I was at our local Chase today because my son and I had an appointment to open a 'Teen Checking', for the $125 bonus offer, now that he is 13 (It's actually called 'High School Checking' (ages 13 - 17) and he's actually in Middle School but he is 13, and apparently we were able to open the account 
).
Free $125 after 5 debit card purchases! Good for him. That whole process took about 50 minutes.
We were about to wrap up and say our goodbyes. But knowing my one year on my Sapphire Preferred (SP) card is coming up in May, and knowing I don't want to pay the second annual fee, and since I was already there, I asked the banker to close the card. I got the card last May only for the $1000 elevated welcome offer. I haven't used the card since I met the spending requirement summer of last year. She closed the card. That process took 10 minutes.
As some of you may know - and contrary to many of my fellow mFers - I have very little interest in what my Credit Limits (CL) are, so long as they're more than I need, which most all of my cards are with just the starting limits. The only CLI I have ever requested in my life was to increase my AOD from $5000 to $10000 (back when this was my primary non-cat card and there was no $1500/mo spend cap). But............ when she asked me if I want to move my SP CL over to my freedom, I figured why not? lol
So, first she moved over the 50 points I had on my SP to my OG freedom. Which I didn't quite understand as I thought both the SP and freedom earned Ultimate Reward (UR) points which are pooled? And why did I even have 50 points on my SP? 
She was able to move the 50 points over to freedom on her computer but moving the SP Credit Limit over to freedom took a phone call. After the local banker explained to the rep what I wanted to do, she passed the phone to me to okay the request with the lady on the other end.
No questions at all as to why I was closing and no retention offers made.
So........ my largest CL of all my cards happens (happened) to be my Chase IHG One Rewards Premier at $35,000. I want to say it started at $32,000 so maybe I got some auto-CLs along the way? Well, now my largest CL is my Chase freedom OG at $35,700! I don't remember my existing CLs but I want to say freedom was around $13,000ish and Sapphire Preferred was around $23,000ish. Over $70,000 available credit with one lender seems excessive to me! lol
Anyway, just thought I'd share.
That's awesome, congratulations to your son and you! Beginning of a great finance education!
Same, I've never asked for a CLI. But I sure have, a CLD, if I plan on retaining the account, upon issuance, SL, to a modest CL that fullfills my expected max spend. Keeping plenty of potential SL overhead for, auto approvals, expanding the herd or churning.
Citi:
US Bank:
Chase:
Aven:
RH:
Your due a new CC (close one, open another). Time to preapp for the Kroger Rewards.
Kroger Rewards World Elite Mastercard® | Home 1-2-3 REWARDS Credit Card
@ptatohed wrote:
@ElvisCaprice wrote:Your due a new CC (close one, open another). Time to preapp for the Kroger Rewards.
Kroger Rewards World Elite Mastercard® | Home 1-2-3 REWARDS Credit Card
Yup. This one is always in the back of my mind EC but I'm not quite sure how exactly it will benefit me. I do use google pay a lot but that's almost exclusively when I am paying for my fast food orders through fast food apps. I have 3 citi Custom Cashes and one of them is relegated to fast food (and dining) for 5%. I never go over $500 a month (I would hope so, lol) on fast food (and dining) so I am good there. I refuse to have an actual 'mobile wallet' on my phone as I hate having a phone password. So I wouldn't be able to use it at any in-store POS. Can you think of another use for the Kroger card to get 5% where I would otherwise get 4% (Smartly) that won't require a phone password? Maybe on-line sites that let you check out with google pay? (e.g. Walmart, ebay, other sites?)
It really works best with the wallets for virtual payments. Yes, on Android to get the NFC working, you have to have some kind of a password or use thumbprint. I use a short 4 digit number and my thumbprint. Most of the time just the thumbprint. The mobile payment system/Wallet is a must first step with this CC for the 5%. Then I can pay my insurance in app using my phone wallet or google pay to get the 5%.
Does have a no FTF feature for travel.
Is it really necessary in your case? Probably not. A bigger SUB for churn would be better. Or in my thinking, get both. LOL
Thus I'm 6/6 on new accounts.
I had read on the forums that you were supposed to wait 365+ after opening a card that received a bonus before closing it, to avoid getting restricted from future bonus offers. I'm dumping the sapphire preferred too, but i was going to wait until the annual fee posted and then just cancel at that time since they'll refund it.
That said, Amex put me on the tempoary bonus blacklist just for rackig up too many bonuses in a short term even before I ever canceled any of their cards, so not sure the 365+ day rule always makes a difference.
@creditrizz wrote:I had read on the forums that you were supposed to wait 365+ after opening a card that received a bonus before closing it, to avoid getting restricted from future bonus offers. I'm dumping the sapphire preferred too, but i was going to wait until the annual fee posted and then just cancel at that time since they'll refund it.
That said, Amex put me on the tempoary bonus blacklist just for rackig up too many bonuses in a short term even before I ever canceled any of their cards, so not sure the 365+ day rule always makes a difference.
There definitely isn't any penalty to your score or credit file.
There could be a SUB clawback but I'm having a hard time finding any real data points on this. Same with bank relationship and so called "Black Listing". Not finding real data points on this either. So, I'm calling bull. Could change my mind with some real data points if anyone could point me to where they exist. Hard to distinguish the real reasons from the few posts I've found on Reddit.
In the case of @ptatohed , he did it with a banker and I'm sure the banker would have advised him of adverse consequences if this was an issue.