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When to Cancel credit card.... but still receive points

When to Cancel credit card.... but still receive points

Old Mar 27, 18, 6:17 pm
  #1  
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When to Cancel credit card.... but still receive points

I want to cancel my Southwest Plus card. I applied for the card on 4/15/16, activated it on 4/22/16. The closing date is the 1 day of ea month.

What is the strategy for cancelling the card, but getting the yearly rapid reward points?
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Old Mar 27, 18, 8:00 pm
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Originally Posted by Pbuck View Post
I want to cancel my Southwest Plus card. I applied for the card on 4/15/16, activated it on 4/22/16. The closing date is the 1 day of ea month.

What is the strategy for cancelling the card, but getting the yearly rapid reward points?
Assuming you want to get the points and avoid the 3rd AF why in the world would you risk your Chase relationship for what, 6k WN points ?

Last edited by flyer4512; Apr 3, 18 at 10:15 pm
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Old Mar 27, 18, 10:09 pm
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In my experience, the anniversary points post on a statement prior to the annual fee posting; on the first card I had, it was three months prior. That would let you get the points and cancel before the fee hits. If the points and the fee post in the same statement for you, I think the fine print on the statement lets you close within a month of the fee posting and you won't owe it; you should avoid closing before any other balance is paid off. It's another matter whether this will harm your relationship with Chase, but I've closed RR cards after getting the anniversary points, and still do well with Chase cards.
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Old Mar 27, 18, 10:39 pm
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The bonus points post with a statement. Chase technically reserves the right to "claw back" (as we call it) points retroactively but in practice does so very rarely, only in extreme cases. Thus you are fairly safe if you cancel as soon as the points post to your RR account.
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Old Mar 27, 18, 10:54 pm
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Originally Posted by darthbimmer View Post
The bonus points post with a statement. Chase technically reserves the right to "claw back" (as we call it) points retroactively but in practice does so very rarely, only in extreme cases. Thus you are fairly safe if you cancel as soon as the points post to your RR account.
While they may claw-back UR points, how would they claw-back Rapid Rewards points?

There have been numerous posts here over the years where people have canceled a card after the Anniversary Points posted but before the annual fee was due and kept their points.
As I understand the card agreement the Anniversary Points are a reward for having the card for the past year, not conditioned on keeping the card for the next year.
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Old Apr 3, 18, 12:41 am
  #6  
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Originally Posted by rsteinmetz70112 View Post
As I understand the card agreement the Anniversary Points are a reward for having the card for the past year, not conditioned on keeping the card for the next year.
I concur. Important to note that Chase changed their guidelines such that the window to cancel for an Annual Fee refund is about half what it used to be (about 30 days now versus about 60 days previously).
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