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#24
Old 03-04-2013, 10:40 AM
napnap napnap is offline
L5: Journeyman
  • Dec 2007
  • 596
  • 95 napnap will become famous soon enough
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Quote from Bagira View Post :
The banker at Chase told me it is redeemable for $400.

W/flights, hotels and gift cards it is more than that Smilie

No foreign transaction fees - important to me.

Up to 7% cash back, I don't remember the details though.

Cancel or just threaten to cancel after the first year to avoid $95 annual fee.
They either waive it or you cancel the card. Your credit report score will take a small hit once you cancel the CC, but it will go away in a month or two.
I would have to disagree with the bold-italics part above.

Your credit hit will not go away in a month or two. Basically, when you apply (and are approved) for the credit card, you are getting two hits (1) Number of credit inquiries (2) Average age of your credit.

(1) will go away in a few months. (2) will stick around.

Infact, if you close your card in a year, the effect is worse.