topic Re: cancel new card to get a better offer for same card in Credit Card Applications

cancel new card to get a better offer for same card

Anonymous — Tue, 17 Nov 2015 18:04:28 GMT

HI All,

So i just received an offer in teh mail for the citibank double cash card for 0% for 18 months and a 16% APR after that. I just applied for that card but its 0% for 15 months and a much higher APR. Should I cancel the first card and reapply? what are the down sides to this?

Would I be taking a risk of getting a lower CL and how big of hit would my score take from doing this?

Re: cancel new card to get a better offer for same card

RobertEG — Tue, 17 Nov 2015 21:43:50 GMT

Has the first card been approved?

A consumer cannot "cancel a card." If you have applied and they approve, then you have an account, regardless of whether you have used it or activated the card.

They may chooose not report it to a CRA if you close it immediately, but they can, so you may get a reported accunt with zero age, affecting your AAoA.

You can always close the card, but that does not negate the fact that you had an account.

If you dont want the account, then you should contact them and terminate the application process BEFORE they approve it and establish an account.

Dont wait and then attempt to "cancel" it.

Re: cancel new card to get a better offer for same card

Anonymous — Wed, 18 Nov 2015 00:25:26 GMT

@RobertEG wrote:
Has the first card been approved?
A consumer cannot "cancel a card." If you have applied and they approve, then you have an account, regardless of whether you have used it or activated the card.
They may chooose not report it to a CRA if you close it immediately, but they can, so you may get a reported accunt with zero age, affecting your AAoA.

You can always close the card, but that does not negate the fact that you had an account.

If you dont want the account, then you should contact them and terminate the application process BEFORE they approve it and establish an account.
Dont wait and then attempt to "cancel" it.

Re: cancel new card to get a better offer for same card

woodyman100 — Wed, 18 Nov 2015 00:35:42 GMT

I think OP wants a better deal, not just close the account.

YMMV, but I think you have what you have. Try and recon the APR. you never know if you don't ask.

Re: cancel new card to get a better offer for same card

Anonymous — Wed, 18 Nov 2015 02:48:43 GMT

Try and get the APR lowered on the card you already have.

Re: cancel new card to get a better offer for same card

Anonymous — Wed, 18 Nov 2015 04:17:32 GMT

its been approved already. i saw the deal when i got home after i applied for the card at work. i guess I will call and ask once I receive the card. if they dont lower my APR, should I cancel or just deal with it

Re: cancel new card to get a better offer for same card

FinStar — Wed, 18 Nov 2015 06:09:50 GMT

@Anonymous wrote:
its been approved already. i saw the deal when i got home after i applied for the card at work. i guess I will call and ask once I receive the card. if they dont lower my APR, should I cancel or just deal with it

IMO, just deal with it. Keep the card and revisit the option of having the APR lowered. Just contact them via phone, chat or secured messaging (preferred contact method can work if you request an account manager via phone to review the account say in about 6 months). Just periodically check with them until you receive something comparable or lower.

Re: cancel new card to get a better offer for same card

woodyman100 — Thu, 19 Nov 2015 02:26:11 GMT

@Anonymous wrote:
its been approved already. i saw the deal when i got home after i applied for the card at work. i guess I will call and ask once I receive the card. if they dont lower my APR, should I cancel or just deal with it

I think you're suffering from "Woodyman"itis. You see something you like and you get it. Then see it for a better price somewhere else and suddenly the first deal feels like a good hosing.

Your's truly does this all the time. Just remember that you thought it was a good deal because it was a good deal. If you can renegotiate a killer deal on top of it, all the better!

Re: cancel new card to get a better offer for same card

Anonymous — Thu, 19 Nov 2015 13:50:57 GMT

Since it's already approved I would just keep it. Show it some use and after a few months time, ask them to lower the APR. I would keep the offer that you received with the lower APR and then submit it to them to show that it was once offered to you. Good luck! ☺