What is credit card hacking?
Influences promise a lifetime of luxury and free travel anywhere in the world!
What is credit card hacking and is it all it’s cracked up to be?
Credit card hacking is defined as opening multiple credit cards. The aim is to use the welcome offers and bonus points and then cancel the cards before any fees are processed and then repeat the process infinitely.
The benefits can be anything from cash-back schemes to free travel through airline reward points, access to business-class lounges and free travel insurance.
What’s the catch?
With all of these too good to be true schemes, there is always a catch, unfortunately. With so many credit cards opening and closing, you are bound to generate credit card enquires, damaging your credit score. This may prevent you from getting a mortgage or taking out a loan in the future.