The post you have all been (not so) patiently waiting for!!!
Who ever said you should cancel the card?!?
November 1: Apply for an American card (first year fee-free.)
November 10: Receive the card with a credit limit of $10,000.
November 26: Make a $1 purchase.
December 10: Get the statement along with 20,001 Aadvantage miles.
January 1: Apply for another American card (first year fee-free.)
January 10: Receive the 2nd card with a credit limit of $9,000.
January 26: Make a $1 purchase on the 2nd card.
February 10: Get the statement for the 2nd card along with 20,001 Aadvantage miles.
February 11: Call up Citi to combine the 1st card’s credit limit into the 2nd card.
You now are back down to just 1 American card, with a $19,000 credit limit, and didn’t have to go through the usual hassles of cancelling a card!
The fee-free year now goes until the next January!
Plus, having a high and unused credit limit is very good for your credit!
I’m sure that the day will come when Chase and Citi will restrict the signup bonus to be once in a lifetime (like AMEX has always done)
However until they do that there is nothing against their own rules to earn the bonus multiple times!