Am I allowed to sign up all the credit cards just to get those cash rewards and then don't use the card?

Yes you are allow to sign up many card, take the gifts since there's no rules of banning that and neither is it a crime. It's more of a business transactions of willing buyer willing seller. In this case, wiliing applicants willing card provider :P

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The catch:

1) Out of the 22++ cards that I've applied before over many years, for the cash back gift, it usually have min spending amount, within the 1st or first 2 months (or CTB to spend any amt for 6 months to get cash back gifts spread out in 6 months) to get the free gifrs or voucher.

2) Those with singsavers who gives vouchers or other gift, I recall don't have.

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However, I am sure that after you fulfill the above, you don't need to use the card at all.

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Yes, signing many credit cards at once and then cancel all of it will affect the chances for loaning from bank in the future.

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You can refer to points below to improve or have good credit scores:

1. Check credit report and rectify any mistake.

Free check at: https://www.creditbureau.com.sg/available-optio...

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2. Pay any cc bills on time/all the time in full (not partial or min).

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3. Avoid applying for multiple new cc within a short period of time

Sometimes a few new credit applications will push you from a responsible consumer to an unreliable one from a bank’s point of view. And every bank has a different set of requirements and criteria to satisfy.

Whenever you apply for new credit facilities, it would put enquiries against your credit report. Many enquiries within a short period of time can have an adverse effect on your credit score.

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For your information, “Previous Enquiries” are retained on your credit report 2 years from the date of enquiry. So it takes a long time before the effect wears off.

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4. keep your credit active

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But if you do not use your credit, the banks cannot assess it. If you have “insufficient credit activity”, there is very limited information such as credit applications or accounts status history to derive a score.

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5. Commit to keep it simple and improve your credit score

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default records stay on your credit report for 3 years upon full or negotiated settlement, and bankruptcy data is retained for 5 years from the date of discharge.

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It is ok if you have made mistakes before. But if you want to see the light of the tunnel, you know you have to commit to the following in the long term:

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Check your credit report annually and rectify if there is any mistake

Pay your bills on time, all the time and keep your balances low

Avoid multiple new credit applications within a short period of time

Keep your credit active

And your credit score will work out fine.

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Tips: Read this hack on getting highest credit score in SG

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https://www.singsaver.com.sg/blog/how-to-get-aa...

Yes, you can sign up for all the cards. However, it does not make any financial sense to have so many cards at any one time. Moreover, it affects your credit rating.

Short answer, no. You can sign up for all the credit cards, get the sign on bonus and throw the card in the drawer. Jus remember to cancel before the fee waiver period.

However! You cannot just trust what is advertised. Please spend a bit of time to read the T&Cs, and see if you can hit the minimum spend to get the sign on bonus. I remember some banks require you to spend some money before they will give you the sign on bonus or they will claw back the bonus.

With regard to credit score, just don cancel everything at one go.

Hope this helps

Yes you can! Just collected my Scb cash rewards last month for singsaver promotion and didn't use the cards at all. Will just cold storage them until I need to use