more due to absurd flight prices?

 

[Dr Ralph]

What someone calls a 'deal' is highly subjective.

My aim is to churn every card as soon the time limit has expired. Waiting for a better 'deal' will ultimately cost you point earning opportunities.

 

[drmatte]

What someone calls a 'deal' is highly subjective.

My aim is to churn every card as soon the time limit has expired. Waiting for a better 'deal' will ultimately cost you point earning opportunities.

Not concerned about credit score impact? I did 4 cards in 4 months and saw mine come down significantly.

 

[Dr Ralph]

Not concerned about credit score impact? I did 4 cards in 4 months and saw mine come down significantly.

Nope. Mine goes up the more I churn.

As I have previously written multiple times, your score is largely irrelevant. Income and ability to repay remains key.

 

[Mr H]

What someone calls a 'deal' is highly subjective.

My aim is to churn every card as soon the time limit has expired. Waiting for a better 'deal' will ultimately cost you point earning opportunities.

Sorry to enliven a dead thread.

This is very much the conclusion I have come to - it's annoying to miss out on some gloriously good offers (e.g. the ANZ 160k) but overall I believe I come out ahead using this strategy.

The only caveat I would put is that my own financial circumstances seem to allow me to hold two cards (i.e. one keeper and one churner), and when I ask for a third card I sometimes get knocked back, especially if one of them has a $15,000 minimum limit. That means I tend to churn cards one at a time, and also given that I spend some time each year travelling, I can't quite do every card every year. That means that some of the poorer offers (e.g. Qantas Premier at the moment) are not the best available offer when the next card vacancy arises - so they may sit for a while until I have exhausted better offers or they increase their own offer.

 

[am0985]

Nope. Mine goes up the more I churn.

As I have previously written multiple times, your score is largely irrelevant. Income and ability to repay remains key.

How many do you churn a year?

I give myself a 4 card per year maximum to avoid excessive credit enquiries.