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I'm trying to squeeze in under the wire and accumulate Chase/Continental miles in separate bonus offers before they merge later this year. Unfortunately both Chase and Continental issue cards through Chase.

I had applied for both a Chase and a Continental card on the same day using online applications they had sent me (both targeted offers with first year fee waivers). Unfortunately it turns out they approved the United card but not the Continental card. When I called them they informed me that this was due to a policy of only having one application approved every six months.

The Continental card has a much more expensive annual fee ($395) that they're waiving vs. the United ($60). But the United card comes with 30,000 bonus miles which when converted to an upgrade or international business class flight can be worth quite a bit of money. I had intended to keep the Continental card for the ongoing benefits including a full membership to their airline lounge and close the United card after getting the bonus miles.

The rep informed me I could have the United account closed immediately and they would recommend approval of the other account at that time but I don't know how long that offer will be good for.

Perhaps the best thing to do is collect the 30,000 miles and then hope the fee waiver on the Continental card stays active/renews. This does mean I will need to renew my lounge membership separately since it expires in October and then have the balance of the lounge membership refunded if the Continental card gets approved.

On a side note, they closed one of my inactive Chase cards at the same time that they approved the United card. My welcome to the new credit environment I suppose.
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