Another credit card thread

Keep in mind that some places don't take Amex or Discover. If you get one of those, it's smart to have a MC or Visa card handy, whether it be another credit card or your debit card.

You can cancel it. You cannot make any changes to what you signed / applied for (I.e. upgrading and downgrading)

I'll see if I can find you a link

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Like what?

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An example would be as follows I think:

Say I want to sign up for the Chase Ink Plus Business Card

It has an annual fee of of $95 which is waived the first year. I want this this card for its 50,000 point signup bonus and 5X business categories.

There is then the Chase Ink Classic Card. This card is a no fee version of the above card. The difference between them is that the first one lets you earn 5X points on $50,000 of spend, while this one only allows 5X up to $20,000 of spend on the select categories of Office Supplies, Cable/INternet/Phone. Also, this Classic only has a 20,000 point signup bonus.

I would never reach either amount over a year so I have no real need for the fee card, so what I would do is sign up for the 50,000 point offer with the fee, hit the $5,000 minimum spend requirement for the bonus in 3 months, then when a year is over, call Chase and DOWNGRADE to the Ink Classic. Thereby earning the 50,000 points, keeping the account open, and using the no fee version of the card on those business categories until happy eternity.

Bacon is saying that Dodd Frank forbids you from making that DOWNGRADE change until month 13. Since the fee activates after 12 months, I would have to pay the fee in theory.

However, I think it is still possible to get around this somehow IMO, at least from what I see around the internet. Haven't tried it myself.

Here a link... I know I've read where people haven't been able to downgrade on flyertalk

But here is a good article saying what prevents you from upgrading

LINK