Welcome back to The Fake Cheap. It feels good to get back into the blog, I think I last posted in February, but who is counting? I thought I would add another cc (that’s credit card for anyone not fluent in personal finance) churn, especially since my first churn article seems to also be my most popular post ‘round here. Hopefully someone got that Counting Crowns reference?
Anyway, yes I churned the Scotiabank Scence Visa as the title says, and it did take a while for the plastic to melt down and turn to a delicious fatty tasting butter…ok, so what I actually did for this churn was to sign up for the card, strictly for the sign up bonus, which was enough scene points for 5 free movies!!! I know, I couldn’t believe it either. These 5 free movies have a value of about what, $60-$70, I think it’s about $12-$13 per movie ticket these days, well for a “normal” ticket without the shaking seat and the smells,or whatever else they have added now. Some of you might be thinking who would waste all this time for about $60 bucks? (Especially any Americans reading, and out of the thousands reading, I’m sure someone is American, our sign up bonuses here in Canada are really just a fraction of what is offered to you) First I would say, it really took very little time, (less time than writing this article) and second I would say it took me about 30 minutes, so $60 tax free, for 30 minutes of work? Yes please. Maybe some of you are underwhelmed at this, because there are better offers out there, and there are, but I felt like hitting this one, plus some offers are better at other times, so you have to time it right because some of the sign up bonuses you can only get once, like the a fore mentioned TD Aeroplan visa I do believe.
So this churn went pretty well, I signed up for the card, it arrived, I believe the scene points were awarded on my first statement, after my first purchase, no dollar amount attached, so that was nice. Normally you have to spend like $500 over 3 months or something like that, but this was like, nope, buy something..anything, and slap it on this card and BAM!! 5 free movies…on the next statement. So that was a piece of cake. Another nice thing about the reward being scene points, is that you could probably cancel the card immediately after you get awarded the points, and since scene points are separate from the cc, you probably wouldn’t have any issue. What I did was actually held on to the card for a bit, and then cancel it, which was also no real hassle, I just called the number on the back of the card, and said I would like to cancel, and they were like “ok”, I don’t even think they tried to get me to stick around. And that was it, a quick application for the card, a call activate the card, and a call to cancel the card, maybe 30 minutes work.
How do you get to qualify for these credit cards? Well you need decent, credit, not even good credit. How do you get decent credit? By following my blog! Pay your bills on time, don’t rack up debt, put something on a credit card once in a while, pay it ALL off each month so you don’t pay any interest, and you WILL qualify for most of these offers. Credit isn’t something I’ve spoken much about, but I assure you, there are many other great PF blogs around, maybe check out my blog roll up there on the right, that do discuss credit, and I hope to touch on it more in the future. You can also get your credit report via Equifax or TransUnion, for free once per year I believe, but ask them, not me. It should also be noted that if you tend to max out credit cards quickly, then churning likely isn’t for you. If you end up paying interest on a thousand dollars or two you’ve racked up on the card, any sign up bonus “profit” will be eaten up by the interest quite quickly.
Remember, always be ready to churn, or else let that cash burn!