Cancelling card before 1 yr anniversary

Discussion in 'General Discussion | Credit Cards' started by beevesdoopie, Feb 2, 2014.  |  Print Topic

  1. beevesdoopie

    beevesdoopie Active Member

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    Is it generally a bad idea to cancel a card before 1 year anniversary is up? There is annual fee but waived for the first year... The new credit card act is asking me to wait a full 12 months before I can downgrade...
    wharvey likes this.
  2. servo

    servo Silver Member

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    Not typically BAD, per se. I will typically call around the 9 month mark for most cards and act as if I'm going to cancel the card. If they offer a bonus that requires some spending over the next few months, then I have time to earn that bonus before canceling the card around the 11-12 month mark. Closing earlier than that just shortens your credit history a little, but as long as you have cards in your portfolio that have no annual fee and you keep those open for a long time, then closing other cards under 12 months shouldn't ding your score too badly, if at all.
    satman40, wharvey and Sammich like this.
  3. satman40

    satman40 Gold Member

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    Depend on your spend, many times they want your business,

    Call and let them pitch you, not happy apply for another and move the credit line.

    I think they get points for new CC also, and points pitching you to hold the card also...

    It is their business

    Mine have expiration stickers on them

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