I have an app cycle coming up and I was thinking about doing it in Jan.My question concerns when should I take the following actions and should I do any of these steps in December.
I am considering doing the following:
Canceling my Amex PRG card to avoid AF (was approved for it 1/2/13) - I want to apply for the amex everyday preffered card so that I can keep on my MR points fromt he PRG. I want to apply for the AEP card on Jan 2 or shortly thereafter when a bunch of inqs go over a year old and I can get max backdating.
- Can I close the Amex PRG in mid-Jan and still avoid the full AF or would it be better to do it on or before 1/2?
- If I close the Amex PRG before getting the AEP card will I lose those MR points or will I have time to transfer them to the new card/ send them to a program after cancelling the PRG?
I have Amex BCP that I want to downgrade to the Blue cash everyday non AF version.
-Pretty much the same question as above. How long do I have to downgrade this card and avoid the AF? I would not want to downgrade it and then get denied the AEP. However if I get the AEP then the BCP would be a complete waste for me. Eventually I would want to transfer my credit line from the BCP to AEP and close it all together.
I have the CSP but want to downgrade it to the CS (I have ink bold so there is not much value in paying two AFs).
-When is the latest I can downgrade the CSP and avoid the AF?
- Will I lose my annual 7% back on the CSP from 2014 by downgrading it now?
I am considering going for the following cards:
Amex everyday preferred
Chase hyatt (or chase ritz card)
Citi hilton
Maybe the barclays arrival plus although I'm thinking I may wait on that
- What would be the best app order?
- Should I go for any of these cards in end of December? Obiously the amex is going to wait until Jan for backdating.
At the moment I am optimizing my credit report and paying off balances, decreasing util etc. Most of the card statements will be cutting in about a week a few days before the end of the year. Is there anything else I should be doing other than getting my credit report in order before Jan 2? I will be calling in for retention offers although I do not think the above cards are known for getting worthwhile retention offers, I could be wrong though.
Sorry for the long post, but this is my first time going through and cutting cards etc!
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@Anonymous wrote:I recemmend getting One card per Bank up until you have Credit Card with 5-6 diffent banks
Do business with Top 4 banks (Chase, BoA, Citi and wells Fargo)
so If you already have Cards from Amex and Chase then go for Citi or Wells Fargo
I found this site helpful
http://www.magnifymoney.com/compare/cashback-rewards
Click on $2000 and modify the numbers according to your spending habits
Thanks for the post, but I am interested in travel rewards instead of cash back. The cards I have selected would offer rewards for an upcoming trip I am planning in the spring. I have cards with four lenders at the moment (chase/amex/citi/cap 1). Eventually I will pick up the barclays card (probably after I ditch the venture card if they refuse to waive AF) and maybe a Discover It card next spring to diverisfy lenders and increase my available credit for util purposes.
Some notes:
The AMEX PRG, my experience cancelling the Delta Platinum after a few months was a prorated refund of the AF. I would expect the same for the PRG, so would not jump too fast to close that one. It is a good anchor for your AMEX relation, and given all the other changes you want to do with AMEX, I'd suggest not closing any of them until things settle down there.
What is AEP? EveryDay Preferred EDP? You most likely must have both the PRG and EveryDay Preferred open at the same time to transfer MR points.
The BCP downgrade, I don't know, you might just try apping directly for the BlueCash. Does the link on the regular American Express site allow you to do that? You might get a smaller CL, but likely do get the card opened.
Is your BCP CL more than 13 statements old? If not, you can't transfer it until it is 13 statements old, and that includes after any CLI.
I don't have any Chase Sapphire, Preferred or otherwise, but comments elsewhere lead me to believe there is only the CSP, no CS anymore. So might be worth some research. I would guess closing the CSP would, yes, remove any annual bonus you might earn after that.
Good luck!
@NRB525 wrote:Some notes:
The AMEX PRG, my experience cancelling the Delta Platinum after a few months was a prorated refund of the AF. I would expect the same for the PRG, so would not jump too fast to close that one. It is a good anchor for your AMEX relation, and given all the other changes you want to do with AMEX, I'd suggest not closing any of them until things settle down there.
What is AEP? EveryDay Preferred EDP? You most likely must have both the PRG and EveryDay Preferred open at the same time to transfer MR points.
The BCP downgrade, I don't know, you might just try apping directly for the BlueCash. Does the link on the regular American Express site allow you to do that? You might get a smaller CL, but likely do get the card opened.
Is your BCP CL more than 13 statements old? If not, you can't transfer it until it is 13 statements old, and that includes after any CLI.
I don't have any Chase Sapphire, Preferred or otherwise, but comments elsewhere lead me to believe there is only the CSP, no CS anymore. So might be worth some research. I would guess closing the CSP would, yes, remove any annual bonus you might earn after that.
Good luck!
What is AEP? EveryDay Preferred EDP?
- Yes that is the card I was referring to.
The BCP downgrade, I don't know, you might just try apping directly for the BlueCash.
- I dont want to app for blue cash since I am apping for everyday preferred (also I have an amex spg), so I think its too risk going for more than one amex card at this time. I was hoping to just product change the BCP to a non-af version. Its 12 months old so I do not think I can transfer the credit line over yet, which is the only reason I would keep the card open. (I may eventually ditch the amex spg card - especially if I get the business version, but I will likely keep the everyday prefferred long term and pay the AF).
I don't have any Chase Sapphire, Preferred or otherwise, but comments elsewhere lead me to believe there is only the CSP, no CS anymore. So might be worth some research. I would guess closing the CSP would, yes, remove any annual bonus you might earn after that.
- This would be deeply disappointing. If I didn't have the ink card then I would keep the CSP, but I can't justify the two AFs for so little return. It seems unfair that they would not give me the annual bonus if I cancel after I earned it.
@Anonymous wrote:
@red259 wrote:Thanks for the post, but I am interested in travel rewards instead of cash back. The cards I have selected would offer rewards for an upcoming trip I am planning in the spring. I have cards with four lenders at the moment (chase/amex/citi/cap 1). Eventually I will pick up the barclays card (probably after I ditch the venture card if they refuse to waive AF) and maybe a Discover It card next spring to diverisfy lenders and increase my available credit for util purposes.
Why not go for the BoA Travel rewards Card or AAA Member rewards card by BoA
I understand you have 4 different lenders but they are not top 4 banking institutions of the US
magnifyingmoney doesn't only search cashback rewards if you look carefully
I just went back and looked at that website and don't see anything about travel rewards. The primary focus seems to be on cashback. I am not impressed with BoA products and I have zero desire to do business with them. I don't care about who is the top banking institution. That in my mind is really not an important factor at all. What is important is the benefits I derive from the particular products.