topic Re: Closing an account then reopening a new one to get the signup bonus in Credit Cards

Closing an account then reopening a new one to get the signup bonus

Anonymous — Fri, 19 Jun 2020 05:03:15 GMT

I have a trip coming up next year and would like to put it all on a 0% intro APR card. Before the trip (January) I will have no credit card debt.

Right now I have (among other cards) Chase Slate and Chase Freedom cards. I'm wondering if I can do the following (and if it is a good idea...I don't mind if it hits my FICO a little bit).

1. Transfer the limit from the Chase Slate card to the Freedom card. Close the Chase Slate card.

2. In 5 months open a new Chase Slate card with the 0% APR for 15 months.

3. Transfer the limit from the Chase Freedom to the new Chase Slate card. Close the Freedom card.

I know I'll take a hit for the new card/age of account(s)...that is OK. Just wondering beyond that if it is even possible.

I remember reading a thread about how people open and close Chase accounts (can't remember which one) regularly and get the $250 signup bonus...I know it is called something...like hunting..something...I can't remember. If you can remind me what the new card signup bonus hunters are called I can look that up too. Thanks.

Re: Closing an account then reopening a new one to get the signup bonus

AllZero — Fri, 19 Jun 2020 05:07:47 GMT

@Anonymous See churning. See 5/24 rule.

Re: Closing an account then reopening a new one to get the signup bonus

Anonymous — Fri, 19 Jun 2020 05:13:59 GMT

Perfect! That's the word I was looking for!

Re: Closing an account then reopening a new one to get the signup bonus

Brian_Earl_Spilner — Fri, 19 Jun 2020 06:01:36 GMT

Slate is no longer open to new applications, so if you close it, you probably won't be able to get it again. There are a few people that have received offers, but for the most part, they're closed to new apps.

Re: Closing an account then reopening a new one to get the signup bonus

dogmeat — Fri, 19 Jun 2020 09:41:14 GMT

Everything you outlined works. You can transfer balances between cards (I believe donor cards with Chase have to be open a year), even to newly opened cards, and the newly increased limit will be availbable for BTs at the promotional rate.

Re: Closing an account then reopening a new one to get the signup bonus

CreditInspired — Fri, 19 Jun 2020 10:50:10 GMT

@Anonymous wrote:
I have a trip coming up next year and would like to put it all on a 0% intro APR card. Before the trip (January) I will have no credit card debt.

Right now I have (among other cards) Chase Slate and Chase Freedom cards. I'm wondering if I can do the following (and if it is a good idea...I don't mind if it hits my FICO a little bit).

1. Transfer the limit from the Chase Slate card to the Freedom card. Close the Chase Slate card.
2. In 5 months open a new Chase Slate card with the 0% APR for 15 months.
3. Transfer the limit from the Chase Freedom to the new Chase Slate card. Close the Freedom card.

I know I'll take a hit for the new card/age of account(s)...that is OK. Just wondering beyond that if it is even possible.

I remember reading a thread about how people open and close Chase accounts (can't remember which one) regularly and get the $250 signup bonus...I know it is called something...like hunting..something...I can't remember. If you can remind me what the new card signup bonus hunters are called I can look that up too. Thanks.

IMO, get a Disco card. The first 12-14 mos. is 0% purchase interest, plus it double cashback

Re: Closing an account then reopening a new one to get the signup bonus

Anonymous — Fri, 19 Jun 2020 10:57:05 GMT

Good to know. Thank you very much.

Re: Closing an account then reopening a new one to get the signup bonus

Anonymous — Fri, 19 Jun 2020 11:06:25 GMT

Well, so this is what I did. I am American and live in the Philippines. We were supposed to take a trip back to the USA from April 20 to July 20...my plan was to put it on the card in January. So for the first time in my life I planned ahead. I got tickets to the USA (through China), we planned to go to my daughter's graduation at Virginia Tech, look for a house, visit my family in Massachusetts and my wife's extended family in Buffalo (starting from my wife's parents' house in Denver)...then to top it off, my wife and I were finally going to Europe for our 20th wedding anniversary. I figured I'd just use the card interest free and pay it off with the cash on hand before the intro APR expired.

Well, you know how this story ends. I should be in Paris right now, but I'm still in the Philippines. I had to cancel everything...$10,000 of trips (flights and airbnb etc...). I got back about 7500 in cash (it took me three full months...sometimes on hold for 8 hours at a time) and 1200 in vouchers. Had to eat the rest...figures the only time I've ever planned that far in advance.

Well, guess what card I got and used for this? Yup, the Discover Card. Haha.

