If I apply for a Credit Card....

[thawolfman]

...get accepted, but then get the card and don't want it because their Cash Rebate isn't what I wanted (.5% on purchases as opposed to 1%) can I just cut the card up? I didn't call to activate it yet so I'm assuming that I can just toss it and I'll be ok, or do I have to call them to officially cancel even though it was never activated?

 

[RossMAN]

You have to call and officially cancel your account even then there's no guarantee your account will be closed. The BEST way to do it is call, get the rep's name and extension and ask them if you can fax or mail a letter, I would recommend fax because you have your fax confirmation as your proof that they received it.

 

[dullard]

I'd call and officially cancel. Until you do that, your credit rating will continue showing this card is in your possession. That will make it more difficult to get other cards. Did you get fooled by a statement such as "up to 1% cash back"? I've seen several cards do that, then when you get the card you find out that you get much less than you expected at your favorite stores. Sure you can get 1% at places you never shop, but that never helps...

 

[thawolfman]

Originally posted by: dullard
I'd call and officially cancel. Until you do that, your credit rating will continue showing this card is in your possession. That will make it more difficult to get other cards. Did you get fooled by a statement such as "up to 1% cash back"? I've seen several cards do that, then when you get the card you find out that you get much less than you expected at your favorite stores. Sure you can get 1% at places you never shop, but that never helps...

Damn sure did get fooled...It was an American Express up to 5% cashback. I come to find out it's .5% on daily purchases and a 1% rebate if you purchase $2000, 2% for $6000, yatta...so I was pretty pissed about that...now I gotta find a number and call these mofos up

 

[thawolfman]

allllll cancelled

 

[RossMAN]

Originally posted by: thawolfman
allllll cancelled

Make sure to back that up in writing because Amex can and HAS screwed up on closing accounts, sometimes they'll just temporarily suspend your account but if they receive something in WRITING signed (just type a short Fax cover sheet on MS Word, print and sign it then fax it) by you then your account may not be CLOSED, CLOSED.

 

[matsuhisa]

i guess it's alright this time.. but for future reference, it's not good to get a credit card and then immediately canceling it. credit bureau will think that you got this credit card to boost up your credit report in order to make a big purchase (house, car, etc)... so from now on, they might not give you the credit card b/c they'll think that you're just boosting it up again to make a large purchase.

hopefully this will help in the future.

 

[thawolfman]

Originally posted by: matsuhisa
i guess it's alright this time.. but for future reference, it's not good to get a credit card and then immediately canceling it. credit bureau will think that you got this credit card to boost up your credit report in order to make a big purchase (house, car, etc)... so from now on, they might not give you the credit card b/c they'll think that you're just boosting it up again to make a large purchase.

hopefully this will help in the future.

Hrm...never looked at it that way. Thanks for the advice

 

[McPhreak]

Originally posted by: thawolfman

Originally posted by: dullard
I'd call and officially cancel. Until you do that, your credit rating will continue showing this card is in your possession. That will make it more difficult to get other cards. Did you get fooled by a statement such as "up to 1% cash back"? I've seen several cards do that, then when you get the card you find out that you get much less than you expected at your favorite stores. Sure you can get 1% at places you never shop, but that never helps...

Damn sure did get fooled...It was an American Express up to 5% cashback. I come to find out it's .5% on daily purchases and a 1% rebate if you purchase $2000, 2% for $6000, yatta...so I was pretty pissed about that...now I gotta find a number and call these mofos up

sort of off-topic but I figured someone might be interested. Chase Stockback gives 1% off ALL purchases and up to 10% off ALL online purchases from retailers like Gap (3%), JCrew (4%), Dell (3%), Buy.com (2.5%), Old Navy (3%), Kenneth Cole (2.5%), Eddie Bauer (3%), etc. just to name a few. I have this card and it's great. Couple this with Ebate's 3% Dell discount and you have 6% off all Dell purchases just from the start. They also have discounts for local B&M stores. Just punch in your zip code and it will find the closest stores that offer discounts for you. Anways, here's a list of all the online retailers:

Link

**End shameless promotion***

 

[thawolfman]

Originally posted by: McPhreak

Originally posted by: thawolfman
sort of off-topic but I figured someone might be interested. Chase Stockback gives 1% off ALL purchases and up to 10% off ALL online purchases from retailers like Gap (3%), JCrew (4%), Dell (3%), Buy.com (2.5%), Old Navy (3%), Kenneth Cole (2.5%), Eddie Bauer (3%), etc. just to name a few. I have this card and it's great. Couple this with Ebate's 3% Dell discount and you have 6% off all Dell purchases just from the start. They also have discounts for local B&M stores. Just punch in your zip code and it will find the closest stores that offer discounts for you. Anways, here's a list of all the online retailers:

Link

**End shameless promotion***

GAH! Now you tell me After I went and applied for a 1% cashback Discover card! Now what am I gonna do!?

 

[RossMAN]

Originally posted by: thawolfman

Originally posted by: McPhreak

Originally posted by: thawolfman
sort of off-topic but I figured someone might be interested. Chase Stockback gives 1% off ALL purchases and up to 10% off ALL online purchases from retailers like Gap (3%), JCrew (4%), Dell (3%), Buy.com (2.5%), Old Navy (3%), Kenneth Cole (2.5%), Eddie Bauer (3%), etc. just to name a few. I have this card and it's great. Couple this with Ebate's 3% Dell discount and you have 6% off all Dell purchases just from the start. They also have discounts for local B&M stores. Just punch in your zip code and it will find the closest stores that offer discounts for you. Anways, here's a list of all the online retailers:

Link

**End shameless promotion***

GAH! Now you tell me After I went and applied for a 1% cashback Discover card! Now what am I gonna do!?

You really should take an hour or two and read this entire thread, it's filled with incredible Credit Card Hot Deals and while you're at it, post to that thread to give it a bump up to the top.