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There are a few cards out there, like Chase Sapphire, that offer significant sign-up bonuses, plus waive first year's fee. Assuming I'd be able to spend as much money as required to qualify for the bonus (and assuming I got approved), is there any downside to getting the card and then canceling before the second year?
And what about repeatedly doing that with other high-reward cards that waive first-year fees? (I have around 6-7 no-fee cards, I'll plan on just keeping to hopefully balance out "average age" criteria in credit score)
Thx in advance,
Jon
@Anonymous wrote:There are a few cards out there, like Chase Sapphire, that offer significant sign-up bonuses, plus waive first year's fee. Assuming I'd be able to spend as much money as required to qualify for the bonus (and assuming I got approved), is there any downside to getting the card and then canceling before the second year?
And what about repeatedly doing that with other high-reward cards that waive first-year fees? (I have around 6-7 no-fee cards, I'll plan on just keeping to hopefully balance out "average age" criteria in credit score)
Thx in advance,
Jon
Generally it is fine to do once or twice (you could be trying out a card and find the fit wasn't good), but if an issuer determines a pattern of doing this, they may not offer you any more cards and perhaps close the ones you have.
That said, it is much more difficult to do now anyway, with Amex having one bonus per card per lifetime, Citi applying restrictions across a family of cards, and chase making it hard to get a card in the first place with 5/24
@Anonymous wrote:
I wouldn't. It's like somebody who constantly returns items to a store. EVERYTHING is tracked nowadays and it could 'hurt' you down the road with larger purchases requiring financing/checking your credit aka house/car etc
Well, everyone has to evaluate the risk reward, but doing it once with a big bonus card makes sense to me. Especially with banks that you can do without, such as CapOne Venture and Barclays Arrival +
PC'ing to a no-fee card (Freedom or Freedom Unlimited) might be a better option than cancelling the card.
Would it be possible to "PC" from an existing no-fee (unused) Chase card to the Chase Sapphire?
@Anonymous wrote:Would it be possible to "PC" from an existing no-fee (unused) Chase card to the Chase Sapphire?
Yes, but then you miss out on the sign up bonus.
If I ever get a CSP or CSR (15/24 now, 5/24 at Oct 2017 ), and if I ever get my Slate card with the 4.99% APR Forever rate paid off, I will seriously consider PC'ing the Slate to the CSP or CSR, depending on which I will keep, because the Slate is from 2001. After the Slate gets paid off, it won't be used much, so PCing that 2001 open date into a card I will use for a long time, after getting a sign up bonus on a similar CSP or CSR, seems like it makes sense to me.
I've considered using it and dumping it..if I get one.
I'm still trying to figure out how it would benefit me though. Traveling Air France the points really don't save me anything. I'll look at some of the other airline partners to see if having the card is worth it. Right now I'm not seeing it. 75,000 URs for one way plus another $300 or more dollars doesn't encourage an app.