Before I run through the deals of the day, I want to do a quick response to yesterday’s post. I got a bunch of emails asking what my strategy is with credit cards after I open them. Here’s my thoughts:
- I kept all the old no-fee cards that I’ve had in my wallet for years open. Why do people close these? It’s a big help keeping your Length of Credit History in good shape.
- I do close the majority of my mile/point cards with annual fees. I keep them open at least 6 months and typically cancel them before the 1-year mark.
- Yes, as some of you wrote, the Bank of America and Barclays cards can be much more “churnable” than the Citibank/Chase ones.
- When it’s time to close a card, I do occasionally downgrade to no-fee cards if they give me the option. And when they offer me a spectacular retention bonus to keep the card, I always consider it.
- Certain cards make sense to keep open beyond the first year. A lot of this depends on personal preference and your comfort level paying fees. I talked about this topic recently.
On to today’s deals:
- Starwood’s fun Pay Your Birth Year promotion is back, and their Take Two promo is on the way. See if you qualify for their targeted free night after a stay deal here.
- 250 free Virgin Atlantic miles for downloading their toolbar.
- 100% bonus buying US Airways miles is fine, but the same bonus on underrated Lifemiles is better.
Enjoy your weekend!
