Question - doesn’t it negatively affect your credit rating to cancel cards?

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Feb 21, 2018
11:58:39am

Ashtrash Token Female

Question - doesn’t it negatively affect your credit rating to cancel cards?

This is all very interesting to me though - I really want to travel, maybe this can help me do it?

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Ashtrash

Bio page: Ashtrash
Joined: Sep 14, 2009
Last login: Jun 5, 2024
Total posts: 32,387 (13,146 FO)

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Messages

Author

Time

I broke down my credit card strategy for a friend recently and thought I would

CSoul

2/21/18 11:34am

The rules for the reserve's $300 travel credit have changed. You can only get

Ozymandias

2/21/18 11:35am

Good to know, just edited it.

CSoul

2/21/18 11:37am

You have Amazon Prime then.

2/21/18 11:39am

Yes

CSoul

2/21/18 11:40am

You should get Discover. Their 5% rotating categories are different from Chase

2/21/18 11:40am

And like Chase, it's actually 6% because you get 1% for everything.

2/21/18 11:41am

Just FYI the 1% and 5% don’t stack so really only 4% extra.

cougarfann888

2/21/18 11:44am

Not what my statement says.

2/21/18 11:50am

Is it additive? I thought it was 1% everything OR 5% for categories

Martin Van Nostrand

2/21/18 11:44am

Additive. From my statement:

2/21/18 11:54am

I think the math on your statement means you get 5 UR pts / $

ForzaPuma

2/21/18 12:27pm

You're right. I can't do arithmetic.

2/21/18 12:33pm

One of the benefits with Chase cards is that you can continue to get the signup

TheLoneCougar

2/21/18 12:23pm

believe it has to be 2 years since you got a bonus for that card. I think (but

Martin Van Nostrand

2/21/18 12:57pm

I would add one more. American Express Blue Cash Everyday card for groceries at

Broda

2/21/18 11:44am

I'll look at that as well, but we do most of our grocery shopping

CSoul

2/21/18 11:45am

Cash back up to $6000 or $6000 worth of groceries?

WDaddy

2/21/18 12:03pm

$6000 worth of groceries, so about $500 a month.

Broda

2/21/18 1:06pm

Blue Cash Preferred gets 6%

sakar12

2/21/18 12:25pm

You also have $95 annual fee.

Broda

2/21/18 1:05pm

My problem is now spending all my points. I currently have over 1 million chase

cougarfann888

2/21/18 11:47am

Don't let me stop you from transferring them to me. 😉

Wadds

2/21/18 11:50am

Treat yourself to Business class on international flights. Definitely worth it.

Broda

2/21/18 11:50am

You won't get the same level of return, but Amazon cards are available.

Ozymandias

2/21/18 11:55am

first world problems at it's finest right here. !!! hahaha

Mayor of Cougartown

2/21/18 12:14pm

Exactly. Don't cash them out.

TheLoneCougar

2/21/18 12:24pm

Question - doesn’t it negatively affect your credit rating to cancel cards?

Ashtrash

2/21/18 11:58am

It's mostly about credit utilization. So if you cancel a card and

CSoul

2/21/18 12:01pm

Good to know, thanks...

Ashtrash

2/21/18 12:10pm

Also Citi Double Cash gets you 2% on everything. That should be your lower bound

2/21/18 12:04pm

Freedom Unlimited is 1.5% * 1.5 redemption, so 2.25% is my lower

CSoul

2/21/18 12:06pm

OK

2/21/18 12:10pm

Don't forget that through the Ultimate Rewards Portal you can transfer

TheLoneCougar

2/21/18 12:20pm

Can you still use the miles after canceling your Chase Sapphire card?

CapitalCougar

2/21/18 1:33pm

You need to use them before you cancel, or transfer them to another card's

TheLoneCougar

2/21/18 2:38pm

If you downgrade you'll keep them. If you cancel the card, make sure to transfer

Martin Van Nostrand

2/21/18 3:27pm

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