I'm with Commonwealth Bank and have a regular CC with them but looking at opening one with ANZ to get the 50,000 Qantas points on offer.
Long term I'm happy to have fewer cards rather than more so I'd be looking at closing off that ANZ card after a year (maximum) once I've received the points and before I have to pay any renewal fees.
I'd then move back over to Comm Bank and hopefully change my current CC to an awards card so I'd only have the one with them.
I'm in a very sound position with no danger of 'defaulting' but have missed a few payments (we're talking maybe 3 in 6 odd years with no huge amounts outstanding) which can be put down to laziness/forgetfulness. Usually pretty good on that front.
Given all of that do you think I'd be OK? Would you recommend it?
I can't see any issue with that.
It's the people that have 4 different credit cards, a harvey norman card plus a host of store cards. You find those type of people just move money around between the cards to show that they are making a payment but never seem to pay anything off.
Missing a few payments won't even show up on your credit check, its only if you default and or are made bankrupt.
On bank related stories, a few years back NAB had an offer that if you opened up a new savings account and deposited $20 in to it they would send you a brand new sherrin. The account fees were $2 per month so myself and a heap of mates all opened accounts and then waited for about 6 weeks for the sherrin to arrive and we then promptly closed the account. A new sherrin ended up costing us $4 in account keeping fees.