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Card Cancelations

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Anonymous
Not applicable

Card Cancelations

Cards in Sig. Should I cancel barclay rewards, chase freedom, capital one and BOA? I really only plan on using arrival plus, CSP and the amex.

Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: Card Cancelations


@Anonymous wrote:

Cards in Sig. Should I cancel barclay rewards, chase freedom, capital one and BOA? I really only plan on using arrival plus, CSP and the amex.


How old are they?

Message 2 of 10
Anonymous
Not applicable

Re: Card Cancelations

if you do decide to close it, move barclay rewards credit limit to arrival plus before closing

Message 3 of 10
Anonymous
Not applicable

Re: Card Cancelations


@Anonymous wrote:

if you do decide to close it, move barclay rewards credit limit to arrival plus before closing


Do the same with the Freedom.

Message 4 of 10
MarineVietVet
Moderator Emeritus

Re: Card Cancelations


@Anonymous wrote:

@Anonymous wrote:

Cards in Sig. Should I cancel barclay rewards, chase freedom, capital one and BOA? I really only plan on using arrival plus, CSP and the amex.


How old are they?


And are there any AF's?

Message 5 of 10
Anonymous
Not applicable

Re: Card Cancelations

Keep the Freedom active. You can use it instead of CSP for 5% category purchases and transfer to CSP. I want to get the Freedom to do this. Freedom with CSP = easier to optimize points. 

Message 6 of 10
Chris679
Established Contributor

Re: Card Cancelations

I would keep them all open, you never know when they will come out with a new card that you will use.
Message 7 of 10
Dw4250
Valued Contributor

Re: Card Cancelations

I would keep them all opened too with maybe the exception of the QS1 (AF). Everything else has no AF do just keep them, SD them and make sure you buy a pack of gum once every three months or so to keep them "active".

The other thing I do is on each card in the SD, I put an auto charge on each. Gym membership, Netflix, Sirius XM, etc...then set the account up for auto full payment a few days before the due date. Easy breezy.
Message 8 of 10
Anonymous
Not applicable

Re: Card Cancelations

Long term, I don't think closing accounts you don't use makes any practical difference. You only need a few credit cards to maximize your scores. I know the conventional wisdom on many sites is to keep all AF-free accounts open, even if there's virtually no chance that you'll ever use the card again, but I'm starting to close my accounts that fall under this category. It's unnecessary overhead for me to try to keep track of them and check up on them every month to make sure I still have a $0 balance (ie, no fraud, no clerical issues, etc)... Yes, I may take hits in the short term, but they're only temporary. Only time I wouldn't close such accounts is if doing so inflates your UTIL so badly that you fall out of the "optimal zone" and/or opens you up to potential AA from your other lenders.

 

Just my opinion though. I don't work anywhere in the financial sector. Smiley Happy

Message 9 of 10
Themanwhocan
Senior Contributor

Re: Card Cancelations


@Anonymous wrote:

Cards in Sig. Should I cancel barclay rewards, chase freedom, capital one and BOA? I really only plan on using arrival plus, CSP and the amex.


Hey Man2.

 

Product change the BOA card into a BOA Better Balance Rewards, then put your smallest monthly bill on that card (greater than $25) and set it to pay in full. That should get you at least $100 cash back per year, $120 if you bank with BOA. Someone here has 4 BBR cards, so it doesn't hurt to start collecting them Smiley Wink

 

Keep the Freedom. Life is like a box of chocolates, you never know when you'll need a Freedom quarterly category.

 

Try to transfer the limit from the Barclay Rewards before closing. I'm not a big fan of the Amex BCP, the spending cap and large annual fee really reduces the cash back potential. I prefer 1 or 2 Barclays Sallie Mae Mastercards, as 5% cash back with no annual fee will often beat a BCP.

 

https://www.salliemae.com/credit-cards/sallie-mae-card/

 

bcp.png

 

Sallie-BCP3.png

 

 

I don't see a need for the QuickSilver One. Citi Double Cash can handle it, along with as many BOA Better Balance Rewards cards as you can get...

 

non-category BBR-2.png

 





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 10 of 10
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