Hello all, first post here, hopefully I format this correctly.
I'm a twenty-something-year-old guy who is preparing to propose to his amazing girlfriend in the near future. She is pretty against materialism and doesn't like the diamond industry, so she wants a very basic gemstone ring which costs around $500 + tax.
A few years ago I opened my first credit card with Amazons prime card to get $75 off a purchase. I have really enjoyed the cashback card and essentially only use it as a debit card, If I don't have the money to immediately pay it off, I don't put stuff on it. Over the years Ive earned a few hundred cashback and have built my credit score to around 740!
So my question is this. Chase Freedom has an offer where if you open a new line of credit and spend $500 in the first three months, you get $200 cashback. I am thinking of opening another credit card and putting the ring on and getting the $200 back. However, I am wondering if it would be wise at my age to open a second credit card. I know opening new lines of credit will dip your score down (tho I do not know by how many points). I dont think I will need credit for a few years as both of us have relatively reliable cars, with less than 100K miles, and less than 10 years old. Further, we dont plan on buying a home anytime soon. So I guess what I am asking is your opinion on if you think hurting my credit score for a few years is worth $200.
My financial situation, Im finishing my masters this year and should be landing a job that starts around 50k next june or so. I have always worked odd jobs through school and have most of my schooling paid off, and have over 10,000 in savings.
any advice from you guys will be appreciated!