Any drawbacks to my credit card plan?
We're not planning on moving for another year at least.
Based on this, I want to apply for a bunch of credit cards and use their initial offers then either keep them or cancel them. (I currently have 6 cards, but mainly use my Discover and 1 visa)
For example, I just got in the mail an application for Amex Gold with the offer of spend 1k in the first 3 months and get 50k points and the annual fee is waived for the first year.
So I would get the card and the points then cancel it before the year is over so I won't have to pay the annual fee in the second year.
I have the discipline not to spend more than I can pay
I will also pay off the bill every month and not carry a balance
Are there any potential drawbacks to my plan?
The only issue I can think of is the hit to my FICO score due to all the inquiries. But I'm hoping that after a year or so it will go back up when we decide to apply for a mortgage/if we move.
Thank you all for any replies