Its Important to know when you open and close each card you apply for. The Annual Fee on most cards can be removed if you wait more than 12 months, but that requires a call to Customer Service. After 13, you might not get your annual fee back. If you cancel AFTER the fee hits, you might get a free Hotel Night or other benefit, OR a Retention Offer ($ or Points) IF you call Customer Service. Or you can get the free perk, ,then cancel the card online to get your fee back.
We use a simple Excel / Google Docs sheet that lists the following details:
- Card Name
- Date Opened
- Minimum Spend Requirement
- Min Spend Met Y/N
- Active Dormant or Closed
- Rewards Benefit (Hotel or Airline Points)
- Close By / Closed on
With this system you can easily track when you will be eligible to ‘Churn’ the same card again, usually 1-2 years later… Or at the very least know when Annual Fees come due or when points may expire in the next year.
Below is a sample spreadsheet you can modify to your heart’s content:
Download your copy and save to Google Drive / Apple iWorld whatever…. Or if you prefer bust out your chisel and etch your accounts into a rock the old fashioned way.