Closing CSP

[mikelo22]

So I got my Chase Sapphire Preferred back in November. While I love the card, I just can't justify keeping it open because I don't travel enough to get enough use out of it. And the 2x dining doesn't do me much good because of my Forward. 

I have already spent all of my UR points that I had saved up and accumulated over the past several months which essentially leaves me with nothing left to do but SD the card. 

So I guess my question is, am I better off SDing it until closer to the time when the AF hits or should I just cancel now and transfer my CL to my Freedom? Any downsides to closing now as to later? 

Thanks!

[Anonymous]

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@mikelo22 wrote:

So I got my Chase Sapphire Preferred back in November. While I love the card, I just can't justify keeping it open because I don't travel enough to get enough use out of it. And the 2x dining doesn't do me much good because of my Forward. 

I have already spent all of my UR points that I had saved up and accumulated over the past several months which essentially leaves me with nothing left to do but SD the card. 

So I guess my question is, am I better off SDing it until closer to the time when the AF hits or should I just cancel now and transfer my CL to my Freedom? Any downsides to closing now as to later? 

Thanks!

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SD until time for next AF or you'll likely redflag yourself as a churner.

[Anonymous]

No real downside to closing now after transferring CL to Freedom other than the impact 10 years from now when the account falls of your credit report. If you let it close before the next AF, you will have a few additional months 10 years down the road where it helps your credit. Not significant enough of a reason to keep it open if you are more comfortable closing it now. Personally, I would close it closer to when the next AF is due, but the benefits and consequences are small either way. 

[Anonymous]

thats sad to hear 

[mikelo22]

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@Anonymous wrote:

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@mikelo22 wrote:

So I got my Chase Sapphire Preferred back in November. While I love the card, I just can't justify keeping it open because I don't travel enough to get enough use out of it. And the 2x dining doesn't do me much good because of my Forward. 

I have already spent all of my UR points that I had saved up and accumulated over the past several months which essentially leaves me with nothing left to do but SD the card. 

So I guess my question is, am I better off SDing it until closer to the time when the AF hits or should I just cancel now and transfer my CL to my Freedom? Any downsides to closing now as to later? 

Thanks!

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SD until time for next AF or you'll likely redflag yourself as a churner.

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Ah, excellent point. I wouldn't want that. 

Looks like I'll keep and just use it every so often. May still have a legit use for its no FTF in a couple months when I leave the country anyway.

[Anonymous]

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@Anonymous wrote:

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@mikelo22 wrote:

So I got my Chase Sapphire Preferred back in November. While I love the card, I just can't justify keeping it open because I don't travel enough to get enough use out of it. And the 2x dining doesn't do me much good because of my Forward. 

I have already spent all of my UR points that I had saved up and accumulated over the past several months which essentially leaves me with nothing left to do but SD the card. 

So I guess my question is, am I better off SDing it until closer to the time when the AF hits or should I just cancel now and transfer my CL to my Freedom? Any downsides to closing now as to later? 

Thanks!

---

SD until time for next AF or you'll likely redflag yourself as a churner.

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@+1.  Closing it now may be a bad idea if you have spent most of the points already.  As @Anonymous said, it may be a redflag.

[longtimelurker]

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@Anonymous wrote:

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@Anonymous wrote:

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@mikelo22 wrote:

So I got my Chase Sapphire Preferred back in November. While I love the card, I just can't justify keeping it open because I don't travel enough to get enough use out of it. And the 2x dining doesn't do me much good because of my Forward. 

I have already spent all of my UR points that I had saved up and accumulated over the past several months which essentially leaves me with nothing left to do but SD the card. 

So I guess my question is, am I better off SDing it until closer to the time when the AF hits or should I just cancel now and transfer my CL to my Freedom? Any downsides to closing now as to later? 

Thanks!

---

SD until time for next AF or you'll likely redflag yourself as a churner.

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@+1.  Closing it now may be a bad idea if you have spent most of the points already.  As @Anonymous said, it may be a redflag.

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Let's not underestimate the CCCs here.    Their basic value proposition is you make the minmum spend, get the bonus, keep using, pay the AF and continue for many years.   Their algorithms would have to be pretty stupid to care about closing after 4 months rather than closing just before the AF comes due.  Both are equal red flags, you have basically taken their money and run either way.

And, if you do this on one card once, I don't think there is an issue.  CCCs are looking for repeated activity of this kind.  You are allowed to get a card, use it a little, and discover it isn't for you.   But doing that with lots of cards from that issuer, a little more suspicious!

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@mikelo22 wrote:

So I got my Chase Sapphire Preferred back in November. While I love the card, I just can't justify keeping it open because I don't travel enough to get enough use out of it. And the 2x dining doesn't do me much good because of my Forward. 

I have already spent all of my UR points that I had saved up and accumulated over the past several months which essentially leaves me with nothing left to do but SD the card. 

So I guess my question is, am I better off SDing it until closer to the time when the AF hits or should I just cancel now and transfer my CL to my Freedom? Any downsides to closing now as to later? 

Thanks!

---

SD until time for next AF or you'll likely redflag yourself as a churner.

---

@+1.  Closing it now may be a bad idea if you have spent most of the points already.  As @Anonymous said, it may be a redflag.

---

Let's not underestimate the CCCs here.    Their basic value proposition is you make the minmum spend, get the bonus, keep using, pay the AF and continue for many years.   Their algorithms would have to be pretty stupid to care about closing after 4 months rather than closing just before the AF comes due.  Both are equal red flags, you have basically taken their money and run either way.

And, if you do this on one card once, I don't think there is an issue.  CCCs are looking for repeated activity of this kind.  You are allowed to get a card, use it a little, and discover it isn't for you.   But doing that with lots of cards from that issuer, a little more suspicious!

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So you're saying it would be unsafe to take this card every 26 mos for the UR bonus?

[longtimelurker]

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@Anonymous wrote:

So you're saying it would be unsafe to take this card every 26 mos for the UR bonus?

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No, that's probably OK too (26 months is a long tiime!)    Churning 4 or 5 high value Chase cards might get attention.    But my point was the other way, closing after 4 months is no worse than closing after 11

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

So you're saying it would be unsafe to take this card every 26 mos for the UR bonus?

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No, that's probably OK too (26 months is a long tiime!)    Churning 4 or 5 high value Chase cards might get attention.    But my point was the other way, closing after 4 months is no worse than closing after 11

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So one CSP, one RC, one SW, one Marriott, and one Freedom every 26 months would put me in danger.

Yikes.

I plan on keeping Marriott for sure out of all of them.

My Freedom i'd keep but I will reapp down the line for a better non-promo APR + extra bonus can't hurt.