FSW WORLDWIDE

[wonderbly]

@wonderbly , since you're in Canada, have you looked into churning credit cards? It's has a pretty good return, if you're financially responsible.

I came across this concept on Reddit a while ago (even before coming to Canada). I don't think I could do that though - I fancy myself an upstanding person and although churning is not illegal per se, it kinda borders on unethical and morally questionable to me .

 

[cef09]

Hey, no worries! I just wanted to share for the benefit of everyone.

 

[PRANIT01]

Hey, no worries! I just wanted to share for the benefit of everyone.

What you said is right, I have a friend in US who made a lot of money with that but here is the issue
If you want a steady career growth you have to learn a lot especially if you are at entry level ,not only that you are wasting your valuable time to learn new skills which can give you permanent returns.

For example if you learning how stock market works,real estate or making a new product or even a you tube channel (for god sake not those desi channels about life in canada)-(you may not be successful)is a way better investment of time than this .

If you are single, plenty of time on hand,no kids,don't have to or want to learn new skills ,it is not a bad idea.

 

[cef09]

Churning is a lot more lucrative in the US for sure.

Yeah, I agree with that. When you're just starting it's always best to invest in yourself/career and climb the ranks (or job hop your way out) before looking into other possible avenues.

Churning does take time to learn, but as much with a lot of skills, you only ever have to keep up every so often, once you have a good understanding of how it works.

Yeeuppp, I'm the latter, no kids, no wife so I don't have a lot on my plate after work.

 

[cef09]

One word... Passport. Canadian passports opens a lot of possibilities for a lot of people.

yessir

 

[Deleted member 994371]

One word... Passport. Canadian passports opens a lot of possibilities for a lot of people.

Please spell it for me. All the Canadian passport does is open up many countries for visa less entry. What else is it good for.

 

[GandiBaat]

@wonderbly , since you're in Canada, have you looked into churning credit cards? It's has a pretty good return, if you're financially responsible.

Won't it degrade your credit score if you do it repeatedly?

 

[PRANIT01]

Won't it degrade your credit score if you do it repeatedly?

Nope,if you do it responsibly but it is highly time consuming.if you has 3.5 million net worth it is just a waste of time for you.

 

[cef09]

Won't it degrade your credit score if you do it repeatedly?

It does affect your credit score but nothing significant as filing for bankruptcy or not paying debt.

As long as you're financially responsible, such as paying it off on time and keeping the utilization less than 30% (anecdotal). You will be fine.

One of the reasons churning can affect your credit score is because the average age of the accounts goes down as you open more accounts (Your credit score will go back up as the revolving tradelines mature). I guess you can slow it down a little bit when you're trying to buy big-ticket items such as a house mortgage.

Hitting the minimum spend requirements for the sign-up bonus is a no-brainer for the money you're going to spend anyway.

For example, applying for CIBC Aeroplan VI, you only need to hit $1,000 to earn 20k Aeroplan points + a buddy pass! A trip for two from YYZ-YVR costs 20.8k + $150 (Obviously, in economy). In cash it’ll probably cost around the $500-$600 mark so, not too shabby.

But if your net worth is north of $3.5m, it's probably not worth your time

 

[cef09]

Nope,if you do it responsibly but it is highly time consuming.if you has 3.5 million net worth it is just a waste of time for you.

Pretty much what Pranit said lol

 

[Santaclause]

Hi All, Is it possible to get a visit visa to Canada for discretionary purposes these days?

 

[dankboi]

Hi All, Is it possible to get a visit visa to Canada for discretionary purposes these days?

 

[BlisteringBarnacles]

Hi.. Need help! I'm currently in the US and going to apply for my H1B soon. My question is -in case I don't get my H1B .. Can I get a work permit in Canada without hurting my PR application? Legal falcon? Anyone?

 

[GandiBaat]

It does affect your credit score but nothing significant as filing for bankruptcy or not paying debt.

As long as you're financially responsible, such as paying it off on time and keeping the utilization less than 30% (anecdotal). You will be fine.

One of the reasons churning can affect your credit score is because the average age of the accounts goes down as you open more accounts (Your credit score will go back up as the revolving tradelines mature). I guess you can slow it down a little bit when you're trying to buy big-ticket items such as a house mortgage.

Hitting the minimum spend requirements for the sign-up bonus is a no-brainer for the money you're going to spend anyway.

For example, applying for CIBC Aeroplan VI, you only need to hit $1,000 to earn 20k Aeroplan points + a buddy pass! A trip for two from YYZ-YVR costs 20.8k + $150 (Obviously, in economy). In cash it’ll probably cost around the $500-$600 mark so, not too shabby.

But if your net worth is north of $3.5m, it's probably not worth your time

Typically, I have seen outsmarting the system is done more for fun... I mean sometimes, I still like to rip books from google books for old times sake.. It feels fun..

 

[GandiBaat]

Scroll the thread slowly...

https://twitter.com/i/web/status/1490394034900197388