Citigroup Inc. (C), Capital One Financial Corp. (COF): Beat Big Wall Street Banks at Their Own Game

Worth the hassle?
Getting new credit cards just to reap big rewards does come at some cost. Frequently opening and closing card accounts can have a modest negative impact on your credit score, even if you never make late payments and stay current on those accounts. Moreover, eventually, banks catch on to customers who aren’t profitable for them, and so you might no longer get exclusive offers that pay you large cash rewards to open further accounts.

Nevertheless, the pleasure of beating Wall Street banks at their own game is worth almost as much as the hundreds or even thousands of dollars in card rewards you can collect following this strategy. It’s not for everyone, but for many, the payoff is worth the effort.

The article Beat Big Wall Street Banks at Their Own Game originally appeared on Fool.com.

Fool contributor Dan Caplinger owns warrants on Bank of America and JPMorgan Chase. You can follow him on Twitter: @DanCaplinger. The Motley Fool recommends American Express and owns shares of Bank of America, Citigroup, and JPMorgan Chase.

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