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There are a few reasons I would never cancel a credit card. I wouldn’t cancel a card:

  1. With no annual fee. There’s not much point, and eventually these old accounts will improve the average age of my credit accounts which will help my credit score. Plus presumably the card offers at least one benefit that has some value to me.
  2. With a renewal bonus more valuable than the annual fee. Several cards offer bonus points or free hotel nights every year you pay the annual fee. When that bonus is more than the annual fee, why cancel?
  3. With some killer benefit. If you love having Priority Pass Lounge access for you and guests, you will never want to cancel the Sapphire Reserve.
  4. On which I put a lot of bonused spending. If you rack up a lot of purchases on social media sites and search engines, you’ll never want to cancel your Ink Business Preferred on which you earn 3x points.

The following cards check those boxes.

  • Club Carlson Premier Rewards Visa Signature Card with 85,000 bonus points after spending $2,500 in the first 90 days (50,000 of which are triggered after your first purchased)
  • Hyatt Credit Card with 40,000 bonus Hyatt points after spending $2,000 in the first three months
  • Chase Freedom with 15,000 bonus Ultimate Rewards after spending $500 in the first three months

Club Carlson Card

I initially got the Club Carlson Premier Rewards Visa Signature Card for its 85,000 bonus points. Just meeting the minimum spending requirement is close to 10 free nights at Radissons.

But the original bonus points are not a reason to hold the card year after year while paying a $75 annual fee. If I cancelled my card, the points would still be safe in my Club Carlson account.

The one big reason to hold the card? An automatic 40,000 point anniversary bonus every year when you pay the $75 annual fee. That’s like buying points for 0.19 cents each, something I am more than happy to do.

Unless this changes, I will keep this card open for a long time.

Hyatt Card

I initially got the Hyatt card for its two free nights at Hyatt’s worldwide. I was able to use the benefit at the Park Hyatt in Chicago and Andaz Maui at Wailea.

Sunsset over the Andaz Maui’s many pools

The sign up bonus has changed since I opened the Hyatt card. Instead of two free nights anywhere you will now earn 40,000 Hyatt points for spending $2,000 on the card within three months of account opening. This change was good and bad: Good in that points are more flexible and can be used for more free nights at lower tier Hyatts than two free night certificates could be, and bad in that it’s harder to get outsized value with a defined amount of points.

Anyways, the anniversary benefit of the card has remained the same.

I keep the card because its $75 annual fee is worth paying for:

  1. One free night a Category 1-4 Hyatt every year as an anniversary bonus.
  2. Hyatt Platinum status for as long as I hold the card.

I can get $75+ of value out of the free night, and the Platinum status on every stay (1-3 stays a year) is worth another little bit.

This one is more of a marginal hold than the Club Carlson card, but I am confident that I get my $75 worth each year.

Chase Freedom

I got the Chase Freedom because every quarter you can earn 5x Ultimate Rewards on $1,500 of spending in a rotating category. That can be 30,000 Ultimate Rewards per year from max-ing out each category.

Freedom’s Ultimate Rewards are worth 1 cent each in statement credits, but I also have an Ink Plus, so I transfer my Freedom’s Ultimate Rewards there. Once in my Ink Plus account, the Ultimate Rewards magically become transferable to airlines like United and Singapore. Here’s the full process. You can do the same if you have a Sapphire Preferred, Sapphire Reserve, or Ink Business Preferred.

I keep the Freedom because it has no annual fee, meaning there is no cost to take advantage of the 5x rotating categories.

Eventually if this card gets very old, maybe it can provide a nice boost to my credit score because it will increase the average age of my accounts.

Bottom Line

Keeping accounts open longterm is good for the health of your credit score as one of the influential factors is age of accounts. It’s also good for your relationship with a bank to have longstanding accounts and can improve your bargaining power (as a loyal customer) when trying to open new cards or extract a retention bonus on another card from the same bank.

Even without those overarching positives, I’d still keep these cards for the reasons listed above.

Are there some cards you will never cancel? Why?

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

Just getting started in the world of points and miles? The Chase Sapphire Preferred is the best card for you to start with.

With a bonus of 60,000 points after $4,000 spend in the first 3 months, 5x points on travel booked through the Chase Travel Portal and 3x points on restaurants, streaming services, and online groceries (excluding Target, Walmart, and wholesale clubs), this card truly cannot be beat for getting started!

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