topic Re: Cancel CSP in anticipation of AF? in Credit Cards

Cancel CSP in anticipation of AF?

SnackTrader — Wed, 18 Mar 2015 01:21:17 GMT

So I'm about to call Chase and cancel my CSP unless they waive the AF. Right now I don't use the card except to redeem my UR points earned from the Freedom card for 1.25x. The card has lost its value and I don't want to pay the AF for a useless card. My goal will be to get Chase to shift my credit limit to the Freedom unless they are willing to waive the AF (unlikely). Does anyone think this is completely crazy? If so, why?

Thanks!

Re: Cancel CSP in anticipation of AF?

Anonymous — Wed, 18 Mar 2015 01:31:05 GMT

@SnackTrader wrote:
So I'm about to call Chase and cancel my CSP unless they waive the AF. Right now I don't use the card except to redeem my UR points earned from the Freedom card for 1.25x. The card has lost its value and I don't want to pay the AF for a useless card. My goal will be to get Chase to shift my credit limit to the Freedom unless they are willing to waive the AF (unlikely). Does anyone think this is completely crazy? If so, why?

Thanks!

Not at all crazy, but, as you say, it's very unlikely that they will waive the fee. They will let you move (most or all) of the CL though.

Re: Cancel CSP in anticipation of AF?

Open123 — Wed, 18 Mar 2015 01:34:29 GMT

Not crazy at all.

While the CSP is a tremendous value with the 40K/50K bonus and first year fee waived, this value diminishes once UR points have been transferred and the $95 fee assessed. It takes quite a bit of dedicated spending to make the fee worthwhile; spending that could be better allocated towards earning other bonuses.

Worth a try to ask, but I doubt they'll waive the fee. Depending on your usesage and history, they may offer, say, a 5,000 UR retention bonus.

Re: Cancel CSP in anticipation of AF?

SnackTrader — Wed, 18 Mar 2015 01:34:49 GMT

That means a lot coming from you, longtimelurker. Glad to know I'm not getting crazy in old age.

Re: Cancel CSP in anticipation of AF?

SnackTrader — Wed, 18 Mar 2015 01:38:48 GMT

And from you as well, Open.

Re: Cancel CSP in anticipation of AF?

Anonymous — Wed, 18 Mar 2015 01:39:06 GMT

Will they still allow a PC to the non-preferred version?

Re: Cancel CSP in anticipation of AF?

SnackTrader — Wed, 18 Mar 2015 01:40:32 GMT

Solongtj - I believe so, yes. But I wouldn't use that card, so I might as well close the line and open a new $400 bonus (Venture) tradeline.

Re: Cancel CSP in anticipation of AF?

FinStar — Wed, 18 Mar 2015 01:42:08 GMT

@Anonymous wrote:
@SnackTrader wrote:
So I'm about to call Chase and cancel my CSP unless they waive the AF. Right now I don't use the card except to redeem my UR points earned from the Freedom card for 1.25x. The card has lost its value and I don't want to pay the AF for a useless card. My goal will be to get Chase to shift my credit limit to the Freedom unless they are willing to waive the AF (unlikely). Does anyone think this is completely crazy? If so, why?

Thanks!
Not at all crazy, but, as you say, it's very unlikely that they will waive the fee. They will let you move (most or all) of the CL though.

This exactly. You can always check to see if they can let you downgrade to the Sapphire non-preferred version (if still available). Otherwise, as lontimelurker mentioned, you can simply reallocate your CL to Freedom.

Re: Cancel CSP in anticipation of AF?

SnackTrader — Wed, 18 Mar 2015 01:59:14 GMT

Done. Card is cancelled, credit line (all but $500) is moved to Freedom. Thanks for the input all!

Re: Cancel CSP in anticipation of AF?

Anonymous — Wed, 18 Mar 2015 03:10:22 GMT

@SnackTrader wrote:
Done. Card is cancelled, credit line (all but $500) is moved to Freedom. Thanks for the input all!

