Choosing the Right Credit Card: Opening & Closing Accounts

Jun 21, 2017

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

Want a new card, but not sure which to choose? Want to close a credit card account, but worried how it may affect your credit and FICO scores? Curious about how to maximize earning in bonus categories? This FAQ page should help.

Just looking for a credit card greatest hits list of the year? Look no further.

In This Post

The Best Cards For…

Getting Started with Points

Just getting started, and looking for the basics to learn the ropes and earn lots of points? We’ve got you covered.

Interested in maximizing bonus categories, like groceries, gas, office supplies, travel and airfare?

Are you a student or someone with little to no credit? Want to know how to get started?

Changing Credit Cards (Downgrading & Closing Accounts)

Closing Credit Card Accounts

Worried about closing your credit card account? Concerned it may affect your FICO and credit scores? No need to worry. We get this question frequently, and have all the answers you should need. No matter what, whenever you’re thinking about canceling a credit card, make sure you understand how it will impact the rewards you’ve earned.

Make sure to read the fine print—and understand the rules—when it comes to your points!

Downgrading Cards

Downgrading an annual fee card can be a great way to avoid closing an account while still earning valuable points, and keeping your existing ones.

Best Premium Cards

Looking for a new card and a sweet sign-up bonus? Don’t mind paying an annual fee?

Best Airline Cards

Want earn and use points on your airline co-branded card? Great news. We’ve got a whole page on just this. See here

Loyal to one airline? Or just looking for a list of the best co-branded cards?

Looking for cards that will get you free checked bags?

Best Hotel Cards

Looking for a new card to maximize hotel stays from your favorite hotel brands?

Best Cards With No Foreign Transaction Fees

Looking a card that won’t charge you for purchases abroad?

Best Small Business Cards

Own a small business and looking for new card? Whether or not you own a business, if you anticipate spending a lot, these are our picks right now.

Best Cash-Back Cards

Looking for a great cash-back card? We’ve got you covered.

Best No-Fee Cards

No-Annual-Fee Cards

Do you want a new, no-annual-fee credit card? We’ve got a helpful list for you:

No-Annual-Fee (for the first year) Cards

Looking for a new card with a strong sign up bonus, but want to avoid an annual fee, at least in the first year? These are the best ones right now.


Can’t find what you’re looking for? Check out our guides or travel resources page. Still nothing? Shoot us an email and we’ll do our best to get back to you: If you’d like to see something added to this FAQ, send us a Facebook message with what you think we’re missing. If your request is popular with other readers we’ll add it!

Chase Sapphire Preferred® Card

WELCOME OFFER: 80,000 Points


CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

Apply Now
More Things to Know
  • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
  • Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 toward travel.
  • With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
  • Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
Regular APR
15.99%-22.99% Variable
Annual Fee
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
Recommended Credit

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.