Author Topic: In A Tight Spot - Looking For Some Insight  (Read 1692 times)

Offline newtothisforum

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In A Tight Spot - Looking For Some Insight
« on: October 11, 2016, 03:58:59 AM »
Hi there,

I am currently in a bit of a bind.
I have numerous Chase credit cards as well as some from other banks that have all recently come due with their annual fees.
I have paid the fees in the past simply because I wasn't interested in hassling.
This was not the most responsible decision as I could not afford to pay the fees and most of the cards I barely use.
I understand that one can downgrade in certain  scenarios such as with the Saph Preferred to Reg Saph.
With these cards however, such as the Chase BA card and Chase Hyatt card, there is no lower tier card to downgrade to.
In a perfect world I would love to keep the cards and have them in my pocket in case I need to use one of the benefits, but realistically I cannot simply absorb the cost this time around.
Other than losing the benefits for a rainy day, I am most concerned about closing the cards, losing the credit, and thereby hurting my overall credit score.
So - other than calling and trying to waive the fees by begging (which I am really not in the mood of doing) what are my best courses of action?
Are there specific tactics one can use if I call where I would avoid begging but still convince them to maintain the cards through a waiver of the fee?
Would they be open to shifting all my credit lines to other cards?

I understand this post may have been a bit long winded but I wanted to ensure that I covered all the bases.
Thank you for reading and I would truly appreciate any advice.

Offline Emkay

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Re: In A Tight Spot - Looking For Some Insight
« Reply #1 on: October 11, 2016, 04:01:06 AM »
Hi there,

I am currently in a bit of a bind.
I have numerous Chase credit cards as well as some from other banks that have all recently come due with their annual fees.
I have paid the fees in the past simply because I wasn't interested in hassling.
This was not the most responsible decision as I could not afford to pay the fees and most of the cards I barely use.
I understand that one can downgrade in certain  scenarios such as with the Saph Preferred to Reg Saph.
With these cards however, such as the Chase BA card and Chase Hyatt card, there is no lower tier card to downgrade to.
In a perfect world I would love to keep the cards and have them in my pocket in case I need to use one of the benefits, but realistically I cannot simply absorb the cost this time around.
Other than losing the benefits for a rainy day, I am most concerned about closing the cards, losing the credit, and thereby hurting my overall credit score.
So - other than calling and trying to waive the fees by begging (which I am really not in the mood of doing) what are my best courses of action?
Are there specific tactics one can use if I call where I would avoid begging but still convince them to maintain the cards through a waiver of the fee?
Would they be open to shifting all my credit lines to other cards?

I understand this post may have been a bit long winded but I wanted to ensure that I covered all the bases.
Thank you for reading and I would truly appreciate any advice.
Shifting credit before closing is easy.

Offline nathan13

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Re: In A Tight Spot - Looking For Some Insight
« Reply #2 on: October 11, 2016, 05:24:17 AM »
Hi there,

I am currently in a bit of a bind.
I have numerous Chase credit cards as well as some from other banks that have all recently come due with their annual fees.
I have paid the fees in the past simply because I wasn't interested in hassling.
This was not the most responsible decision as I could not afford to pay the fees and most of the cards I barely use.
I understand that one can downgrade in certain  scenarios such as with the Saph Preferred to Reg Saph.
With these cards however, such as the Chase BA card and Chase Hyatt card, there is no lower tier card to downgrade to.
In a perfect world I would love to keep the cards and have them in my pocket in case I need to use one of the benefits, but realistically I cannot simply absorb the cost this time around.
Other than losing the benefits for a rainy day, I am most concerned about closing the cards, losing the credit, and thereby hurting my overall credit score.
So - other than calling and trying to waive the fees by begging (which I am really not in the mood of doing) what are my best courses of action?
Are there specific tactics one can use if I call where I would avoid begging but still convince them to maintain the cards through a waiver of the fee?
Would they be open to shifting all my credit lines to other cards?

I understand this post may have been a bit long winded but I wanted to ensure that I covered all the bases.
Thank you for reading and I would truly appreciate any advice.
Shiffting your score is your best option. Do 1 at a time and you should be able to get all credits moved.

Offline 12HRS

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Re: In A Tight Spot - Looking For Some Insight
« Reply #3 on: October 11, 2016, 09:35:14 AM »
fyi cards like hyatt you can sell the annual night to cover the cost of your annual fee

Offline newtothisforum

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Re: In A Tight Spot - Looking For Some Insight
« Reply #4 on: October 26, 2016, 10:26:38 AM »
Shifting credit before closing is easy.

Hi Emkay,

Thank you for the advice.
Much appreciate.

Offline newtothisforum

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Re: In A Tight Spot - Looking For Some Insight
« Reply #5 on: October 26, 2016, 10:27:17 AM »
fyi cards like hyatt you can sell the annual night to cover the cost of your annual fee

Hmmm.
Certainly an option but that sounds like work and hassle.
Nothing in life is easy, eh?

Offline newtothisforum

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Re: In A Tight Spot - Looking For Some Insight
« Reply #6 on: October 26, 2016, 10:27:50 AM »
Shiffting your score is your best option. Do 1 at a time and you should be able to get all credits moved.

Cool.
Thanks for the advice.

Offline mmgfarb

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Re: In A Tight Spot - Looking For Some Insight
« Reply #7 on: October 26, 2016, 10:29:00 AM »
Nothing in life is easy, eh?
Welcome to DDF
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Offline newtothisforum

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Re: In A Tight Spot - Looking For Some Insight
« Reply #8 on: November 03, 2016, 08:51:16 PM »
Welcome to DDF

Definitely.
Sometimes trying to keep up with managing these credit cards and their associated ins and outs can feel like a part time job.
Whoa!

Offline TimT

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Re: In A Tight Spot - Looking For Some Insight
« Reply #9 on: November 03, 2016, 09:07:17 PM »
can feel like a part time job.
Whoa!
Then you don't have nearly enough :)

Offline sky121

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Re: In A Tight Spot - Looking For Some Insight
« Reply #10 on: November 03, 2016, 09:14:45 PM »
It sounds like this game may not be for you. Or maybe keep it simple. If you're gaining and losing at the same time you may not be coming out ahead.

+1 to what was mentioned.. you can easily shift credit to just one card even and close the others.
"Not all who wander are lost"