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Master 2021 Account and Relationship Closure/Termination Thread

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Cross posting our decision to cancel my Chase Sapphire Reserve, due to a 60% reduction in travel/dining charges in 2020 vs 2019.

 

Quote

Updating w/ Result of call:  Closed the account.  Approx $400 refund of annual fees due (75% based on Oct renewal). 

 

CSR said there was no retention offer on file; none avail were I to escalate the call.  (I wonder if the fact that I solely use the card for travel/dining and have consistently redeemed at a 4%+ cashback rate was a factor.)

 

There's no question in my mind that we'll ultimately return to Chase Sapphire Reserve.  We'll probably switch it over to Bev to earn another SUB.

 

I initially asked for a downgrade to the $95 fee Sapphire Preferred, but in the 60 sec that I waited for the CSR to put the request in, it suddenly occurred to me that we had no use for a 2%/2.5% rebate card on travel/dining.  We can fall back on our old 3% combo of Chase AARP (travel) & Citi Prof (dining), which I wouldn't mind "airing out at all!

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3 hours ago, hegemony said:

I can't wait to learn DCU's process. I wonder if I'll have to fly to MA and ring my cow bell in the lobby of a branch?

When I quit DCU, I did it by snail mail and it was quick and painless.  I wrote a one-paragraph letter asking them to close my account, enclosed the first page of my most recent statement to verify that it was my account, and mailed it.  I didn't pay attention to how many days it took (part of which was for my letter to get to them), but there was no hassle.

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3 hours ago, nemo said:

When I quit DCU, I did it by snail mail and it was quick and painless.  I wrote a one-paragraph letter asking them to close my account, enclosed the first page of my most recent statement to verify that it was my account, and mailed it.  I didn't pay attention to how many days it took (part of which was for my letter to get to them), but there was no hassle.

so they mailed you a check for your remaining balance? I think this is a great idea (writing a letter) to avoid the frustrations of dealing with CSRs that are paid read me a script about the wonderful 1% cashback Visa card.

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2 hours ago, hegemony said:

so they mailed you a check for your remaining balance? I think this is a great idea (writing a letter) to avoid the frustrations of dealing with CSRs that are paid read me a script about the wonderful 1% cashback Visa card.

Yes, I transferred most of the money out ahead of time by ACH, leaving close to the $5 minimum.  IIRC, I changed my 1099 tax form communication from e-mail back to snail mail, then sent the letter, and they mailed me a check for my $5.

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5 hours ago, hdporter said:

Cross posting our decision to cancel my Chase Sapphire Reserve, due to a 60% reduction in travel/dining charges in 2020 vs 2019.

 

 

I initially asked for a downgrade to the $95 fee Sapphire Preferred, but in the 60 sec that I waited for the CSR to put the request in, it suddenly occurred to me that we had no use for a 2%/2.5% rebate card on travel/dining.  We can fall back on our old 3% combo of Chase AARP (travel) & Citi Prof (dining), which I wouldn't mind "airing out at all!

A good plan, while we await the AARP transition to Barclay. 

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3 hours ago, swimmingwithsharks said:

A good plan, while we await the AARP transition to Barclay. 

 

Looks like I was premature in targeting my Chase AARP Travel Rewards for reuse in lieu of the cancelled CSR ... they nerfed he 3% cash back benefits from all Travel charges to just Dining / Gas in March 2019.

 

This escaped my notice because I'd been almost exclusively using CSR since late 2016, with just an occasional AARP charge to keep the account active.

 

At first glance, it seems like Citi Premier, with attractive SUB, will at least fill the premium cb hole I now face in the Hotel purchase category.  That still leaves a glaring gap in all other travel categories (occasional, but significant, air/cruise/rail/taxi/uber).  Car Rental is tentatively slated for my Citi Pro Cash (3%), but I'm unsure whether Citi nerfed  the rental CDW benefit, as was the case with their personal cards.

 

< Not exactly a well-planned strategy execution, but this is temporary since I anticipate returning to CSR once my annual travel expenditures get back to approx $30k. >

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11 hours ago, hdporter said:

 

Looks like I was premature in targeting my Chase AARP Travel Rewards for reuse in lieu of the cancelled CSR ... they nerfed he 3% cash back benefits from all Travel charges to just Dining / Gas in March 2019.

 

This escaped my notice because I'd been almost exclusively using CSR since late 2016, with just an occasional AARP charge to keep the account active.

