Can I cancel my current Chase Freedom card and open a new one?

May 1, 2017 4:49 AM

Is it possible to close out a credit card and then open a new card of the same type to take advantage of an intro interest free period?

I have a Chase Sapphire card and a Chase Freedom card. I use the Freedom card for my routine and recurring expenses and transfer the points to the Sapphire card for travel.

Here’s my conundrum: I am taking a sabbatical from work, and would like the peace of mind knowing I can take advantage of a 0% API for 12-15 months with a new card during that time.

I would, however, like to stick with Chase so I can eventually move the points to Sapphire when I pay the card and have an income again.

I would like to close the current Freedom card and open a new Freedom card account to take advantage of the 0% intro offer. Is this possible?

posted by hobodeluxe to Work & Money (9 answers total)

No, you can't cancel a card and then become immediately eligible for credit card promotions. You may have to wait up to a year.
posted by Geckwoistmeinauto at 5:01 AM on May 1, 2017 [2 favorites]

No, all those intro deals usually specify NEW customers.
posted by catatethebird at 5:03 AM on May 1, 2017 [2 favorites]

No:

"Chase cardmembers who currently have or have had a Chase credit card in any Rewards Program associated with this offer, may not be eligible for a second Chase credit card in the same Rewards Program."
posted by NotMyselfRightNow at 5:04 AM on May 1, 2017 [4 favorites]

However, it wouldn't hurt to call up Chase and tell them you're planning to cancel the card so you can get another card (from somewhere other than Chase) with a 0% introductory offer. Their customer retention people may be willing to make an exception or accommodate you in some other way, in order to keep you with Chase. It might be worth a try.
posted by DrGail at 6:13 AM on May 1, 2017 [11 favorites]

You may have to wait up to a year.

Three years (or more) in some cases.
posted by Candleman at 6:20 AM on May 1, 2017

You're not going to have an income for a year? That will make it tricky to qualify for any new card.
posted by spitbull at 6:53 AM on May 1, 2017 [2 favorites]

If you're interested in abusing credit card sign up programs like this, the churning subreddit is a good resource.
posted by empath at 7:26 AM on May 1, 2017

If you have good credit just open up a new 0% interest card with citibank or CapitalOne or something and don't use it - keep using your Freedom instead.
posted by mskyle at 8:11 AM on May 1, 2017

In my experience, Chase will approve you for at least three separate cards, no need to close the old one and lose the benefit of the available credit and account age. If you are already have the maximum credit available they are willing to extend their initial response may be a denial, however. You'd then need to call them and have them reallocate some of your credit line from other products to the new card to get it issued, but it isn't a big deal.

Generally speaking, if you receive an offer in the mail and it doesn't have fine print about the intro offer not applying if you already have an account with them, they have to give it to you. If you're doing a cold application, though, they can
posted by wierdo at 9:22 AM on May 1, 2017