Chase +1 Card auto-converting to Freedom at end of April

[nickn86]

Not sure if anyone else has or has even heard of this card, but it was my first credit card.  I got a letter in the mail today from Chase, that it has been fully discontinued, and I'll be sent a replacement Freedom card after April 30, 2013.

I'm actually pretty happy at this.  Could use a Freedom for the 5 UR categories, but I couldn't afford another inquiry.  Now I don't have to worry about that.  The limit I have is only $300 (incidentally, I don't think I've ever seen a Freedom below $500), but I figure I can probably move some money from my $9,000 United card.  Letter says that any +1 Rewards points (called "Karma points") need to be used by April 29th or will be forfeited.

Just thought I'd let the forum know.

[abMaus]

I just got this letter in the mail also. Thing is, I already have a Freedom card (CL $2,000) (got one year ago) and my +1 card (CL $5,000) is about 3 years old. These are the only two cards I have.

I just registered here because I'm really confused on what I should do. I'm not sure if I should make a new thread, but maybe someone can help me out on here. I rarely use my +1 anymore and have been using the Freedom as my main card.

My question is, would Chase combine the Freedom (and the new Freedom) into one card? or should I consolidate them? or should I let them stay seperate? My main concern is consolidating the cards and it affecting my credit score (showing that I closed an account). I guess the only reason I would want to consolidate them is to just worry about one Freedom rewards account. I pay off both cards in full every month, so I'm not worried about any APR changes. If I decide to keep both, I suppose I'd start using the one with the higher CL.

I'm assuming I should just let it be and keep both, since I just read on a thread "NEVER close an open account unless it is costing you money," but would like to see if that applies to my situation.

What would be my best decision in this case?

Any help is appreciated!

FWIW, my Experian score was 761 a month ago and I just got a car loan, so I don't want to do anything that will affect my score.

[nickn86]

Only reason not to combine them is if you're hitting the $1,500 caps for the 5% caps on your current Freedom.  If so, have two Freedoms so the cap effectively becomes $3,000 ($1,500 for each card).

Combining the card won't affect your credit score.  Your account showing as closed doesn't hurt your credit score, since the age of accounts aspect of the FICO score includes both open and closed accounts.  It could only potentially hurt your score when the account drops from your credit report, which usually takes ten years.  And the damage from that would be extremely minor.

[abMaus]

Thanks for your input, Nick. I don't hit the $1,500 cap, so I'm not worried about keeping both open for that.

I suppose I would combine my current Freedom into the "new" Freedom, that way it will show the younger account as being closed. Not sure if that would make much of a difference, but it makes more sense to add the $2k CL to the $5k limit, rather than the other way around.

[broseph23]

When was your card set to expire? I've had the +1 card since 2010, it's now my lowest limit and is set to expire in August. I've been on spring break since last Tuesday so I do not know if they have sent me a letter as well. But I also have a freedom already! I do not want two, I don't spend enough in the rotating categories to have use for two, so ill probably ask them to convert it into an amazon or something.

[abMaus]

I believe it was set to expire this month (march). I got the card with a new expiration date a little over a month ago.

[broseph23]

Just got back from spring break, and I too got the letter about the change to my plus1 card. Mine is being changed to the Slate card, probably because I already have a freedom.

[TheSpeculator]

I was excited too about saving the inq when I received the letter. Also cashed in the karma rewards. Check it out- Best Buy, Amazon and Target gift cards are you options.

[broseph23]

---

@TheSpeculator wrote:
I was excited too about saving the inq when I received the letter. Also cashed in the karma rewards. Check it out- Best Buy, Amazon and Target gift cards are you options.

---

Man, I remember when there used to be so many better rewards than those! There literally were rewards that are found in UR. Amazon is probably the best to cash in on. 

[TheSpeculator]

I went for Amazon and Target. I actually forgot that it had a rewards structure.