The scheme goes like this: Apply for a credit card with a rich sign-up bonus — airline miles and hotel are the most popular. Use the bonus, then cancel the card if it charges an annual fee.
It’s called “credit card churning” and it has developed its own subculture. The “churn, baby, churn” discussion group on Reddit has nearly 43,000 members. It’s filled with tales from people who say they’ve trotted the globe on the cheap.
Matt Schulz has tried his hand at it.