Originally Posted by
dstreisand
Thank you for your reply. What is the disadvantage of cancelling cards? I want to earn more points/miles, is there a limit to how many cards I can accumalate? Thanks again for taking the time to answer my question.
Your welcome. And welcome to FT btw
There isn't really a disadvantage of closing a credit card, but the longer you have an account history with a company, they're more willing to give you better customer service, higher credit limits, etc..
There's no legal limit on how many credit cards you can have, but I think it's a false economy to earn more points/miles.. I think if you charge everything onto one card, it better benefits you.
For example, instead of charging $25k/year on four different reward credit cards (evenly), comes out to about $6,250 per card.
That means you'll earn 6250 miles or points, not enough for a free flight or merchandise. Also, you'll be paying four annual fees at roughly $100 each.
If you charge everything onto one card, $25k = 25,000 miles, enough for a free flight.. And you only have one annual fee to pay.