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Advice on combining two cards

SOLVED
Regular Contributor

Advice on combining two cards

Card 1: 1.5K limit 4 years old, 8.9 APR fixed, no CLI, no BT fee

Card 2: 2K limit, just received, 12.99 APR, 0% for 1 year, 3% BT fee, CLI every 3 mos as long as I don't violate any terms.

 

 Would you combine the cards to keep the terms on Card 1 or Card 2?

Message 1 of 11
10 REPLIES
Regular Contributor

Re: Advice on combining two cards

capital one? Are you sure they wont give a cli on 1.5k card? Do either have a celing on cl(2.5-3k for lower tier cards)
Message 2 of 11
Regular Contributor

Re: Advice on combining two cards

Yes I've called numerous times (back door number included) and they always tell me what a good customer I am and to keep doing what I'm doing and they do periodic reviews.  After 4 years I've given up.  I think it may have something to do with the fixed APR. They don't want me to have it both ways....low APR and high limit.  This new card gets auto increases as long as I don't go over the limit and pay on time every 3 months.  I don't want to have two TLs with the same creditor which is why I'm going to combine them.
Message Edited by iamrayl on 11-23-2008 10:28 PM
Message 3 of 11
Established Contributor

Re: Advice on combining two cards


iamrayl wrote:
Yes I've called numerous times (back door number included) and they always tell me what a good customer I am and to keep doing what I'm doing and they do periodic reviews.  After 4 years I've given up.  I think it may have something to do with the fixed APR. They don't want me to have it both ways....low APR and high limit.  This new card gets auto increases as long as I don't go over the limit and pay on time every 3 months.  I don't want to have to TLs with the same creditor.

If you don't want two cards with the same creditor, why apply for a second card and why would an issurer single out you from obtaining both a low APR and high limits?

 

What you need to disclose is whether or not the 4 year old card is the oldest card.  If it is the oldest, keep it.  If it isn't, close it.

Message 4 of 11
Regular Contributor

Re: Advice on combining two cards

I apped because I could and to see if I could get approved for a 'better' card.  Now I have two cards and just trying to figure out which terms to keep so I'm just making one payment.  Regardless, I won't lose the history from the old card, they will transfer it over if I decide to keep the new terms.
Message 5 of 11
Regular Contributor

Re: Advice on combining two cards

is the new card a "average credit" card? If so the cap is 3k so when you combine you will likely loose some cl due to cap
Message 6 of 11
New Contributor

Re: Advice on combining two cards

I would take card 2 and it's not really close, unless you have charges already on the card that you can't pay off before the 0% expires, and I can't really imagine that is the case given the credit limit on the card. Interest rate only impacts you if you plan to carry a balance. In this economic climate, I really think carrying a balance that you can't immediately pay off if necessary is a mistake, because it puts the cc company in the position of power. If you can pay off and cancel the card at any time,  you can't be held hostage when a company decides to hike your interest rate without warning, or to double/triple your minimum payment, or cut your credit limit to just barely above what you owe, hurting your score, leaving you open to ratejacking and making it harder for  you to get credit to replace what you have lost.

 

Just my perspective.

The price of freedom is eternal vigilance.
--Thomas Jefferson.
They may not have had CRAs in his time, but the man was wise.
Message 7 of 11
Regular Contributor

Re: Advice on combining two cards

Hi hhd,

 

No I when I applied for it I did it under the 'good credit' option.  What is the cap for 'good credit'?

Message 8 of 11
Regular Contributor

Re: Advice on combining two cards

Starting,

 

Thanks for the advice.  I am starting to lean more towards card two.  You are right, the APR is irrelevant unless you plan to carry a balance. 

Message 9 of 11
Established Member

Re: Advice on combining two cards

Hello,

 

I am not happy since Citi Bank has raised my credit limit without my requesting the credit increase and they also hiked up my interest rate.  I have a balance that I am able to pay off but I was angry and called them and they said that although I have an excellent credit history with them that "times are tough for the banks".  I am disgusted that a bank would hold itself out as a victim.  I have a choice of accepting their 19.9% interest rate or I can cancel my card when it expires.  Since that card is my oldest credit card (6 years) I do not want to cancel it so what I will do is pay off the balance ($191.00) and just use it for very small purchases to be paid off each month.  Any advice?

Message 10 of 11