Caribgrl

Talking about the CSR card. I have an IHG and a SW where I have received and used the points for the signup bonuses. At this point I am wanting to close both those cards. Am I doing myself some point injustice by looking to lessen the number of cards I have. I do also have the CF and CFU..Thanks for any info

krazykanuck

The IHG is a good keeper card, the $49 fee easily is paid for with the free night certificate. The SW card nearly breaks even with the anniversary points vs the annual fee and many people get retention offers that cancel out most or all of the fee. That said neither card is worth putting any spending on if you have a CSR in your wallet. I think I spent $50 on my IHG card last year and that was at an IHG hotel and I just wanted to use it at least once in 2017.

Caribgrl

That is what I was thinking. Because I'd rather make the CSR card my main CC aside from earning points with my CF and then transferring them to the CSR. Because too even though the IHG gives you a free night I'm thinking the $300 TC with the CSR is a much better value.

I'm just looking for a way to lighten my cc wallet but still wanting to hit cc's for the signup and then put them away in the sock drawer.

moe8555

I hope you realize that the $300 is essentially a partial refund of your $450 annual fee and not simply $300 free cash...

sdsearch

The $300 TC is in exchange for paying $450 AF. So you're still out $150 net for AF even after that $300 TC.

Meanwhile, the free hotel night from the IHG card is in exchange for paying a whopping $49 (no typo!) AF. Assuming you can find a use for that once a year at a hotel that (including taxes) would cost more than $49, that 's net negative AF.

So how in the world is a $150 net AF better than a net negative AF?

At any rate, they're separate, and no one is limiting you to only a particular number of Chase cards (if you aren't limiting yourself). So you can have the free night from the IHG card as well as any benefits you like from another card, they're not mutually exclusive!

philemer

The IHG card is a no brainer. Use it once a year (gas, food) and then back in the drawer. You can still have other Chase cards.

Points Scrounger

2x at restaurants as well

HawkeyeFlyer

CSR is 3x

Caribgrl

This also brings to mind another question...When I do close those accounts, should I transfer some of the balance beforehand to my other Chase cards?

Yes I do. And of course when the $300 TC is used it does bring the AF to $150...

The card w/the net $150 has much better rewards than the card with the net $0 AF...

mia

Do you mean transfer some of the credit limit? How old will the cards be when you close them? Do you intend to apply for other Chase cards ?

krazykanuck

But why close them? I don't really get why anybody would close the IHG card. You can't buy a night at a Holiday Inn for $49 in most places. Keeping the card gets you a room at any available IHG property for 1 night for $49. I plan to use mine that has a posted rate of ~$300-400/night. The only reason I can see closing the Southwest card is to reapply for it again and get the bonus points and work towards the companion pass.

and what do you mean by transfer the balance? if you're carrying a balance and paying interest, optimizing cards should be low on the list of issues you're dealing with. If you're talking about transferring credit lines you can do that without issue, just tell them to allocate the credit line to your CSR.

as it should, it has a higher AF, it should carry better rewards

Caribgrl

Sorry. Yes meant transfer some of the limit to my other Chase cards. Leaning more towards closing SW only it will be not quite a year. About 10 or 11 months. And yes want CSR

sdsearch

If you have it, that's great. But someone has to eat out a tremendous amount before the CSR with its high annual fee (even net) would work better at 3x than the IHG with its "net negative" annual fee.

HawkeyeFlyer

Just got my annual statement a day or two ago. $42k on dining in 2017 so complete no brainer for me.

darthbimmer

I value IHG points at 0.7cpp, so 2x on dining is only 1.4% return. Several other cards pay better rewards for dining. After I earn the signup bonus on an IHG card I put it away except for IHG hotel purchases at 5x.

BTW, there is reason to cancel an IHG card. Every two years I cancel mine, wait several weeks, and apply for a new one with another signup bonus.