Closing Credit Card after Promotion 0% APR offer

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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rsudhakar948
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Re: Closing Credit Card after Promotion 0% APR offer

Postby rsudhakar948 » Thu Jul 02, 2015 2:53 pm

I truly appreciate your input. I would give it a thought and will do some research and will surely check with BOA about the 0% APR if i am going to apply for new card again. Thanks alot for a warm response.


Vermonster wrote:Doing it once is not going to be a big issue. If anyone asks you can just say it was a huge mistake closing it. But there will be consequences for it. You will probably be given a smaller limit than you have now. You also want to check and make sure that you will actually qualify for the promo 0%. Most banks won't grant those benefits and signup bonuses to previous customers of the same card.

The better way to do it would be to open the new card first. Then you can ask to have the credit line moved from the old card to the new card. Again this would have to be with a different type of card.


rsudhakar948
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Re: Closing Credit Card after Promotion 0% APR offer

Postby rsudhakar948 » Thu Jul 02, 2015 2:55 pm

I am thankful for your inputs. I truly appreciate your input.

Please allow me to clarify the confusion. At first I don’t want to repeat this task over and over. I just want to know how that would work.

The reason I had this thought in my mind is . I have the BOA Credit card at 22 % APR currently for standard purchases . I don’t say that the I am not interested in 0% Promotional APR. The 0% promotional APR did allure me to end up with this idea.
But My main concern in the back ground was the standard 22% APR for regular purchases. How could I reduce this Standard APR of 22%. I know I can put a request BOA, but I am not sure they are going to reduce my regular 22% APR for purchases.


So after reading some posts online, I ended with this question below.

Question: What If I pay the full balance amount to BOA and close this credit card and apply the same credit card after couple months. My main intention here might be to get a lower APR for the second time I apply the credit card with BOA.


Any way I highly appreciate your input.



MemberSince99 wrote:
kdm31091 wrote:Closing it and then reapplying for the same card 3 months later is a bad idea. You're going to (correctly) appear to be gaming the system/churning and thats if they even approve you again.


So what? If it's within the rules he's not doing anything wrong.

The ONLY downsize is AAoA, and also if it's noticed as a pattern some lenders MAY not like it. Oh well. If he's willing to pay the price of having an account closed then re-opened, more power to him.

OP bear in mind you won't automatically be approved, but odds are with good history with them and overall history you probably will be.

But as far as "gaming" the system, oh please, the whole system is a game. Think about it. Who here hasn't opened a card for the sign up bonus, or a BT? In fact, the lenders use these things to try to get people to open cards. And so when someone does accept that, they are bad?

I just shake my head. I guess this terrorist of credit (who should be tortured for his crimes against ALL lenders) will burn in hell for all eternity if he churns a card....thanks for the chuckle to start my morning.

kdm31091
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Re: Closing Credit Card after Promotion 0% APR offer

Postby kdm31091 » Thu Jul 02, 2015 4:25 pm

You have a better chance of getting it reduced by calling and asking vs closing and then opening a new account, especially in a short amount of time. If re-approved, your APR may very well be the same, or if any lower, it won't likely be significant. I'd just hang on to the existing account and see what you can do. APR reductions with BOA aren't totally unheard of.



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