And maybe in 24 months from opening you can do it all over again!

Re: Cancel CSP in anticipation of AF?

Open123 — Wed, 18 Mar 2015 03:14:09 GMT

@Anonymous wrote:
@SnackTrader wrote:
Done. Card is cancelled, credit line (all but $500) is moved to Freedom. Thanks for the input all!
And maybe in 24 months from opening you can do it all over again!

Right, even Chase has decided the "once in a lifetime" sign-up bonus rule was too limiting for client acquisition. Naturally, the CSP is on my horizon, again.

Re: Cancel CSP in anticipation of AF?

joedtx — Wed, 18 Mar 2015 03:14:14 GMT

@SnackTrader wrote:
Done. Card is cancelled, credit line (all but $500) is moved to Freedom. Thanks for the input all!

Never done this before but CONGRATS on your cancellation . Whatever works best for you is always the right decision.

Re: Cancel CSP in anticipation of AF?

Anonymous — Wed, 18 Mar 2015 03:16:03 GMT

Glad you made a decision and did what was right for you. Whats the line on your Freedom now?

Re: Cancel CSP in anticipation of AF?

mongstradamus — Wed, 18 Mar 2015 03:16:25 GMT

i have been contemplating dropping CSP since i still have ink plus for airline hotel transfers, I know its pretty shallow but i really do like the metal card feel.

Re: Cancel CSP in anticipation of AF?

Anonymous — Wed, 18 Mar 2015 03:19:28 GMT

@mongstradamus wrote:
i have been contemplating dropping CSP since i still have ink plus for airline hotel transfers, I know its pretty shallow but i really do like the metal card feel.

I want to app for it at the end of the year. Would like a metal card for a year but don't have much use after that for it.

Re: Cancel CSP in anticipation of AF?

joedtx — Wed, 18 Mar 2015 03:27:24 GMT

@mongstradamus wrote:
i have been contemplating dropping CSP since i still have ink plus for airline hotel transfers, I know its pretty shallow but i really do like the metal card feel.

Do whatever works the best for your finances if that means closing the CSP than so be it, also I don't think you are shallow for appreciating a card that both looks and feels like a quality product. I wish I could say the same about my Quicksilver card which has an ok design, but the flimsy second grade plastic is worse than the fake cardboard CC's that come in wallets.

Re: Cancel CSP in anticipation of AF?

SnackTrader — Wed, 18 Mar 2015 03:30:45 GMT

My Freedom line is now $16,500. I will work to update my signature next time I'm on my laptop.

I indeed hope to add this card (and its signup bonus) again. But if it doesn't happen, so be it. The card was excellent while I had it, including the personal touch of the U.S. based CSRs. I don't question anyone who keeps this card past the first year - what a good experience all around.

Re: Cancel CSP in anticipation of AF?

noobody — Wed, 18 Mar 2015 09:24:16 GMT

Got my bonus on 1/10/2013, it has been 26 month, 30K annual spending. should I cancel the card today and reapply tomorrow?

Re: Cancel CSP in anticipation of AF?

Anonymous — Wed, 18 Mar 2015 12:05:10 GMT

@noobody wrote:
Got my bonus on 1/10/2013, it has been 26 month, 30K annual spending. should I cancel the card today and reapply tomorrow?

You could try and it might work, but even a slow analyst on a bad day, on review, might conclude that this happens to look a little like churning! It's also possible that they would reopen the closed card and not give a bonus.

I would suggest at least a little time between opening and apping. (You closed it then realized how much you missed it)

Re: Cancel CSP in anticipation of AF?

takeshi74 — Wed, 18 Mar 2015 13:06:27 GMT

@SnackTrader wrote:
Does anyone think this is completely crazy?

You have to determine what works for you and go with it. If you're doing that it's not crazy. The CSP may be popular but no card is one-size-fits-all. If you don't have a use for it and can't justify the AF then there's no reason to keep it open.