Reply
Frequent Contributor
CreditJim
Posts: 271
Registered: ‎09-17-2012

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.

Barclays Arrival Plus WEMC $17.2k | Citi Executive AA WEMC $15k | Quicksilver World MC 15k | SWACU Visa $15k | Amex Business Platinum | Amex PRG | Amex SPG $3.5k | Spark Visa $8k | Chase BA Visa Sig $7.5k | Chase Freedom $4.5k | Citi AA World MC $2k | Quicksilver MC $5k | Lowe's Store $17k | Walmart Store $3300 | Amazon Store $2500 | J Crew $2600
Community Leader
Senior Contributor
myjourney
Posts: 25,246
Registered: ‎02-07-2013

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 

"Intelligence plus character--that is the goal of true education"
Cap1 EO link below
http://lmgtfy.com/?q=Capital+One+CEO+email+address+#seen
Last 5 apps 6/6/13
Regular Contributor
rlx01
Posts: 231
Registered: ‎02-10-2013

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).

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+