I saw many times the advice about waiting for the annual fee to post before calling the credit card company after 1 year usually of having the credit card.
Do I need to wait that the annual fee post in order to have a better chance of getting a retention offer? Or is it because if I cancel the credit card, my credit score will decrease less if I wait for the annual fee to post, than if I cancel the card 1 year after, but before the AF post?
@villemiami wrote:I saw many times the advice about waiting for the annual fee to post before calling the credit card company after 1 year usually of having the credit card.
Do I need to wait that the annual fee post in order to have a better chance of getting a retention offer? Or is it because if I cancel the credit card, my credit score will decrease less if I wait for the annual fee to post, than if I cancel the card 1 year after, but before the AF post?
It's not general advice about credit card companies. It's specific advice about American Express. With American Express if you close a card within the first year, it can sometimes make it difficult to get a sign up bonus on one or more future cards. So it's best to wait for the 13th month. They'll give you a prorated refund of the annual fee you will have paid.
@villemiamiWhat creditors are you talking about? If you want to aviod paying the annual fee. Close it beforehand.
I thought the general rule was wait 2 years, not 1 year? Especially if it's a card with an AF. But downgrading at 1 year is fine (which you generally can't do until 1 year anyways).
AU - 
Biz - 
Sock - 
Chopping Block - 
clawback and potentially getting dinged for future card applications
AMEX gives you 30 days from the annual fee charge date to cancel and get full refund so there's no reason for one to close it early (if anything you want to close late so you get another month's (maybe even quarters or even halves) worth of benefits.
I had someone complain about having $695 hanging in their credit line... (lmao)
