Cap One account combining

[Anonymous]

I saw the option on Cap One's web-site today to combine accounts into one..  What would be the advantage of doing this vs. not doing this?

Right now I have 2 accounts 1 with a 1000.00 limit - this has a 0 balance and is 19.00 per year to have the account and the interest rate is a whopping 25%

The other account has a limit of 2500.00 and a balance of like 2000.00. This one is 39.00 per year and is 20% interest...lower, but still HIGH

Any help would be appreciated

[Anonymous]

An advantage is having one less annual fee and one less bill to pay.  If you combine, you'll have one card with a $3500 limit, and some think this would help other lenders give you higher limits.

The account you close has to have a zero balance, so you would have to pay off the $2000 in order to close the higher annual fee card.  I suggest doing a live chat on the website and asking if you have any offers on your account for a card with no annual fee.

Also, you'll want to ask for a SP credit limit increase on both accounts BEFORE you combine, because combining is considered a limit increase and will reset the clock for another 6 months.