Cancelling a card right after I got it.

[Anonymous]

Been playing with this for some time:  I'd like to get a card that specifically gives rewards for parking.  My car is garaged and it's the 2nd biggest monthly expense after rent. Already have the AmEx Everyday Preferred (AEP?) which effectively gets me 1.5x points.

I've been leering at the Amex Green Card, which has 3x points for "transit" which they claim includes parking. If I get the card, and the garage doesn't appear as "transit" or whatever the category is i.e. it doesn't earn the 3x points, what are the effects --  on my score and my 40 year relationship with AmEx -- of summarily cancelling the card a couple of cycles after I received it? 

[K-in-Boston]

Scoring, nothing other than just the new account hit.  As for the Amex relationship, you definitely don't want to close an Amex card in the first year (they reserve the right to claw back bonuses) and many of us will usually suggest not closing in the first two years if you want to be eligible for future Amex Welcome Offers on new cards.

The coding will not be up to Amex, but how the business's merchant account is set up.  Your CSP should grant 2x.  Depending on how you value MRs vs URs, if that is your second biggest expense (with deeded parking spaces selling for 6 digits here, I get it) it might be worth considering an upgrade to CSR provided the garage was set up correctly with their merchant processor.

[M_Smart007]

Amex does not like when you cancel cards within (1) year of opening them.

You could get put on the Naughty list!

[blindambition]

I wouldn't shut it down before 1 year. Looks like SUB chasing, even if it's not. They have denied further SUB and clawed back points earned.

With such a long history, I'd avoid that. After a year, no issue. It just didn't work for you.

[Anonymous]

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@M_Smart007 wrote:

Amex does not like when you cancel cards within (1) year of opening them.

You could get put on the Naughty list!

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Yes I can tell you as a previous member of the naughty list for closing my BCE before I even got it that it's not fun. It was a year of rejection.

[Anonymous]

Thanks for the advice.  I don't have CSP, just Sapphire. Not sure but I don't think I'm getting anything besides 1x on everything, which up to now has been fine because I only use it where AX isn't accepted. Perhaps CSP is worth a look for 2x points over 1.5x from AEP. Of course I'd run into the same problem with categorization, but at less cost ($95 vs $250). Chase says I'm "already approved" for their Freedom Unlimited and Flex Cards, but they don't seem worth much. 

Related question:  As I already have the Sapphire Card it would seem to preclude me from their 80K bonus points offer if I change to CSP. Correct?

[blindambition]

You could PC Sapphire to Freedom card, either FU, Flex, or regular Freedom. Apply for CSP if 1st was over 48 months ago. If so, you'd get bonus.

[K-in-Boston]

Ah, the pic in your signature is CSP so I assumed.  If you do a Google image search for Chase Sapphire -reserve -preferred the regular Sapphire shows as the first few images if you want to swap that out.

You are eligible for the SUB on a new application if you close your existing Sapphire card first (or PC it to Freedom, Freedom Flex, or Freedom Unlimited) and have not received a bonus on any Sapphire product in 48 months.

Chase does not offer upgrade bonuses, so a new app for CSP or CSR would be the only way  to get a SUB.

At least with Visa cards you can always use the Visa Supplier Locator to find the MCC for any business, so you'll know whether your garage is coded correctly.

[Anonymous]

Amex BCP offers a 3% cash back transit category which specifically lists "parking" in the descriptor. 

[Anonymous]

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@Anonymous wrote:

Been playing with this for some time:  I'd like to get a card that specifically gives rewards for parking.  My car is garaged and it's the 2nd biggest monthly expense after rent.

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What's the percentage of "garage time" and have you ever done the math on this expense versus public transit? Seems like a big expense to store a vehicle to me, but then again I totally undertand the "independence" having a car gives you so I might be inclined to do the same if i had to. 

If it were me I would contact the garage and try to find out which MCC they are using to process the charge before actually apping for the Green, rather then going the trial & error route first. Sucks to app for a card that doesn't end up performing the way you wanted it to.

Good luck on tbhis endeavor!