You also may want to consider if the value of your points will change if being redeemed through a Freedom account or a Preferred accounts-I don't recall if they do or not. You should decide if the benefits of the card and your current levels of spending justify a card with a $95 annual fee. Ultimately, I don't think price protection and return protection should be the reason you do or do not close this particular card. Utilization: This doesn't impact you because Chase says it'll roll over your line of credit to your Chase Freedom, so more of an FYI-closing an account means that line of credit is no longer factored into utilization, which may increase your utilization if you dont make changes to your CC spending habits. You also no longer get the benefits of demonstrating responsible credit use on the account. Plus, both cards offer no interest on new purchases and balance transfers for the first 15 months your account is open (after, 20.24 - 28.99 variable APR). Length of credit history: While the closed account and its activity will continue to appear on your report and impact your length of credit history, the closed account will eventually drop off after ten years. There are a few ways closing a card can impact your credit score: Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future. ![]() ![]() Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests.
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