When to cancel cards to reapply again?

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patnshan
 
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Joined: Fri Aug 18, 2017 9:19 am

When to cancel cards to reapply again?

Postby patnshan » Fri Aug 18, 2017 9:26 am

Hello,
I am new here but a follower of thepointguy regularly. I have many credit cards, all of them for some reason related to rewards. I pay them all off immediately. My question is specific to the cards I signed up for specifically for the purpose of obtaining new sign up bonuses. As I am a regular user of Southwest airlines, I have accumulated three different Southwest cards (Plus, Premier, and business premier). I did in mainly to get companion status for my wife, which I've successfully done for two years. I also have a Chase Sapphire Reserve which I obtained specifically to get the points bonus and transfer them to other rewards programs (mine mostly went to southwest, but didn't count towards companion status).

My question is this. When do you cancel these cards so that you can reapply and get the bonus again sometime in the future? I realize that cancelling cards affects your credit rating (mine is currently 816) so I am leary of that. I have heard of converting the cards into something with no annual fee too.
So, I am looking for advice on what to do in terms of maximizing the ability to accumulate new card bonuses again.

Thanks much for any advice!

Pat


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CarefulBuilder14
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Posts: 4445
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Re: When to cancel cards to reapply again?

Postby CarefulBuilder14 » Fri Aug 18, 2017 1:17 pm

patnshan wrote:Hello,
I am new here but a follower of thepointguy regularly. I have many credit cards, all of them for some reason related to rewards. I pay them all off immediately. My question is specific to the cards I signed up for specifically for the purpose of obtaining new sign up bonuses. As I am a regular user of Southwest airlines, I have accumulated three different Southwest cards (Plus, Premier, and business premier). I did in mainly to get companion status for my wife, which I've successfully done for two years. I also have a Chase Sapphire Reserve which I obtained specifically to get the points bonus and transfer them to other rewards programs (mine mostly went to southwest, but didn't count towards companion status).

My question is this. When do you cancel these cards so that you can reapply and get the bonus again sometime in the future? I realize that cancelling cards affects your credit rating (mine is currently 816) so I am leary of that. I have heard of converting the cards into something with no annual fee too.
So, I am looking for advice on what to do in terms of maximizing the ability to accumulate new card bonuses again.

Thanks much for any advice!

Pat

Assuming the 816 is a FICO score out of 850, don't worry too much about closing cards.

"Southwest Rapid Rewards® Premier Business Credit Card
Offer Details

60,000 Bonus Points
This new Cardmember bonus offer is not available to either (i) current Cardmembers of this business credit card, or (ii) previous Cardmembers of this business credit card who received a new Cardmember bonus for this business credit card within the last 24 months."

So 24 months (I think since the bonus was actually paid, not since the first card's approval, I'm not sure) is the rule...but it is always possible they'll decline the application if they think you're going about it too aggressively.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card



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