Can you apply credit card and get the free gift and cancel the card and reapply again to get the free gift for the next promo?

Hi Cat,

Theoretically, you can, but it's not as quick as you may like it to be. Sign up promotions are usually only for new to bank customers, which are specifically defined by each bank. Most of the time, the conditions are something like this:

1. Not currently a primary cardholder for any credit cards with them
2. Haven't owned/closed a credit card in the past 12 months

There may be slight differences for each bank though, so do check properly just to be sure. Also, while you can technically repeat this cycle of signing up for the reward and cancelling and signing up again, it's probably not a good idea to do it too often.

For one, really hurts your credit score if you do it several times. This can have further implications when it comes to getting a housing/renovation/car/personal loan in the near future. Also, I believe there is a risk of getting blacklisted by banks if you do this enough.

Hope this helps and all the best!

Regards,
thefrugalstudent