Get a 360 if you want one but don't get the credit card.
Any reason why not? I've got the money to pay it off in one shot, and then I could cancel it.
- Call me pessimistic, but I always doubt people when they say they're on top of things and will remember to cancel the card once they get what they want.
- These things always have fine print. Make sure there aren't any conditions that must be fulfilled (like keep the card for a certain amount of time).
- Opening and closing credit cards like that looks bad on your credit.
If you're really planning on waiting six months, just save the extra $50 you would save.
1. Nobody is ever 100%, but people on top of their financial game can make a killing with credit cards. I think I made almost $700 last year with credit card rewards.
2. Yes, they do have fine print which must be considered. Typically the fine print for a deal like this would be minimum monthly payments (1.5-2% of total bill a month) and interest that accrues if not paid off in time. If someone was that worried, they wouldn't have to stretch it out over 6 months and just pay it off the first month then cancel.
3. Yes, opening and closing cards has a negative effect on your credit. But credit fluctuates greatly. It goes up/down depending on your monthly balances. Opening/closing a CC wouldn't have an impact greater than 6 mos on your overall credit rating. So as long as your not about to buy a house I wouldn't worry about it.