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@takeshi74 wrote:
@Anonymous wrote:How does it really effect my credit score if I open a CSP and close it again before the first year is over? Also, will Chase flag me or something for churning?
It's never just a matter of the change itself. It depends on your credit profile and how the changes factor in. The usual stuff applies. A new account will drop your AAoA, you incur the small hit from the hard pull and there's an impact from having new accounts of your reports. Chase isn't going to flag you for churning for opening and closing an account. Churning is determined based on a pattern of activity. Chase already has bonus eligibility limitations and the 5/24 policy in place to address this. Do you have no plans to earn and transfer points in future?
If you have an established profile in good standing you won't see as much of an impact as one who has a thin profile and/or issues. Are you intending to apply for any new credit anyway?
I wanted to close my PRG because I rarely use it and don't want to pay the high fee. That's how I started researching how I can use the points before I close the card. I have no intentions of opening any new credit cards in general, however, I am considering opening one to get the 60k miles that I need for the flight.
I was always a big fan of cash back cards and never really liked points card and thought they are only worth it if you travel frequently (PRG is my only points card). Doing this research and realizing how valuable the points can be when transfered to a partner program made me really rethink me closing my PRG. I am actually thinking of possibly using points cards as my main cards. I have to do some math and look at my monthly spending, reward categories, and annual fees but I feel like points cards have more value than cash back cards if the points are redeemed properly. Any thoughts on using mainly points cards when only traveling about once a year?
If both you and your wife have Freedom and / or regular Sapphire cards and some points on them, see if either of you prequalify for a CSP.
The first year is free so don't think about the AF, as of yet. Opening / closing cards rapidly takes a toll on your report and on the relationship with the bank but at the end of the year, you don't need to close it; simply convert it to a Freedom Unlimited if you don't see further use for it.
Suppose it's you who apply and get the CSP. If you have the Krisflyer account, this is the least hassle route.
Once you have the CSP, you'll have all three of your cards show up on your Chase account. You should be able to transfer your Freedom and Sapphire points to the CSP. Similarly, your wife should be able to transfer all of her Chase UR points to your CSP account.
You'll also be able to add the CSP bonus (including the AU account bonus) quickly. Great if you have enough points even before that.
Now you can transfer CSP points to your KF account. It'll be done within a day.
Whether you travel once a year or multiple times, it depends on the value you get from the reward ticket vs. what you'd get with a no-AF card. Between MR and UR, I prefer keeping the UR card (CSP) because it allows me to transfer to Southwest and redeem points at a decent value without a lot of planning.
@Ghoshida wrote:If both you and your wife have Freedom and / or regular Sapphire cards and some points on them, see if either of you prequalify for a CSP.
The first year is free so don't think about the AF, as of yet. Opening / closing cards rapidly takes a toll on your report and on the relationship with the bank but at the end of the year, you don't need to close it; simply convert it to a Freedom Unlimited if you don't see further use for it.
Suppose it's you who apply and get the CSP. If you have the Krisflyer account, this is the least hassle route.
Once you have the CSP, you'll have all three of your cards show up on your Chase account. You should be able to transfer your Freedom and Sapphire points to the CSP. Similarly, your wife should be able to transfer all of her Chase UR points to your CSP account.
You'll also be able to add the CSP bonus (including the AU account bonus) quickly. Great if you have enough points even before that.
Now you can transfer CSP points to your KF account. It'll be done within a day.
Whether you travel once a year or multiple times, it depends on the value you get from the reward ticket vs. what you'd get with a no-AF card. Between MR and UR, I prefer keeping the UR card (CSP) because it allows me to transfer to Southwest and redeem points at a decent value without a lot of planning.
I do prequalify for the CSP. I actually only have a Freedom and am an AU on my wife's regular Sapphire. How can my wife transfer her UR points from her Freedom and Sapphire to my account? Does that work if she is an AU on my CSP? Because I can't transfer any of my points to her regular Sapphire. The card doesn't even show up in my Chase account since I am just an AU.
I didn't know you could convert your cards with Chase (I only knew about Amex). Having the possibilty to convert the card to a no-AF card if I don't like it defnitely makes it an easy choice to apply for the CSP for the points. Maybe I'll even keep the card, but I think that I will only the keep the PRG or CSP in the long run.
I just received an upgrade offer from Amex to upgrade my PRG to a Platinum card with 50k points after $5k spend. This seems like a great opportunity to receive 50k points, however, I definitely do not want to keep the Platinum because of the high annual fee. Can I upgrade, receive the points after 3 months and downgrade to my PRG again or do I have to wait a full year before I can downgrade again?
@Anonymous wrote:I just received an upgrade offer from Amex to upgrade my PRG to a Platinum card with 50k points after $5k spend. This seems like a great opportunity to receive 50k points, however, I definitely do not want to keep the Platinum because of the high annual fee. Can I upgrade, receive the points after 3 months and downgrade to my PRG again or do I have to wait a full year before I can downgrade again?
Platinum is a once in a lifetime bonus card, and that bonus is 100k points.
If you use this upgrade, you won't get that bonus again. So decide carefully.
That said, not many banks give bonuses for upgrades, so it's not a bad offer that way.
I think AMEX recently stopped allowing prorated fees when the product change is initiated by the customer. So you'll incur the cost anyway regardless of when you switch back. Switching back is allowed anytime though.
For transfer of points between spouses, it's very straightforward. Go to the UR page of the "from" account, select "combine points" option.
Now it'll show the "from" card. In the "to" card, there's an option to add household member. Add the account detail (card number and name of the member) and that's it.
Make sure that the two cardholders have the same address with Chase, otherwise Chase takes adverse action.
Downgrading with Chase is super easy. A call or secure message does it. You cannot switch between house brand and cobranded cards, or personal and business cards.
Moving limits between personal house brand cards and cobranded cards is allowed.
No hard pull for any of these.
Not sure whether Chase does prorated annual fees though.