Reply
Frequent Contributor
Posts: 453
Registered: ‎09-17-2012
0

Now I have Amex should I close Spark?

[ Edited ]

I got a business Platinum Amex a couple of months ago and really like it so far - the online tools and features are so much better than the Capital One Spark. I own a small business with a few employees, they all have Spark cards and Gold Amex's at the moment. The Spark CL is $8000. I'm thinking about closing it, as I want to transition to exclusively using the Amex account for 2014. It seems to suit us better in every way - especially for expense tracking, uploading receipts, allowing our accountant access etc. instead of me sending the accountant the Spark statement every month. My question is should I close the Spark account? On some CRs it reports on my personal CR so not sure if it'll affect UTL. Also thinking maybe I should just cancel all the authorized users of it and keep it open with just a card for myself? How long before they'd close it due to inactivity?

 

Edit to add - I never carry a balance - always PIF.

Executive AA WEMC $15k | Quicksilver WMC 15k | SWACU Visa $15k | Arrival+ WEMC $12.2k | Amex PRG | Amex SPG $10.5k | Amex SPG Biz $15k | Spark Visa $8k | Freedom $11.5k | Discover it $7k | Aviator Red WMC $5k | VentureOne WMC $6k | Lowe's $25k | J Crew $11600 | Amazon Store $4000 | Walmart Store $3300
Community Leader
Senior Contributor
Posts: 27,004
Registered: ‎02-07-2013
0

Re: Now I have Amex should I close Spark?


CreditJim wrote:

I got a business Platinum Amex a couple of months ago and really like it so far - the online tools and features are so much better than the Capital One Spark. I own a small business with a few employees, they all have Spark cards and Gold Amex's at the moment. The Spark CL is $8000. I'm thinking about closing it, as I want to transition to exclusively using the Amex account for 2014. It seems to suit us better in every way - especially for expense tracking, uploading receipts, allowing our accountant access etc. instead of me sending the accountant the Spark statement every month. My question is should I close the Spark account? On some CRs it reports on my personal CR so not sure if it'll affect UTL. Also thinking maybe I should just cancel all the authorized users of it and keep it open with just a card for myself? How long before they'd close it due to inactivity?

 

Edit to add - I never carry a balance - always PIF.


I would keep the card open just so I have other options and not put all my eggs in one basket  

Cap1 does report to personal CR's so yes this can have an effect on UTL

Cancel the AU's and keep it in your wallet 

IIRC you must use it once a year before they will close but I always recommend 3 times a year 

+ Chase ink =




Established Contributor
Posts: 539
Registered: ‎02-10-2013
0

Re: Now I have Amex should I close Spark?

IMHO you should try for an Ink Bold or something, then close the Spark (in case someone doesn't take AMEX).
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.