Recent credit card posts – Time to Get in the Game!

There’s been a plethora of posts by various people over the past few days.  This seems like a natural time to assess the past year if you’ve been in the game, and to plan out next year’s strategy (or in some of your cases, first plunge).  Generally, everyone has focused on the Chase Sapphire Preferred, AMEX Premier Rewards Gold card, and the AMEX SPG card as part of their past and future strategies.  Enjoy the links below, they all contain very useful and valuable information!  As always, with any of these promotions and/or credit cards, do your research, and feel free to send me questions or post on flyertalk/milepoint in the appropriate places.

 

Wow I think that’s it…I didn’t quite realize how many links there would be to post.  I think with all the information being generated, the main message is to review all of the credit cards and spending strategies that are popular now, and then to start applying and get in the game!  It’s a New Year’s resolution for all of you without one thus far 🙂

  • Donnie Fellars

    Do you cancel your credit cards before the yearly fees kick in? If yes, have you noticed any hits to your credit score?

    • I usually call to cancel before the yearly fees kick in. Often they will offer you incentives to keep the card, such as waiving the annual fee and/or giving you bonus points. If they don’t offer you any incentives to keep the card, often you can ask to downgrade the card to a no-annual fee card (which probably has less benefits, but at least there are no fees, and there is no hit to your credit for canceling a card). That said, while canceling DOES affect your credit score, the hit is usually not too bad. If you are buying a house within the next two years then you shouldn’t be churning credit cards, but otherwise I wouldn’t worry about the small hits to your credit score.

    • Thanks for the question Donnie, and for the response Chris. The short answer is that cancelling a credit card potentially hurts your credit score by a few points if you lose the credit line associated with the card. There are options to avoid this, and I’ve made a whole post about the subject. Enjoy the reading!

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