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Which Banks punish you for closing cards before the one year mark?

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Beast26
Frequent Contributor

Which Banks punish you for closing cards before the one year mark?

As the title says besides American Express which specifically states that it will.  Do any other banks actually punish you for getting a sign up bonus and closing the card let's say 11 months in before the annual fee hits?





Revolving history: 2 years 4months across the board
AAoA:
TU: 5yrs 10months
EX: 2yrs 2 months
EQ: ~5yrs 6 months
Inquiries: Ex: 1/12. EQ: 1/12 Tu: 1/12
As of 10-5-2020

Quicksilver $3,000
Discover It Miles $17,500
Chase Freedom Flex $4,400
Amazon Prime Store Card $6,000
Walmart MC $2,500
Wells Fargo Active Cash $8,000
Citi Custom Cash $8,400
Verizon Visa $20,000
Message 1 of 5
4 REPLIES 4
Gunnerboy
Frequent Contributor

Re: Which Banks punish you for closing cards before the one year mark?

I would be shocked if a bank didn't have writing in their T&C about their right to claw back a SUB.



"Not everyone who helps you is a friend, and not everyone who challenges you is an enemy."
Message 2 of 5
ptatohed
Valued Contributor

Re: Which Banks punish you for closing cards before the one year mark?

I had no issues at all closing the Savor CapitalOne card after getting a huge welcome bonus and before the annual fee hit (first year was waived).  In fact, within a few months, I applied for and received the SavorOne which I still have today.    

5% CB rotating: ;
Everyday 3% CB: ;
Everyday 5%: ;
Companion Card: ;
Everyday 2.2% CB: ;
Retired to sock drawer after AOD (kept alive w/ 1 purchase every 6 mo): ;
On my radar: ;
Still Waiting for an Invite: ;
No hope:
Message 3 of 5
Beast26
Frequent Contributor

Re: Which Banks punish you for closing cards before the one year mark?

Ok thanks for the dp!  From what I can see not many outside of Amex force you to keep an annual fee card that you don't want for longer than a year.





Revolving history: 2 years 4months across the board
AAoA:
TU: 5yrs 10months
EX: 2yrs 2 months
EQ: ~5yrs 6 months
Inquiries: Ex: 1/12. EQ: 1/12 Tu: 1/12
As of 10-5-2020

Quicksilver $3,000
Discover It Miles $17,500
Chase Freedom Flex $4,400
Amazon Prime Store Card $6,000
Walmart MC $2,500
Wells Fargo Active Cash $8,000
Citi Custom Cash $8,400
Verizon Visa $20,000
Message 4 of 5
redpat
Senior Contributor

Re: Which Banks punish you for closing cards before the one year mark?

They might not punish you but most for another SUB is 48 months or will approve you w/o a sub offer, it's at their discretion.

 

The chuner and burn times are pretty much over.

Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 5 of 5
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