Is it safe to surf credit cards?
While the term credit card surfing is fairly new, it refers to those who move between credit cards on a regular basis in order to make use of new promotions, interest free periods and other benefits. The industry is split as to whether this can affect your long term credit rating but there is no doubt it does not help.
Even if you have the best credit rating available, if you were looking for a new credit card and the company did a credit check they may see the fact you have numerous applications in a short space of time. While this would not necessarily mean that you are a bad risk as such it does indicate that you may not be around forever. At the end of the day the banks are in this to make money and someone who applies for an offer / promotion and then leaves when it is over is unlikely to make the bank rich
Credit card surfing can and has saved a lot of people a lot of money but you do need to be very careful to ensure that you do not do it too often as this can affect you credit rating. Many companies will not bother to see that you have a perfect credit rating but will instead just see a large number of finance applications over a short period of time.
Share this..
Related stories
BT Ready To Invest £1.5 Billion Into UK Broadband
BT is ready and waiting to invest a substantial £1.5 billion into the next generation broadband service of the UK but is waiting for the go-ahead from OFCOM, the industry regulator. In a show of power, BT has said it will only be able to invest the funds if OFCOM looks favourably upon the company's request to increase wholesale broadband charges in the UK - the amount BT charge other broadband...
Read MoreCan Lloyds bank really shake off the UK government?
The proposed £10 billion rights issue by Lloyds bank is perhaps one of the worst kept secrets in the city although there is some confusion today as to whether influential shareholders have been approached about their support. It looks as though Lloyds bank is prepared to do whatever it takes to shake off the UK government and ensure that the UK government shareholding does not increase over the 5...
Read MoreBanking sector set to move back into the black
With HSBC and Barclays bank set to kick off the bank reporting season we are hearing rumours that both of these companies will report impressive figures and a return to the black. However, as we covered in one of our recent articles, there is some debate as to how best the banks should tackle the ongoing situation in the UK. Do they come out with excessively upbeat statements, and try to kick UK c...
Read MoreRoyal Mail chief executive second highest paid boss in public sector
It has been revealed that Adam Crozier, the chief executive of Royal Mail, was paid almost £1 million last year making him the second highest paid public sector boss. Mr Crozier's £633,000 salary was complemented by a £139,000 bonus, £17,000 in benefits together with a £206,000 cash supplement in place of a pension payment. While the Royal Mail is arguing that Adam Crozier's remuneration was...
Read MoreUS banking shocks impact on UK banking sector
It appears that the sudden demise of the Barclays bank share price in the last hour of trading on Friday was a consequence of difficulties in the US where their banking system has again come under severe pressure. This together with the fact that many UK banks are looking to cut costs in the short term, obtain further funding from the government and basically batten down the hatches yet again woul...
Read More