kwan2 wrote:can someone tell me, if it is worth signing up for a credit card for one year (in this case to get 30,000 miles), if I plan on canceling it in 1 year, and don't plan on taking any loans (credit score) in the near future.
or in general, what the consensus is, or the strategy of grabbing the cc bonus and then canceling in 1 year. etc ; maybe even though i don't plan on a loan, it's not good because of how it does effect one's credit score ?
Yes, without a doubt! You can often find 50K and even 100K promotions. As long as you keep one long-term card (preferably one without an annual fee) and pay off all your balances every month, adding and cancelling cards shouldn't have a huge effect on your credit rating. I have been flying to Europe and to South America every year, basically on promotional mile deals, and have not paid for a flight in probably a decade- plus I have gotten free hotel nights as well. Next month I am flying to Paris for free, with two free nights at the Paris Vendome (rack rate close to $700/night).
The best resource for finding out more, and how to do it intelligently, is probably this one: http://www.flyertalk.com/forum/
There are many others as well that are referenced in that link. There are people who frequent that forum for whom flying free is a hobby, and they amass millions of miles a year. They will share their wisdom with you, much as people generously do here. Flying free is very easy to do, and the effort involved is minimal. I routinely "churn" about 3 or maybe 4 cards/year which is enough for my travel needs....many there take it much more seriously.
Another good site to check regarding the effect that certain actions would have on your credit rating is creditkarma.com. They will give you your credit score for free, and allow you to choose various actions (adding a card, applying for credit, deleting a card, having one overdue balance, etc), and calculate the effect on your score.