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Best Credit Card (1 Viewer)
- Thread starter Who Dat Ninja
- Start date
Who Dat Ninja
Footballguy
Did a search but it did not come back with definitive thread/answer,
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Wheezer34
Footballguy
I took advantage of this offer as well and just cashed in the other day!
bigmarc27
Footballguy
What is the effect on your credit of grabbing a card for points/cash/rewards - never carrying a balance - then canceling right after you receive the award?
Does the cancellation do anything to your score?
Say I open an acct, take the free $300 people were talking about - then cancel 3 months after opening. Any ill affects of opening and canceling all the time?
Does the cancellation do anything to your score?
Say I open an acct, take the free $300 people were talking about - then cancel 3 months after opening. Any ill affects of opening and canceling all the time?
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Insoxicated
Yes, this will affect your credit score negatively.
Major
Footballguy
There is. Cut it up and don't use it. Never cancel (no fee I assume).
mquinnjr
Footballguy
Just did a CC refresh, just never looked into it for awhile and had some downtime at work today.
Always went with an Amex Blue card for primary personal use, because for years I could double dip via linking to my Corporate Amex card to pool the points for $75 a year ($0 on the Corporate Card itself) when I used to travel heavily, so it was amazing. Had a Capital One Visa Signature with 1.25x miles and $0 foreign transaction fees and $0 annual fee for any time I wanted to charge something where Amex isn't an option, or for when making personal purchases while traveling (personal Amex charged a 3% foreign transaction fee, if taken by a merchant).
Called Capital One and they upgraded me to the 1.5% Cash Back Quicksilver card with $0 annual fee and $0 foreign transaction fee with the same card numbers/no credit pull (key), so that was a no brainer. Going to shelf the personal Amex and just not use it at this point, their rewards are a simple 1x and I end up having to use the Capital One card enough to just make that my primary itself.
Did some hunting to see if I could do better on Credit Carma, myFico and Fatwallet forums, and applied (was also approved) for the Citi Double Cash MasterCard. This one is $0 annual fee, 3% foreign transaction fee but offers a 1% cash back as you make charges, and an additional 1% on said purchases n+1 month after you pay your statement. Love this, and I charge anything I can and pay my statement in full every month, so the best reward wins out in my situation.
So in summary,
- Shelving (not cancelling) personal Amex;
- Shelving (not cancelling) Capital One Quicksilver Visa, which would be the primary card if I ever travel OUS with a 0% foreign transaction fee;
- Using as a new primary card Citi Double Cash MasterCard, and since MC is taken just about anywhere no need to carry Amex anymore.
I feel like doing an analysis every few years or so if you have some downtime and haven't looked into it in awhile is a good exercise. I'll take the free money having paid my CC's in full every month since I've ever had a CC line. I charge all monthly bills that don't charge a surcharge for CC usage (most of them actually) and anything else I can charge to it as far as personal spending goes.
Always went with an Amex Blue card for primary personal use, because for years I could double dip via linking to my Corporate Amex card to pool the points for $75 a year ($0 on the Corporate Card itself) when I used to travel heavily, so it was amazing. Had a Capital One Visa Signature with 1.25x miles and $0 foreign transaction fees and $0 annual fee for any time I wanted to charge something where Amex isn't an option, or for when making personal purchases while traveling (personal Amex charged a 3% foreign transaction fee, if taken by a merchant).
Called Capital One and they upgraded me to the 1.5% Cash Back Quicksilver card with $0 annual fee and $0 foreign transaction fee with the same card numbers/no credit pull (key), so that was a no brainer. Going to shelf the personal Amex and just not use it at this point, their rewards are a simple 1x and I end up having to use the Capital One card enough to just make that my primary itself.
Did some hunting to see if I could do better on Credit Carma, myFico and Fatwallet forums, and applied (was also approved) for the Citi Double Cash MasterCard. This one is $0 annual fee, 3% foreign transaction fee but offers a 1% cash back as you make charges, and an additional 1% on said purchases n+1 month after you pay your statement. Love this, and I charge anything I can and pay my statement in full every month, so the best reward wins out in my situation.
So in summary,
- Shelving (not cancelling) personal Amex;
- Shelving (not cancelling) Capital One Quicksilver Visa, which would be the primary card if I ever travel OUS with a 0% foreign transaction fee;
- Using as a new primary card Citi Double Cash MasterCard, and since MC is taken just about anywhere no need to carry Amex anymore.
I feel like doing an analysis every few years or so if you have some downtime and haven't looked into it in awhile is a good exercise. I'll take the free money having paid my CC's in full every month since I've ever had a CC line. I charge all monthly bills that don't charge a surcharge for CC usage (most of them actually) and anything else I can charge to it as far as personal spending goes.
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BoltBacker
Footballguy
I'm not even sure what the advantage would be to canceling anyway. Isn't it advantageous to have a balance(even if it's less than a month) that is small relative to the total credit available to you? If so having more credit available would always be an advantage wouldn't it?
Like you, I am assuming there is no annual fee.
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