Many people apply to various reward credit cards to earn the bonus miles, and as long as you have a good credit score, it can be a fun hobby. Recently a blogger from The Man From 1000 Places, though, took this hobby to a brand new high by applying for thirteen different cards in a single day. The payoff for blogger Ben was 500,000 miles and points. While Ben hasn’t yet been approved for all of the applications, the benefits seem amazing. Some experts, though, express concern about the ramifications of the apply/cancel cycle.
Gary Leff, author of View From The Wing, said that making that many applications in a day could make you appear desperate for credit. According the Leff, it could improve your credit score in the long run, but initially, it could place too large of a dent in your score, forcing you to a higher interest rate for mortgages, car loans, and other necessary financing agreements.
For Ben, the only drawback seems to be a brief hit to his credit rating for 6 months, as well as the $233 in annual fees he must pay. Otherwise, he can get some fantastic rewards for his hard work including round trip and business class tickets between North America and Europe.