How quickly can I close the card?

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How quickly can I close the card?

Postby JackLane » Fri Mar 25, 2016 1:08 pm

Hello folks,

I have secondary Amazon Prime account (i.e. a friend is a primary member and he has added us in the family since you could share membership with 4 friends or family in the past). It also describes account as Prime on Amazon. I got Amazon Prime card from Synchrony bank in Jan 2016, assuming that I am eligible for Prime benefits but it doesn't give me 5% cashback as I am not the primary membership holder. Its useless to me. I would like to close this account. Is there any restriction how quickly I can close certain account?

Alternatively, I am considering Chase card ( that gives me 3% cashback. Anybody has better recommendation or complaints about this Chase card? Otherwise, I have Freedom and DiscoverIt card for occasional 5% cashback on Amazon.

Thanks in advance.
Chase Freedom 04/2012. $6500 | Costco Citi 10/2012 $8100 | AmEx BlueCash 06/2015, $15000 |Discover It 07/2015, $5200 |Amazon Store Prime 01/2016 $2200
Local Credit Union secured card, 12/2009 - Closed 02/2015
Tu-764, Ex-764

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Re: How quickly can I close the card?

Postby TXviking » Sat Nov 26, 2016 12:05 am

You can close accounts pretty much immediately, but keep in mind that the account will remain on your credit history for at least the next decade. Closing it won't remove the inquiry you took in opening it, but it WILL lower your overall available credit by whatever the credit limit of that card was. This can adversely affect your utilization ratio.

As for the Amazon Prime card, the 3% benefit is nice, and the card has no AF, so sure. I have that card, and while the 3% honestly doesn't add up to much (I don't shop THAT much at Amazon,) it doesn't cost me anything either.

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Re: How quickly can I close the card?

Postby kdm31091 » Sat Nov 26, 2016 2:52 pm

The Chase Amazon card isn't one I'd recommend rushing to get. 3% is nice, but with so many 5% Amazon options, it seems silly to go for a 3% card, and the 2% categories are meaningless since cards like Double Cash give you 2% on every single purchase.

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