Posted: 5/12/2015 4:37:18 PM EDT
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I've got a card that gives a $500 bonus, if x amount is spent within the first few months, it also offers no interest for 6 months. I am coming up on the end of that cycle here shortly and the balance left on the card is nearly $0.
I was sent another offer from them, the same one I applied for and received (deal above). Fine print says cardholders can have two open accounts with them. Given that I have another planned purchase that would net me the $500 bonus, and could use 6 months no interest to get it paid off, should I apply again? Should I apply first, and then cancel the first card after it is done? Or leave both open? Or don't do anything? BTW I am "smart" about credit use I never carried a balance until I happened upon this deal. Thanks |
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What company? I called citi about a similar issue and the (American) CS rep talked me through the ins and outs of their policies. She was way more helpful than I imagined. So, try calling them is my advice.
The only hurdle I see is that a cancellation before application could lower your credit score. On the other hand, they may give you a lower limit on the new card if your old card stays open. IIRC, the Citi rep told me to cancel my current account with no balance before applying for a new 0% promo card so my credit limit would be higher on the new card. |
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Go for it with the new application.
I do bonuses all the time. Did you know that Bass Pro Shops (issued through Bank of America) will let you have up to 8 cards? LOL, I have two, got the first one when I bought a new deer rifle and the second when I picked up a cheap plinking AR (along with a case of ammo, just because they had it and I maxed the new card bonus to the amount allowed). I also have two Capital One "Quicksilver" cards. I don't usually take advantage of the 0% for XX months, although mathematically it's the smart thing to do, I just am so debt adverse that I can't stand making payments. |
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Quoted:
Go for it with the new application. I do bonuses all the time. Did you know that Bass Pro Shops (issued through Bank of America) will let you have up to 8 cards? LOL, I have two, got the first one when I bought a new deer rifle and the second when I picked up a cheap plinking AR (along with a case of ammo, just because they had it and I maxed the new card bonus to the amount allowed). I also have two Capital One "Quicksilver" cards. I don't usually take advantage of the 0% for XX months, although mathematically it's the smart thing to do, I just am so debt adverse that I can't stand making payments. So am I. It was a business purchase. Heck of a lot easier than getting a loan, the 6 months no interest is just gravy. 
Appreciate the advice everyone. |
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Quoted:
So am I. It was a business purchase. Heck of a lot easier than getting a loan, the 6 months no interest is just gravy.
Appreciate the advice everyone. Quoted:
Quoted:
Go for it with the new application. I do bonuses all the time. Did you know that Bass Pro Shops (issued through Bank of America) will let you have up to 8 cards? LOL, I have two, got the first one when I bought a new deer rifle and the second when I picked up a cheap plinking AR (along with a case of ammo, just because they had it and I maxed the new card bonus to the amount allowed). I also have two Capital One "Quicksilver" cards. I don't usually take advantage of the 0% for XX months, although mathematically it's the smart thing to do, I just am so debt adverse that I can't stand making payments. So am I. It was a business purchase. Heck of a lot easier than getting a loan, the 6 months no interest is just gravy.
Appreciate the advice everyone. Dad got an offer years ago...60k credit card loan at 0% for a year. He put it in the bank and collected interest for a year then paid it back at the end. Just be sure you understand the terms and can pay it off in time. |
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Quoted:
never cancel a card, just put it away and stop using it. only reason to cancel a card is bankruptcy. well you still may want to use it every now and again. I had a capital one card get cancelled when I didn't use it for like 3 years. They sent me a letter saying they weren't going to renew the account due to inactivity. |