Thread: Should I cancel my newly approved card?

background info: 18 yrs old, 6 month credit history. Prior to AMEX, I have 3 cards from Capital one, BofA and Citi. $2k credit limit in total. Very high spending amount but low balance due to paying off several times every month. 4 credit inquiries. My score from credit karma is about 690-700. No late payment ever.

Yesterday out of the blue I applied for Zync and get instantly approved. Today, out of the blue (again) I applied for Premier Gold and get approved again! I cannot believe it! I'm so happy! No more worry about maxing out my cards

Premier Gold is very beneficial for me since my biggest spending is travel (~$10k/year). However, there's not much benefit for me to keep Zync anymore. However, I got charged $20 for the Travel Pack. My questions are:

Should I cancel or keep the Zync card?
If I cancel the Zync, can I get my money back from the travel pack?

Finally, thank you you guys for your help! ( I did open the gold card using the forum link

wow you are only 18 and you have some great cards. I got denied for an American express when I was about 21-23. I ended up getting a lower level first fidelity visa.

question. did you have any help applying for and getting your Citi, Capitol 1 or Bank of America?

Well that's up to you. Do you want 2 cards with annual fees? Both cards are very good cards. when you say you travel do you mean that you travel on business and you get a expense account? or do you travel with your parents? your college etc?

that travel pack, did you sign up for it or did American express charge you as you have to have this with the zync?

congratulations on getting so many great credit cards including the American Express.

Originally Posted by Money card

wow you are only 18 and you have some great cards. I got denied for an American express when I was about 21-23. I ended up getting a lower level first fidelity visa.

question. did you have any help applying for and getting your Citi, Capitol 1 or Bank of America?

Well that's up to you. Do you want 2 cards with annual fees? Both cards are very good cards. when you say you travel do you mean that you travel on business and you get a expense account? or do you travel with your parents? your college etc?

that travel pack, did you sign up for it or did American express charge you as you have to have this with the zync?

congratulations on getting so many great credit cards including the American Express.

I got the cards all by myself. No cosign.
I pay for all of my travel. I have a business and I pay for my own travel.
I sign up for the travel pack. It gives double points on airfare. The premier gold card gives triple miles for airfare. Its better for me to use the gold card. The only benefit to keep zync is the sign up bonus. I signed up with the travel pack so Amex didn't force me to buy it.
I think I got approved due to my spending pattern. I max out my limit every month, but I maintain a very low balance at the end of the month. A little bit of work but I earn tons of miles

the answer will stay the same. do you want to have 2 credit cards? that have annual fees that's up to you.

No you will not get your money back unless american express would give you your money back upon trying the travel pack out for 6 months. if by the second month you decided to get rid of your zync then you get your money back. otherwise you wont get it back.

Will it hurt my credit score if I close the card? If yes then I won't close it

yes when you open a credit card it hurts your credit score and when you cancel a card your score might goes down.

If you cancel 4 credit cards at 1 time that's a big cancellation, but if you cancel 1 credit card a year it's not the end of the world, but it does affect your rating a little bit.

what a lot of people do is sign up for all these points, 25,000 etc, they use the card for a year, then cancel. sometimes they may cancel a few. since you have 3, also the 2 cards you are interested in have annual fees, you might want to think about this for a week. ask some people, anybody who you travel with or you do business with to find out what they think.

cancel the zync ... and pay the premium for the gold card. as it stands now the zync is not upgradeable so in essence in the future should you want a gold or platinum you will need to apply. since you have the gold keep it and maintain it.