Credit cards you are cancelling post 2017 changes

[cove]

Yes and you get a $129 voucher off the $289.

 

[oh_lol]

Apply Now | Virgin Money Australia

Ohhh, I thought it was a BOQ card. (I do notice that Virgin cards are BOQ issued).

Still have another 6 months til I can reapply for Virgin cards

 

[nitsujay]

I just canceled a nab velocity rewards premium card. Dropping from 1.5 VFF points to 1 per $1 amex spend meant it no longer held a competitive advantage.

And the cancellation letter stated:
"Just to confirm. If you've closed a credit card account which earns rewards points, any rewards points earned but not credited to your reward membership account at time of closure have been forfeited. This includes any points earned on purchases during the statement period in which you requested us to close your credit card account.

Any questions? "

Yes. Is this smug response in retaliation to the cancellation?

 

[cove]

Just ran into a problem with BOQ/Citibank new card. My credit limits with Citi Prestige and Qantas Premier add up to $116,000 so new Citi /BOQ CC card was a NO.....

 

[Dr Ralph]

Is this smug response in retaliation to the cancellation?

No. This is standard.

 

[serfty]

Did away with a free for life Citi platinum visa on the weekend.

Also lost 340 citi reward points - 0 care factor for mine.

 

[Pantsoff]

Cancelled 2 x ANZ platinum rewards cards we've had for 10+ years that we'd put approx $250k pa on them for the last 8 years.

They offered me 5000 free points OR waiver of rewards membership fee.

In the last 4 months have opened:

AMEX velocity
WBC black
NAB platinum - should cancel this too now that bonus points have been received.
NAB business signature

 

[Dannyism]

Cancelled AMEX explorer and NAB rewards. Looking like I might want to buy a house in the next few years though so will limit myself to one or two churns per year.

Next up ANZ QFF Black

 

[theblank]

Cancelled AMEX explorer and NAB rewards. Looking like I might want to buy a house in the next few years though so will limit myself to one or two churns per year.

Next up ANZ QFF Black

If you want a home loan it wont make any difference how many credit cards you have applied for

 

[Dannyism]

This is contrary to what most articles say about churning cards.
Care to explain why? I am always eager to learn.

 

[BAM1748]

I've cancelled two cards, I just got sick of the fees and for what, the money saved on some of these cards pays for a nice trip somewhere itself.

Happy to have lower level and save my hard earned.

 

[Dr Ralph]

If you want a home loan it wont make any difference how many credit cards you have applied for

This just isn't true.

 

[theblank]

This is contrary to what most articles say about churning cards.
Care to explain why? I am always eager to learn.

because most articles don't know what they are talking about.

If anyone has ever had a home loan declined with the decision "too many credit enquiries" then the lender didnt want to do the loan for other reasons, and just gave the simplest response that is indefensible, to get the applicant to go away and not waste any time.

When assessing for a home loan, the decision is made on all the factors detailed on the application, affordability etc. If the lender wants to approve the loan there is no way in a million years they are going to say NO just because the applicant chased credit card points - the suggestion that this has a negative impact would only be made by the naive and certainly not by anyone with real loan approval experience.

The credit check is supplementary and just done to make sure there is nothing serious, or inconsistent info. If the assessor notes there are too many enquiries, or even one recent enquiry that is not disclosed as a current liability he will just ask the applicant to explain why - he is actually bound by law and basic lending principles to do so. If the applicant offers a reasonable answer, then fine, normally no proof required.

For unsecured loans like credit cards or fast approval personal loans, yes it will make a difference, but NOT for a home loan. When applynig for a home loan, if it bothers you, just tell the lender up front that you have been chasing credit card deals. No lender will bat an eyelid.

 

[Dannyism]

because most articles don't know what they are talking about. No lender will bat an eyelid.

Thanks, appreciate the feedback.

 

[NM]

I cancelled a Woolworth Visa yesterday. Explained that the $198 annual fee (primary and supplementary cards) was not going to get e value this year. No offer was forthcoming so I cancelled as I had requested. They did waive the annual fee for the last few years, and I put almost nothing on that card now, so they knew there was no value to them either.

 

[Dannyism]

This just isn't true.

As per the other post, Care to explain why? I am always eager to learn.

 

[Dr Ralph]

As per the other post, Care to explain why? I am always eager to learn.

I would have thought from all of the information contained on this site it was reasonably obvious. But I'll add I have spoken to several brokers and banks when I refinanced my home loan within the last 3 years. Every one of them stated categorically and unambiguously that how many cards you have applied for was a factor in whether a loan was granted or not. When I did eventually refinance with U Bank they were satisfied with my explanation about churning as to why I had a very large number of applications over the past few years. So to make a blanket claim of 'If you want a home loan it wont make any difference how many credit cards you have applied for' is just not true. How many cards you have applied for IS a factor. There is no value in denying this fact. It has a direct impact on your credit score. Your credit score is a factor in determining whether you'll get approved for a loan.

Note carefully that I have not stated that if you apply for a large number of cards that you wont get a loan. Nor have I stated that it is the only factor to be considered nor even the most important factor. I have indicated that the statement 'If you want a home loan it wont make any difference how many credit cards you have applied for' is wrong. In fact it is completely wrong and misguided. I stand by my earlier statement.

Can I suggest that you speak to a bank or a mortgage broker for further information if you are thinking of applying for a loan.

 

[Moopere]

I've cancelled all my VISA/MC except one Citi card that I keep only for emergencies. I haven't been able to find a decent VISA/MC that can justify its annual fee insofar as points returned is concerned. As someone else mentioned above, if the fee basically equals the value of points to be earned then I'd rather just keep the flexibility that comes with keeping my cash.

I wonder, overall, what impact the lowering of FF points on most of these cards is having on the issuing banks revenues? Also wonder if Amex has had a sudden upsurge in interest over the same period?

 

[get me outta here]

About to cancel the 4th NAB now that the 50K QF free points are in. I've been trying to find a link to the DrRalph cancellation letter proforma. I know it's around here somewhere, but could someone plse point me to it, or advise how to make an effective search?

 

[Dr Ralph]

About to cancel the 4th NAB now that the 50K QF free points are in. I've been trying to find a link to the DrRalph cancellation letter proforma. I know it's around here somewhere, but could someone plse point me to it, or advise how to make an effective search?

I can't remember which thread it was in, but here's one I used for cancelling an ANZ card just today:

In reference to account number **** **** **** ****

Dr Ralph
Wollongong NSW 2500


September 28, 2017


ANZ Credit Cards
PO Box 607
Melbourne VIC 3001



Dear Sir/Madam,


I write to request that you cancel my ANZ Frequent Flyer Black credit card account with your organisation immediately.


I will not be liable for any further transactions following 14 days of the date of this letter.


You should provide a final statement within 14 days of the date of this letter.



Yours sincerely,




Dr Ralph

PS. Which NAB card are you cancelling?