Credit Cards

[snowangel]

Hi Gals/Guys.  I want your opinion on my situation.

At the beginning of April I was declined for Chase UE card.  When I called the backdoor, the best they could offer me was to close my Freedom and and transfer the CL of $500 to open the new card.  I apped for it because I wanted the miles (60K).

Since I have to put all of my spending on my 2 new Citi cards to meet the requirements to get the miles, my Freedom card will not be seeing any usage for awhile.  

Do you think it's worth it to take the new card?

FYI, with my Citi cards reporting my AAoA is between 6 -8 years depending on the report.

[FrugalRican]

I'm confused, you are talking about the Chase UE, but then say you are using Citi cards for the miles?

And question, do you have a Chase checking account?

[jefftca925]

If you're not going to be using the Freedom card then I would close it to open the UE card.  I believe you only need to make a single purchase on the UE card to get the first 50k miles added to your MileagePlus account.  The AA cards to have a high minimum spend so you'll have to use those cards quite a bit to get the bonus.

[snowangel]

Jeff  - That's kind of what I was thinking too since the UE card only needs a single purchase.  

Frugal - I have 2 new Citi AA cards that require minimum spending to get the miles so they are the only cards I'm using.  The UE card which I was declined for (unless I close my Freedom) only requires a single purchase to earn the miles.  I have multiple chase checking accounts and I believe I can transfer the UR points balance from the Freedom so I wont loose them.

My greatest concern was adding the new TL/closing the Freedom and the impact on my scores.  I already took the inq, so I was wondering if I should make the most of it.   

I should also add, that I'm trying to hold off on apping for anything new at least for 6 months and until my scores hit the 700s.

[jefftca925]

---

snowangel wrote:

Jeff  - That's kind of what I was thinking too since the UE card only needs a single purchase.  

Frugal - I have 2 new Citi AA cards that require minimum spending to get the miles so they are the only cards I'm using.  The UE card which I was declined for (unless I close my Freedom) only requires a single purchase to earn the miles.  I have multiple chase checking accounts and I believe I can transfer the UR points balance from the Freedom so I wont loose them.

My greatest concern was adding the new TL/closing the Freedom and the impact on my scores.  I already took the inq, so I was wondering if I should make the most of it.   

I should also add, that I'm trying to hold off on apping for anything new at least for 6 months and until my scores hit the 700s.

---

How old is the Freedom card?  What are your scores now?  The impact of adding a new TL will only be temporary but will rebound in a relatively short period of time.  My vote would be to get United card.

[webhopper]

---

jefftca925 wrote:

---

snowangel wrote:

Jeff  - That's kind of what I was thinking too since the UE card only needs a single purchase.  

Frugal - I have 2 new Citi AA cards that require minimum spending to get the miles so they are the only cards I'm using.  The UE card which I was declined for (unless I close my Freedom) only requires a single purchase to earn the miles.  I have multiple chase checking accounts and I believe I can transfer the UR points balance from the Freedom so I wont loose them.

My greatest concern was adding the new TL/closing the Freedom and the impact on my scores.  I already took the inq, so I was wondering if I should make the most of it.   

I should also add, that I'm trying to hold off on apping for anything new at least for 6 months and until my scores hit the 700s.

---

How old is the Freedom card?  What are your scores now?  The impact of adding a new TL will only be temporary but will rebound in a relatively short period of time.  My vote would be to get United card.

---

If you find that you fly alot and could use the United card,  just get it  

[Open123]

If you're going to spend only on the two AA Citi cards, then I'd take the UA card.

Since you've already app'ed and taken the inquiry, you mind as well take the 50k points + $50 credit.  In my view, the best deals are the ones without spending requirements.  

When all the spending is done, you can always get the Freedom again later.  The best return for rewards is spending on sign up bonuses, and never rewards categories. Even with a 10% rewards spending, it still pales in comparison to the return on 50k points/miles after meeting a modest spending requiremet of about $3K.  To maximize rewards in this environment, go from sign up bonus to sign up bonus.

When the sign up bonuses are gone (which will be soon enough), then decided which cards to keep based on spending category rewards.

[snowangel]

Thanks for the feedback.  I went ahead and called Chase yestersday.  Out of the blue, the analyst asked me that if possible, would I be interested in keeping the freedom open???  Well, of course I would.  That's what I was hoping for all along.  Unfortunately as he was processing everything he got to a verification screen and told me that I would have to contact the Verification Department on Monday.  Guess I have to wait until tomorrow.

[LS2982]

---

Open123 wrote:

If you're going to spend only on the two AA Citi cards, then I'd take the UA card.

Since you've already app'ed and taken the inquiry, you mind as well take the 50k points + $50 credit.  In my view, the best deals are the ones without spending requirements.  

When all the spending is done, you can always get the Freedom again later.  The best return for rewards is spending on sign up bonuses, and never rewards categories. Even with a 10% rewards spending, it still pales in comparison to the return on 50k points/miles after meeting a modest spending requiremet of about $3K.  To maximize rewards in this environment, go from sign up bonus to sign up bonus.

When the sign up bonuses are gone (which will be soon enough), then decided which cards to keep based on spending category rewards.

---

I agree with this, also you've already stated your not giving the freedom card usage so i'd close it for something you'll get bonus with nd want to use.

[snowangel]

Just a quick update.  When I called the verification # they said my UE was approved wih $1K CL. It turns out that they are not making me close my Freedom after all.  Go figure.  It took 4 calls to the recon line.  Glad I went ahead with it.