So now I'm going to try again...this time I'll get the tickets about 3 to 4 weeks (not months) in advance (like we're going to have another coronavirus episode in our lifetimes). But that's why I'm looking for another card. I'd prefer to do it with a company I already have so I can transfer the balance from my existing card over. My choices are:

Citi (Simplicity?)

Chase (but no more Slate?)

Capital One

Citi would be my best bet if it would work, as I have around 10k limit on that one.

Re: Closing an account then reopening a new one to get the signup bonus

Anonymous — Fri, 19 Jun 2020 13:33:36 GMT

If you travel frequently, consider that many travel focused cards offer decent insurance (if you charge the entire trip to them). If you have the cash to pay for the trips, the insurance might be worth more than the 0% promo rate.

Re: Closing an account then reopening a new one to get the signup bonus

randomguy1 — Fri, 19 Jun 2020 14:55:49 GMT

Chase Freedom Unlimited right now has:

0% intro APR for 15 months from account opening on purchases.pricing and terms reference† After the intro period, a variable APR of 14.99% - 23.74%.pricing and terms reference†

$200 CASH BACK after you spend $500 on purchases in your first 3 months from account opening.offer details reference*

EARN UNLIMITED 1.5% CASH BACK
on every purchaseoffer details reference* — it's automatic!

I don't understand the logic on closing your Chase Freedom card though. I would just keep it unless you never use those categories.

Re: Closing an account then reopening a new one to get the signup bonus

randomguy1 — Fri, 19 Jun 2020 15:07:22 GMT

https://www.bankofamerica.com/credit-cards/

BofA Cash rewards has 0% APR for 15 months. ($200 SUB)

BofA Travel rewards has 0% APR for 12 months. ($250 value in SUB)

BBVA Clearpoints (Geo-fenced - google for pre-quals)

https://www.bbvausa.com/credit-cards.html

0% Introductory APR for 13 months on purchases. This intro rate also applies to Balance Transfers made within 60 days of account opening4. After that, a 11.24%-29.24% variable APR.

BB&T Bright (Geo-fenced - google for pre-quals)

https://www.bbt.com/banking/credit-cards.html

0% introductory APR for 15 months on purchases and balance transfers

US Bank

https://www.usbank.com/credit-cards.html

Both US Bank Altitude Go and Cash + have intro offers

Enjoy a 0% intro APR 2 on purchases and balance transfers for the first 12 billing cycles.

I would look for a card that would have additonal benefits other than just intro APR personally. I provided several good examples.

Re: Closing an account then reopening a new one to get the signup bonus

Brian_Earl_Spilner — Fri, 19 Jun 2020 15:43:50 GMT

If your trip was cancelled because of covid, the laws state you're entitled to a full cash refund. I would speak to an attorney.

Re: Closing an account then reopening a new one to get the signup bonus

ccquest — Fri, 19 Jun 2020 16:19:41 GMT

For additional info on top of what was said above, I believe that is only if the airline cancels the travel for you - not if you voluntarily cancel. At least that's what it seemed to say when I was waiting for JetBlue to cancel my Mexico trip earlier in the year.

Re: Closing an account then reopening a new one to get the signup bonus

Anonymous — Fri, 19 Jun 2020 16:19:46 GMT

@Brian_Earl_Spilner wrote:
If your trip was cancelled because of covid, the laws state you're entitled to a full cash refund. I would speak to an attorney.

Not sure which laws would apply on a travel purchase initiated from outside the US (although being on US cards might help)

Re: Closing an account then reopening a new one to get the signup bonus

Anonymous — Fri, 19 Jun 2020 16:42:40 GMT

This has definitely made me rethink booking too far in advance, but that's when you seem to get the good deals. While booking alst minute acn also get good deals, it's difficult to plan a vacation like that with so many variables going on. last minute flights are one thing, but lodging is often not as good. You'll end up getting what's left. Also when paying with points it can sometimes be a question of whether you'll get all of them back or not if you're forced to cancel. They are not covered under the CC trip interuption/cancelation policies.

For OP's particular situation I would just use an existing card you value to earn whatever points on it, then look for a BT product like the Citi Diamond preferred or Simplicity with 0% for 21 months. While they may not have continued earnings for spend, the BT option is nice to have. Especially if you already have several other point/CB cards anyways.

However, if you're wanting the SUB to use that trip then i guess you would need to app a new SUB product. Though I didn't know Slate even had a SUB beyond the 0% promo, so it's not like we're talking about one of those products that come with 50K points etc. Which is what people normally go after for travel.

I would definitely try not to close one account and then open a new one at the same Bank. If you no longer have a need for Slate then I see no harm in closing it.