I have a slightly related question. I have 4 Citi Cards - 2 AA cards with $12.5K limit each, HHonors Visa with $5K limit and regular MC with $2.4K limit. I got my bonuses on AA cards and don't use it now (to be exact, just charge about $10 each month to simulate some activity after getting a bonus). Since I don't want to pay an annual fee for the second year, I would prefer to cancel those AA cards after first year. Since those 2 cards have a maximum credit limit, what is the best way to proceed without hurting my credit:
1) move credit line from AA cards to HHonors and regular MC card, then close AA cards
2) close AA cards as is and loose $25K as a credit line.
Citi seems to not like to shift credit lines around according to several reports, but with Citi CSRs you never know. You might get a different answer everytime you call.
The Citi redemptions people will often try to get you to keep your card by offering to give you a statement credit equal to the annual fee by making 5 transactions within a certain amount of time. Just need to call up and threaten to cancel and give the annual fee as the reason. They usually won't "waive" the fee, but prefer to offer the statement credit.