WoodParticipantStatus: PhysicianPosts: 5Joined: 03/16/2017
New to the credit card arena. I applied for a Chase Sapphire Reserve credit card a few weeks ago. I didn’t hear anything from them, got worried since I need it soon, applied for a Capital One Venture card, got approved, then got approved by Chase. My question is this: Can I use the Venture card to get my spouse’s global entry reimbursement, then cancel the card…or is this shady and will I get penalized for some reason? We prefer to keep the Chase Sapphire Reserve card and I will get my global entry reimbursement from them.
WoodJanuary 8, 2019 at 4:18 pm MST #179692amphoraParticipantStatus: StudentPosts: 65Joined: 04/20/2016
You’re right to want to keep the Sapphire Reserve card.
But don’t close the Venture card just yet — I would downgrade the Venture card to the Venture One, which has no annual fee. Downgrading a credit card doesn’t give you an additional credit pull and having more available credit will improve your credit score long term.HandFellowParticipantStatus: PhysicianPosts: 153Joined: 01/18/2016
The penalty for cancelling a card shortly after taking advantage of the card’s benefits will be that bank not wanting to give you another card in the future. That sort of behavior is easy to track. The other is the change in available credit and in the duration of your credit history. Downgrading is the best option. The other option is to hold onto the card and then call the credit card company and ask them to waive the annual fee when it comes due. I got a 10k bonus recently doing this.January 8, 2019 at 9:36 pm MST #179775PhysicianOnFIREModeratorStatus: PhysicianPosts: 1488Joined: 01/08/2016
Keep them both. The Venture has a welcome reward worth $500 or more, I believe. As long as you’re normally spending enough to meet the minimum spend on both ($3,000 on each card in 3 months), I see no reason to cancel one.
As @amphora said, eventually, you can downgrade to Venture One, but wait 11 months to do that. Take advantage of the first year with the Venture.
And make sure you’re applying for these cards via a site that donates half its profits from these referrals to charity. Just sayin’ 🙂
40-something anesthesiologist and personal finance blogger @ https://physicianonfire.com [Part of the WCI Network] Find me on Twitter: @physicianonfire
FIRE. Financial Independence. Retire Early.January 8, 2019 at 10:04 pm MST #179787StarTrekDocParticipantStatus: PhysicianPosts: 1683Joined: 01/15/2017
Hold for one year, cancel afterwards. No reason to downgrade unless you want to hold that card for whatever reason. If you want to downgrade without intention of using at all, minimize the credit limit to few hundred to not to impact the revolving credit % that factors into credit also.
Banks don’t care on close in cancels; but most WONT give you the bonus again for xx time. AMEX is now lifetime; Chase every 24 months, and Citi just started 24 months I believe too.January 8, 2019 at 11:19 pm MST #179803