Am I breaking any laws if I sign up as a new cardholder with a bank, meet the minimum to get the sign on promo, then cancelling it after?

It will hurt your credit score :/

Top 5 Credit Score Factors according to https://www.experian.com/blogs/ask-experian/cre... :
• Payment history
• Amounts owed
• Credit history length
• Credit mix
• New credit

People with top credit scores often carry a diverse portfolio of credit accounts, which might include a car loan, credit card, student loan, mortgage or other credit products. For example, when taking a bank loan/ home loan/ car loan/ business or education loan -> A credit risk grade of AA makes it easy to qualify for such loans.

Too many credit accounts you’ve opened recently can indicate increased risk, and as such can hurt your credit score.

No you’re not breaking any laws but you might in fact be hurting your credit scores. I would suggest you just keep the card until the end of year and cancel it if you’re not utilising it before they charge you with annual fees. Signing up too many credit cards just for the sake of the promo might also hurt your credit score.

You can read more here: https://blog.moneysmart.sg/credit-cards/unknowi...