I haven't started on FB yet but I would like to take precautions first because I don't wanna lose my social FB account coz I love it.
So what I wanted to ask is what do you guys do after you get your account banned?
I can have multiple credit cards on my name, would it help to set up a new account? Do they check name associated with CC?
If I use a different name other than the credit card owner which I'll use to fund, will that cause a problem?
I believe most people stay away from cloaking stuff because there accounts gets banned and then they have to arrange a new CC right ? But as I said CC's are not a problem for me so definitely I can exploit this somehow but dont know how to start....
any suggestion on how should I take this would be appreciable 
Open a new account with fresh credit card. I hear in USA, people with business accounts can get credit cards under their employees name. Here in Europe, some banks will give you several credit cards (like visa electron) and you can also get those visa cards for your family members or your friends, if you trust them enough. All cards will be linked to your account, but theoretically, you can have as many as you want.
Several cards under your name are not a problem for Facebook, unless they go the extra mile to get you, which they will probably do only if you do BH or illegal stuff.
Don't use different name from the name on the card. It is very likely that the account will be banned pretty quickly.
People stay away from cloaking because it is harder than it seems. You need to have a system of creating unique accounts, have several credit card sources, you need to know what you will promote and how. Usually you want to go into high risk stuff like rebills which require more money to split test and optimize.
Start stuff that FB allows you like gaming offers, dating as well.
Thanks for your suggestions brotha, I know lot of affiliates are now running away from all this cloaking stuff.
But as I said I have dynamic ip's that could be changed in seconds, I have #s to make pva accounts that will accounts look more legit and at last I can grab few CC's as well but all on my name (well may be on different names also but only worth when I be profitable on FB)
having all this stuff I just cant seem to exploit it.....