Posted by
Member since Feb 2007
357 posts

Chase Sapphire - canceling a credit card

I have seen some people on this board recommend Chase Sapphire for travel rewards. They offer 40k points if you spend 3k in the first few months etc., but there is a ninety dollar ($90)yearly fee. The fee is waived for the first year. I have heard that canceling a credit card can negatively impact your credit score. So if I apply for the card, get and use my travel points, and then cancel before the end of one (1) year, will my credit score take a big hit, or does canceling a credit card only hurt your score when you have had the credit card for a long time?

Denham Springs
Member since Dec 2008
56547 posts

re: Chase Sapphire - canceling a credit card
The hit is pretty minor

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Member since Oct 2006
5359 posts

re: Chase Sapphire - canceling a credit card
How much available credit is factored in, so it would depend to some extent how high your credit limit would be on the new card and what % it is of your total available credit when you cancel. At the end of the free year you could have Chase transfer the credit limit on the Sapphire card to another Chase card with no annual fee and close the Sapphire.

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New Orleans
Member since Aug 2006
23334 posts

re: Chase Sapphire - canceling a credit card
I thought if you spent a certain amount they would waive the yearly fee? I was thinking about getting this card, but for a yearly fee they can GFT.

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Auburn Fan
Member since Jun 2009
5168 posts

re: Chase Sapphire - canceling a credit card
I've had the Chase Sapphire for several months now.

I've been told that as long as you spend 10k+ on it then I shouldn't have a problem getting the fee waived. If not ill just switch over to Chase Freedom or something.

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