 

At first glance, it seems like Citi Premier, with attractive SUB, will at least fill the premium cb hole I now face in the Hotel purchase category.  That still leaves a glaring gap in all other travel categories (occasional, but significant, air/cruise/rail/taxi/uber).  Car Rental is tentatively slated for my Citi Pro Cash (3%), but I'm unsure whether Citi nerfed  the rental CDW benefit, as was the case with their personal cards.

 

< Not exactly a well-planned strategy execution, but this is temporary since I anticipate returning to CSR once my annual travel expenditures get back to approx $30k. >

Altitude Reserve has a $750 SUB and pays 4.5% back on travel (both car rental and hotels, plus a lot more).  Net AF is $75, not $95 like the Premier.

 

Also, 4.5% back on Apple Pay, regardless of purchase category (but mainly useful at groceries stores, for our lifestyle), on the Reserve.

 

Or, Bank of America Cash Rewards Visa has no AF will pay 3% (3.75%-5.25% with relationship) when you select Travel as the 3% category (capped at $2,500/quarter).  You can have more than one of these (we have three in our HH).

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6 hours ago, cv91915 said:

Altitude Reserve has a $750 SUB and pays 4.5% back on travel (both car rental and hotels, plus a lot more).  Net AF is $75, not $95 like the Premier.

 

Also, 4.5% back on Apple Pay, regardless of purchase category (but mainly useful at groceries stores, for our lifestyle), on the Reserve.

 

Or, Bank of America Cash Rewards Visa has no AF will pay 3% (3.75%-5.25% with relationship) when you select Travel as the 3% category (capped at $2,500/quarter).  You can have more than one of these (we have three in our HH).

 

You're right ... this is a no-brainer.  It should be clear I was shooting from the hip yesterday.  I'll likely follow through with an app.

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2 hours ago, hdporter said:

 

You're right ... this is a no-brainer.  It should be clear I was shooting from the hip yesterday.  I'll likely follow through with an app.

Took me a while to warm up to this card, mainly because US Bank seems so....  Minnesota😛 

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11 hours ago, cv91915 said:

Altitude Reserve has a $750 SUB and pays 4.5% back on travel (both car rental and hotels, plus a lot more).  Net AF is $75, not $95 like the Premier.

 

Also, 4.5% back on Apple Pay, regardless of purchase category (but mainly useful at groceries stores, for our lifestyle), on the Reserve.

 

Or, Bank of America Cash Rewards Visa has no AF will pay 3% (3.75%-5.25% with relationship) when you select Travel as the 3% category (capped at $2,500/quarter).  You can have more than one of these (we have three in our HH).

Another Bank of America option, if you are a AAA (Auto Club) member and considering a new card application, is the AAA rewards Visa, no annual fee, no FTF, and 3% cashback on travel, no cap. There are also 2% categories on the AAA card, but of course that's irrelevant when you have one or more of the 2% back on everything cards. The downside to the AAA card is the rewards expire 5 years after you earn them and they can only be redeemed after you've earned $50, but you can redeem the full amount once it's over $50. So after about every $1670 spend in travel, you can redeem the cash.

 

Not ideal, but no annual fee and no cap. 

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7 hours ago, swimmingwithsharks said:

Another Bank of America option, if you are a AAA (Auto Club) member and considering a new card application, is the AAA rewards Visa, no annual fee, no FTF, and 3% cashback on travel, no cap. There are also 2% categories on the AAA card, but of course that's irrelevant when you have one or more of the 2% back on everything cards. The downside to the AAA card is the rewards expire 5 years after you earn them and they can only be redeemed after you've earned $50, but you can redeem the full amount once it's over $50. So after about every $1670 spend in travel, you can redeem the cash.

 

Not ideal, but no annual fee and no cap. 

 

So, as I've admitted, I'm not engaged in the most strategic card search I've ever engaged in ...

 

While my travel is running on the low side, I find that I don't mind buying a hiatus before I commit to Altitude Rewards.  Truth is, if I decide to return to Chase SR at a future date, I prefer not being on the string to rationale continued Alt Rew fees (i.e. charging just enough to use up the annual credit).  Just my "thing" right now.

 

So, yeah, your suggestion of the AAA VISA (issued by BA) hit a temporary sweet spot, so I pushed the app:  $15k appr (not shabby, nothing to write home about).

 

Kudos to @cv91915 and @swimmingwithsharks for indulging me!!

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