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Losing my points if I cancel my credit card?

Active Member

I decided that I didn't want to pay the $149 annual fee for my Chase credit card. I called Chase and they said I would lose a large portion of my points if I cancelled the card. 

I haven't decided what to do yet but was wondering how Chase has access to my rapid rewards account so they could take some of the points. 

Are they bluffing me?

6 REPLIES 6
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Re: Losing my points if I cancel my credit card?

Top Contributor
Solution

Once transferred to Southwest, the points are yours. Closing your Chase account won't have any effect. The only time Chase (rarely) or Southwest Shopping (more often) claw back points is if you make a return or otherwise disqualify yourself (according to the terms and conditions of a specific offer) from earning points that have already been granted. 

 

Keep in mind that if you close your account and have not yet been granted your anniversary points by Chase you'll not receive them.

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Re: Losing my points if I cancel my credit card?

Rising Star

@rich1954 wrote:

they said I would lose a large portion of my points if I cancelled the card. 

Are they bluffing me?




This statement would make sense to me if you were talking about a Chase card that earned Chase Ultimate Rewards points and you were closing out all of your applicable Chase UR earning cards. But that's not the case here.

Customer | Home airport DCA
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Re: Losing my points if I cancel my credit card?

New Arrival

I just called to cancel my credit card today and they told me the same thing! I was shocked and asked them to transfer me to a Southwest representative and they confirmed that any points in my account are mine to keep. I think this was just a ploy by Chase to try to convince me to keep the card open but I closed it immediately after their false points comment.

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Re: Losing my points if I cancel my credit card?

Top Contributor

I suspect they meant you would lose all points tied to your next statement as your account must be open to receive any points. Once you close it - no more points.

Re: Losing my points if I cancel my credit card?

Active Member

I asked if they would waive the 149 fee for one year. They offered me $70. but could not give me the 149. I ended up cancelling since my wife has the same card. In 2 years I will reapply.

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Re: Losing my points if I cancel my credit card?

New Arrival

As mentioned, once the points are transferred from Chase to SW - they are yours, no matter what happens to the credit card.

 

BUT, if you want to have a less expensive annual card fee - remember the 149/yr fee can actually only cost you half . . . or $75 a year because you account will get a free 7500 mile annual bonus rewards . . . which is worth 75.00 toward any gift card - such as department stores, restaurants, dvds, and others.

 

Or, Chase will be able to downgrade your card to a 60.00/yr card, and you get an extra $30 in gift cards to lower your out-of-pocket.

 

Keeping your chase card through a downgrade will also help you immensely in getting other Chase cards that actually  can pay you $2000 in cash bonus'.  Once you have the first Chase card, the other cards are easily approved . . . especially the home business cards.