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Closing Credit Cards after bonus

Discussion in 'questions. answers. conversations.' started by Marvin, Jan 9, 2019.

  1. Marvin

    Marvin Reader

    Hello Everyone!

    I know we spend most of our time getting approved for these numerous cards to get the bonus points/miles.

    I've been quite successful in obtaining these cards and bonuses.

    However, my question is this, once you get the bonus, how long do you keep the card for before closing it?

    I closed one of my cards last night and was grilled by the agent as to why I'm closing and I haven't had it for a year.

    (I guess for the annual fee cards, my friend told me to keep it just up until you'll have to pay the annual fee and use that as the excuse)

    But for cards with no annual fee....would you just keep it regardless?

    Thanks in advance for the feedback.

  2. MidSouth Skier

    MidSouth Skier Well-Known Member

    Likes Received:
    Hi Marvin, good advice from your friend for keeping the card open until it's time for the annual fee. Sometimes if you go to close it at that point they may offer you an incentive to keep it open. You may or may not like their offer but it doesn't hurt to consider it.

    For no-fee cards, I'd just keep them open and maybe make one or two purchases a year on it. That card is actually helping your credit score because it's expanding the amount of available credit you have and helping to lengthen the average age of your accounts. And, should you ever want to open more cards from that issuer and they say you have too many accounts open, then you can offer to close that no-fee card to get the new account.
    OCTinPHL and rickyw like this.