The post you have all been (not so) patiently waiting for!!!
Who ever said you should cancel the card?!?
Strategy:
November 1: Apply for an American card (first year fee-free.)
November 10: Receive the card with a credit limit of $10,000.
November 26: Make a $1 purchase.
December 10: Get the statement along with 20,001 Aadvantage miles.
January 1: Apply for another American card (first year fee-free.)
January 10: Receive the 2nd card with a credit limit of $9,000.
January 26: Make a $1 purchase on the 2nd card.
February 10: Get the statement for the 2nd card along with 20,001 Aadvantage miles.
February 11: Call up Citi to combine the 1st card’s credit limit into the 2nd card.
You now are back down to just 1 American card, with a $19,000 credit limit, and didn’t have to go through the usual hassles of cancelling a card!
The fee-free year now goes until the next January!
Plus, having a high and unused credit limit is very good for your credit!
I’m sure that the day will come when Chase and Citi will restrict the signup bonus to be once in a lifetime (like AMEX has always done)
However until they do that there is nothing against their own rules to earn the bonus multiple times!
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14 Comments On "How To Cancel A Credit Card!"
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hey dan, my main issue is actually applying for the cards. i always get confused and do not know what to write on the applications.
could you help me and i am sure others out with a post on how to fill in applications? like what to write to get accepted?
thanx, much appreciated
keep up the awesome work!!
Can you make a post on every how often I could apply for an aa card or a united card?
I love the roundup!!!
Very clear, to the point.
Makes collecting these miles a lot of fun.
-CTOWN fan
Can you make a post on every how often I could apply for an aa card or a united card?
hey dan,
i just signed uo for the citi american
card it gave a a credit of $12000 am i still going to be able to get the additional 9000 in January?
which american one? the one u have here says nada about a 20,000 mile bonus!
Anon 1: You’re going to have to be more specific about which parts you’re having problems with.
Anon 2: I’ve updated the original roundup with better links for the aa card.
Anon 3/4: I’ll go through that in their individual roundups.
Anon 5: Thanks!
Anon 6: The numbers i gave are just examples!
when the year finishes for the card opened in January, Citibank gives you the option of switching to another Citibank (one with no annual fee) so you can keep the credit line which is much better for your credit…
so which card do you suggest?!?
Anon 7: May g-d grant you a yiddishe kup and may you learn to read in between the lines!
lets say citibank denies you for another AA card, and your free year (for the 1st one) is up, which is the next best card at citibank to switch to??? (one with no annul fee)
they wont
well I was just denied, so what is the next best card for me to switch to, (before they charge me for the AA card)
Once the year is up you’ll have to pay the fee. How do you get around that ? Should you cancel b4, or is it bad 4 your credit ?
Is it bad for your credit to close a bunch of accounts? Is there a right or wrong way to close accounts?