Originally Posted by
EWR-6785
Could someone help me understand the pros and cons of upgrading an existing card, vs. opening a new premium card and canceling the old card?
I'm looking to get a personal platinum card. If the new account bonus is higher than I'm being offered to upgrade my personal card, what would be the disadvantage to opening a new account and canceling the old account?
So far, here is what I have:
- Credit Pull. Don't really care; I have solid credit and am not looking to churn
- Age of account/history may not carry over; Don't think I should care that much
- Less opportunity for future retention bonus; fee waivers. Not sure that should matter that much either
- Membership Rewards. I am assuming that the MR from a new Platinum card would "pool" with existing MR from my existing card. Is that correct?
Would appreciate any thoughts or suggestions!
Thanks
I know you mentioned not churning, but if you're considering a Chase card, that "new account" might impact you - many reports of Chase denying new accounts if more than 5 new credit accounts from any bank opened w/in past 24 months - so just another component to consider.
Otherwise - I tend to agree with you - new accounts generally get higher bonuses - assuming you can't finagle AMEX to match that on a product change.