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Regular Contributor
ramblin_wreck08
Posts: 181
Registered: ‎08-09-2012

Advice needed

I currently have 3 cards: Citi Forward, Citi Dividend World MasterCard, and Amex PRG. I use the Forward on all dining, Amazon, and movie theatre purchases. It works well for me and I get back around $175 a year on just $4,000 or so in purchases. I use the PRG on everything else. It sees around $15k - $17.5k in purchases, and is paying for itself in a plane ticket this year. In my first year I expect to net around $400-$450 in rewards, but will see that reduced in future years once the AF hits.

The Citi Dividend does nothing for me. I would like to keep a MasterCard for the sake of international travel acceptance. However, the lack of use (due to better rewards with my other cards) paired with the $50 requirement for redemption and the often unusable (for me) reward categories effectively make me net 0% with this card on the rare occasion I do use it.

My credit score is around 740. Just under 5 years of history, no missed payments, and about 5% utilization (paid off in full every month). Average age of accounts is 2.5 years, with a mix of student loans, a car loan, 2 revolving accounts, and one charge card. The Dividend card has been open for just over a year.

What is my best course of action? Keep the Dividend card? Open a different account and close this one (I want no more than 3 cards, which I currently have)? Or just close this one altogether?

Thanks in advance.



What's in my wallet:



Left to right:
NPSL ($10k approved)
$5k (EMV - Chip & PIN)
$7k (Visa Sig + EMV)
$7.5k (WEMC)

Transunion FICO: 709 (8/13/12) -> 740 (9/24/12)
Credit Karma: 772 (11/24/13)
Credit Sesame: 755 (11/5/13)
Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008

Re: Advice needed

Is there no other credit card products you want from CITI, you could ask for a PC and a Mastercard. I wouldn't close the card if there is no AF

$100K in Credit
Last Credit Card App: 11/16/13
Regular Contributor
ramblin_wreck08
Posts: 181
Registered: ‎08-09-2012

Re: Advice needed

Currently there is no card that Citi offers that I would be interested in PCing to. One of the Thank you cards might make sense though, if for nothing more than to add to the points I earn from the Forward. Then again, a 1 point per purchase rewards program feels awfully low compared to my others.



What's in my wallet:



Left to right:
NPSL ($10k approved)
$5k (EMV - Chip & PIN)
$7k (Visa Sig + EMV)
$7.5k (WEMC)

Transunion FICO: 709 (8/13/12) -> 740 (9/24/12)
Credit Karma: 772 (11/24/13)
Credit Sesame: 755 (11/5/13)
Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: Advice needed

I would PC to another Citi PRoduct and keep account remain open for its aged.....You never know when they are going to come out with perfect card will fit in your wallet with rewards !!! I would keep the account for its aged also you dont have to used the card most of the time to keep them open. Maybe charge 1 2 dollars every months .

I regret closed many closed account 5 7 years ago now they about to fall off in my credit file and my score going to ding with low AAOA ;-(

 

Also maybe be add BCP from Amex

or Discover IT

or Penfed or NFCU.

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Regular Contributor
ramblin_wreck08
Posts: 181
Registered: ‎08-09-2012

Re: Advice needed

I was thinking about a PC to the Thank You Preferred.  From what I understand, gift cards can be had at a 1:1 ratio, which would increase the value of my Forward.  Saying that, the Preferred says it has a no preset spending limit.  How does Citi report these cards?  Would it report a credit limit?




What's in my wallet:



Left to right:
NPSL ($10k approved)
$5k (EMV - Chip & PIN)
$7k (Visa Sig + EMV)
$7.5k (WEMC)

Transunion FICO: 709 (8/13/12) -> 740 (9/24/12)
Credit Karma: 772 (11/24/13)
Credit Sesame: 755 (11/5/13)

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