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

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Feb 21, 2018
12:01:05pm

CSoul All-American

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

your total credit available drops it will affect your credit. The actual affect of just cancelling is very little. It helps to have multiple cards with the same issuer when you cancel one because often you can just move the available credit to the other card(s)

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CSoul

Previous username: tsm26
Bio page: CSoul
Joined: Nov 20, 2005
Last login: Jun 16, 2024
Total posts: 67,260 (14,141 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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