edwardchang
Jun 20, 12, 11:39 am
Mods, if this is the wrong forum or this question isn't allowed please let me know and I will delete/re-post to the right forum - thanks!
I currently travel a lot for work therefore I can meet most credit card requirements (10k over 4 months, etc), however - as is, I've already participated in a bunch of programs (United 50k miles, SPG 10,000 miles, etc) - is it worth it to cancel my cards right now and sign up for these new cards (and get the first year free) or is the hit to my credit score not worth it? Thanks in advance! Feel free to PM too
richarddd
Jun 20, 12, 1:44 pm
Many card issuers don't let you get bonus, cancel, re-apply for new bonus, at least not without waiting a while. Search this forum for "churn" and you'll find lots of information.
civico
Jun 20, 12, 9:56 pm
Mods, if this is the wrong forum or this question isn't allowed please let me know and I will delete/re-post to the right forum - thanks!
I currently travel a lot for work therefore I can meet most credit card requirements (10k over 4 months, etc), however - as is, I've already participated in a bunch of programs (United 50k miles, SPG 10,000 miles, etc) - is it worth it to cancel my cards right now and sign up for these new cards (and get the first year free) or is the hit to my credit score not worth it? Thanks in advance! Feel free to PM too
Edwardchang,
Most cards will only allow you to get the bonus one time. This means that even if you cancel your United card, when you re-apply you might get approved but you WON'T get the signup bonus again. Almost all cards have the stipulation that the signup bonus is for "first time cardholders only."
There are a few cards that are "churnable." This means that even though the rules state that only first time cardholders will get the bonus, in fact, you can get the bonus again a second time. However, the time that you have to wait between cards varies.
For example, many people have had success getting the bonus for the Barclays USAirways card every 3-6 months. When I did this, I kept open my first card (I never even cancelled it) and I applied for another 6 months later. I was able to get the bonus.
The Citi/AA cards are churnable for some people, but they have to wait 18 months from when they first applied to get the bonus again.
Other cards are not churnable. This includes all Chase cards.
Your best bet is to go after cards that you DON'T have already and get signup bonuses that way. Keep open the cards that you do have until you have to pay the annual fee, and then decide whether it is worth it or not. If not, cancel them then.