InterContinental Hotels: Priority Club & Inter-Continental Ambassador - 1000 pts to 'cancel' visa

I just called to cancel my PC visa, mainly because it gives such crappy points/dollar, and was offered 1000 pts to keep it open. 1000 pts isn't that much, but I'll keep it open for a few more months.

I just called to cancel my PC visa, mainly because it gives such crappy points/dollar, and was offered 1000 pts to keep it open. 1000 pts isn't that much, but I'll keep it open for a few more months.

another option is to cancel it
wait for a month
and get another one with a 10k or 15k bonus

i have one also, but i have stopped using it
and will use this strategy upon the end of my first year

Yes, but with cancelling it and then reopening it, you need to be aware of your FICO score, as that action doesn't look great.

I've heard of quite a few cases of this not working with other reward credit cards. Plus the hardship against your FICO. I would do as planned, take the 1k and still cancel in a month or so. I have it also and it's pretty useless with such minimum points.

At least for me, the FICO score stories prove a myth. I've opened and/or closed about 15 credit card accounts over the last year and a half. Never had anyone blick an eye when approving credit. FICO score seems to go up and down ever so slightly; right now it's actually higher than it was 2 years ago.

In my case, one of knocks in my FICO score for years was the number of total (closed and unclosed) credit card accounts over my lifetime. The effect was small, but there was an effect.

At least for me, the FICO score stories prove a myth. I've opened and/or closed about 15 credit card accounts over the last year and a half. Never had anyone blick an eye when approving credit. FICO score seems to go up and down ever so slightly; right now it's actually higher than it was 2 years ago.

Yes, but with cancelling it and then reopening it, you need to be aware of your FICO score, as that action doesn't look great.

This is really why I have started closing some of my many credit cards that I rarely use. I think having so much approved credit negatively affects you, right? (Also, we just saw an identity theft video at work and it has got me wanting a better handle on all my open accounts)

The key is not to open new ones. As I said above, both the closed and unclosed CC accounts counted against my FICO score.



This is really why I have started closing some of my many credit cards that I rarely use. I think having so much approved credit negatively affects you, right? (Also, we just saw an identity theft video at work and it has got me wanting a better handle on all my open accounts)

I've gotten the 10K bonus twice with the PC Visa (The only reason to have one IMHO. The dollar/point is not worth it otherwise.) as well as the 1k not to cancel twice as well. I don't know if there's an interval one must wait. I was about a year between cards. I used the card once each time to activate it, paid it off (about 25.00 whole dollars each time) that month & stuck it in the freezer. I'd have cancelled the month the 10K posted, except I forgot about the card! Great deal. I "earned" two free HIX nights for absolutely nothing.

How long does it take before the 10K bonus points post. Got first statement today and even thoughmy spend thusfar has earned points no sign of the bonus ones - will that go on the next statement once this one has been paid??

My understanding is FICO scores are mainly effected by the percentage of available credit you have used, not by how much your total credit line is...

My PC Visa sits in a drawer unused.I keep it around in case I am in need of points to reach Plat,but,thanks to all the 10K's,I have not needed to use it.

This is really why I have started closing some of my many credit cards that I rarely use. I think having so much approved credit negatively affects you, right? (Also, we just saw an identity theft video at work and it has got me wanting a better handle on all my open accounts)
As long as these cards you're closing are ones you got RECENTLY.

But if you close cards you've had forever just because you never use them, that makes your credit score go DOWN. (Length of time open for an account is a positive.)

A better tack is to analyze if any of the cards you don't use are managed by the same company as a card you do use. (This gets increasingly more likely as credit card companies keep merging, for example First USA and Chase, many banks into MBNA, etc.) You can typically call up and have them merge your card accounts, applying the history from the one you've had longest (but no longer use) to the one you still use (but has a short history). Your number of accounts go down but it doesn't hurt your history (and thus score) if you do it THAT way.