I wrote earlier about how I handled Chase’s notice that they would be closing my Sapphire Preferred card. Well, that was supposed to take place Wednesday, but I went ahead and made a preemptive move to close it myself the day before. Will it help? I dunno, but better than not trying. I found it amusing that the whole time the agent was pleading with me to keep the card open.
As I said before, the security arm of Chase’s credit card services does not seem to be sharing its plans with anyone else. In fact, I got this email the same day I closed the card, which was followed up by a very similar letter in the mail:
Wow. Just wow. Chase knows that my annual fee is due next month. I can’t imagine that this is just a “seasons greetings” kind of message. But they’re the ones who wanted to close my account, not me.
In the end, my Ultimate Rewards points still seem to be safe in my Ink Bold business card-affiliated account after I made yet another consolidation (but this one to an account in my own name). As a fail safe, I also transferred just under 300K Ultimate Rewards points to my United MileagePlus account for two first-class awards to Southeast Asia.
The whole point of getting a Sapphire Preferred card, as well as using it for the majority of my daily spend, was to accrue these points for our honeymoon. It’s still a great card, and one I recommend. Since I’ll need them for that purpose sooner or later, I decided to go ahead and do it. If Chase tries to clawback the remaining points in my Ink Bold account, the loss will be much smaller.
Megan still needs to call Chase to have them add me as an authorized user on her account, which will put that shiny metal card back in my wallet, but I don’t expect any problems. In a year or so I may even re-apply if I can get a good offer. I think most people facing canceled accounts will be able to do the same as I did.
I only hope that, if your card is one of those caught in an audit, you find out after the new year. That’s one good thing about my card, is that I was not earning hundreds of thousands of miles a year. Some people have received cancellation notices just before the end of 2012, when they would be normally expecting their 7% annual dividends. Losing a 7% dividend when you earn over 100,000 points a year could be a big miss, and something Chase says it isn’t required to fulfill. I don’t think it’s closing accounts right before the end of the year on purpose, but I also think it could handle this particular situation better.