Transfer to Different Card from Same Institution

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JoDa
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Transfer to Different Card from Same Institution

Postby JoDa » Sat Dec 07, 2013 1:16 pm

Hi all,

After much frustration with a certain airline, I am looking to move away from giving them my business. I currently have their mileage card, and bank with the institution that issues their card. Once I spend down my miles (which will probably take a year or longer...their loss of a customer who accrues so many miles that it will take over a year of frequent travel exclusively on miles to go through them, but I digress), I'd like to transfer to a different rewards card with the same financial institution. However, I don't want to lose the ~6 years of account age I have on this (my largest line, too) card. Does anyone know if switching to a different variety of card with the same issuer will reset the account to a "new" one and close the old one, or whether the account will appear as the same one on my credit reports? The bank in question has solicited me to switch to different *varieties* of the same airline card (they have ones that, for example, allow access to lounges and the like) "with no changes to your account except the annual fee" according to the solicitations. Thanks for any insight you have on this.
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K


PhoenixDown
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Postby PhoenixDown » Sat Dec 07, 2013 1:32 pm

What is the issuing bank? Most will allow a "product change" as its referred to. You may get a new card number however it will still show with your original open date on your credit reports. You typically will not get the new card bonuses however in a product change.

FYI: a closed card will still how up on your reports for 10 years. Even if you applied for a new card, it would be 10 years old by the time the old card fell off your reports. There is some discussion however around Average Age of (all) Accounts vs Average Age of Open Accounts and how they impact various FICO and non-FICO scoring algorithms.

JoDa
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Postby JoDa » Sat Dec 07, 2013 1:38 pm

Issuing bank is Chase. I guess technically they've already offered me product transfers with the "same airline" cards. But I'm so done with that airline, and without flying the 30-50K BIS miles I currently do with them, CC miles won't add up to much (maybe one free cheapo flight or hotel night a year). A general travel card or large hotel chain card is probably a better option for me at this point.
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

JoDa
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Location: United States

Postby JoDa » Sat Dec 07, 2013 1:43 pm

And I see from your other thread you have the Sapphire Preferred. Some of my friends without airline commitments have that one and recommend it. How do you like it? I do dine out and travel (obviously) quite frequently, so the higher fee but bonus points seemed to make sense. I figure even a cheapo flight is worth at least $200, so just earning that would pay the fee (and then a little), more is gravy.
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

takeshi
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Postby takeshi » Mon Dec 09, 2013 9:03 am

JoDa wrote:And I see from your other thread you have the Sapphire Preferred. Some of my friends without airline commitments have that one and recommend it. How do you like it?

Take a look at the UR transfer partners and see if any are of use to you.

JoDa
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Location: United States

Postby JoDa » Wed Jan 01, 2014 1:07 am

After much consideration and that amazing sign-up bonus offer, I decided to app for the CSP. I got a $19K line on instant approval. I figure I'll use the free year to spend down my United miles (after yet another trying flight, I'm calling them out on being the bad actor...this time they wouldn't "call" the delay and tried to tell me I was too late to check in a bag when my plane was still 2 hours away from the airport - yes, they ended up taking it, but said that "it might not make it on my flight if we take off on schedule," and, yes, I asked the agent if they were planning to install a wormhole to get the plane there in under 45 minutes), and then cancel the MP card. In the grand scheme of things, I have 2 on-time mortgages, an on-time student loan, an on-time paid-off car loan that won't drop off my report until 2019, and (now) 5 credit cards I don't carry a balance on, so even if I want to buy something big while the CSP ages, losing that one line won't hurt too bad (no way am I paying the fee again to be trapped with miles from an airline I can no longer rely on...and just FYI, while the mileage conversion for hotel rooms is fairly robust (you can get a $300 room for about 25K miles), the number of hotels available through MP is pretty limited).
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

whit
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Postby whit » Wed Jan 01, 2014 1:15 am

Before you cancel the MP card see if you can transfer over the CL fully or partial; since it's a partner card, but Chase still services the credit part, united does the rewards part, so there is a good chance you'll be able to keep some if not all of the CL, at least, if not the years you've had the card open.

JoDa
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Postby JoDa » Wed Jan 01, 2014 1:23 am

whit wrote:Before you cancel the MP card see if you can transfer over the CL fully or partial; since it's a partner card, but Chase still services the credit part, united does the rewards part, so there is a good chance you'll be able to keep some if not all of the CL, at least, if not the years you've had the card open.


Good to know. I'll file that away for when I call. Since Chase services both, and knows my line on the MP card, it would make sense their computer considered that when calculating what to approve me for. Chase (unlike United) has been very good to me ever since I ended up with them many years ago when they bought out Bank One, and I'm a credit, checking, savings, and investment customer with them, so I'll try to finagle something from them. :)
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K



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