I cancelled my old aerogold visa in mid-June, then a week or so later, re-applied for the zero-fee promotion/15k bonus miles promotion.

However, now that I have my e-statements set up, I see that for the new application, I was charged a $120 fee for the card. I assume that means no bonus miles for me either?

Add to that, my credit limit is now 8k lower on the new card (not that I ever use all that, but my understanding is a higher limit is good since I'll then be using a smaller percentage of available credit)

AND.... I'm sure they checked my credit before approving my "new" application, so that's yet another downside (since credit inquiries will decrease my credit score.)

Sooooo, question is, how long does one have to wait when churning this particular card? Obviously waiting a week doesn't work hehe