this post was submitted on 29 Jun 2023
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Opinions on credit cards with annual fees? (lemmy.ca)
submitted 1 year ago by [email protected] to c/[email protected]
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I saw this card (https://www.scotiabank.com/ca/en/personal/credit-cards/visa/momentum-infinite-card.html) offered by Scotiabank that offers 10% cash back on purchases within the first 3 mo up to $2k, and 4% regularly on groceries and recurring payments. From first glance, it looks really good, but at the same time, there's a $120 annual fee. Although, the first year has no fee.

I wonder if I could use it for the first year and then close or downgrade it afterward. Would my credit score take a substantial hit?

What's your general opinion on cards with annual fees? What benefits would it need for you to consider one?

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[–] [email protected] 3 points 1 year ago (2 children)

I've heard of churning but I was told that it can ruin your credit score. How has 7 cards affected your acceptance rate?

[–] [email protected] 3 points 1 year ago

It doesn't. You take a tiny hit if someone does a hard inquiry, but it won't do anything major AS LONG AS YOU PAY YOUR SHIT OFF.

If you can pay your balance every month, go for it!