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!

submitted by /u/osaout
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