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