Chase; combine limits and close account?

cottoncrown · ‎11-10-2014

I have a chase Amtrak card with a 6k limit that I never use. I was just approved for CSP at 5k. Should I close the Amtrak and combine limits? My plan is to downgrade CSP to sapphire next year if I don't want the annual fee. Is there any benefit to keep the Amtrak open?

Anonymous · ‎11-10-2014

@cottoncrown wrote:
I have a chase Amtrak card with a 6k limit that I never use. I was just approved for CSP at 5k. Should I close the Amtrak and combine limits? My plan is to downgrade CSP to sapphire next year if I don't want the annual fee. Is there any benefit to keep the Amtrak open?

That depends on your other accounts. If it is helping your AAoA a lot, you might want to transfer most of the limit, but leave the Amtrak card open to keep your AAoA up. How old is your Amtrak card compared to other accounts?

FinStar · ‎11-10-2014

@Anonymous wrote:
@cottoncrown wrote:
I have a chase Amtrak card with a 6k limit that I never use. I was just approved for CSP at 5k. Should I close the Amtrak and combine limits? My plan is to downgrade CSP to sapphire next year if I don't want the annual fee. Is there any benefit to keep the Amtrak open?
That depends on your other accounts. If it is helping your AAoA a lot, you might want to transfer most of the limit, but leave the Amtrak card open to keep your AAoA up???. How old is your Amtrak card compared to other accounts?

OP, your AAoA would have no impact, really. You are essentially reallocating the CL to CSP, so no loss from an available credit standpoint. If you close Amtrak, it will remain on your CRs for up to 10 years.

Anonymous · ‎11-10-2014

@FinStar wrote:
@Anonymous wrote:
@cottoncrown wrote:
I have a chase Amtrak card with a 6k limit that I never use. I was just approved for CSP at 5k. Should I close the Amtrak and combine limits? My plan is to downgrade CSP to sapphire next year if I don't want the annual fee. Is there any benefit to keep the Amtrak open?
That depends on your other accounts. If it is helping your AAoA a lot, you might want to transfer most of the limit, but leave the Amtrak card open to keep your AAoA up???. How old is your Amtrak card compared to other accounts?
OP, your AAoA would have no impact, really. You are essentially reallocating the CL to CSP, so no loss from an available credit standpoint. If you close Amtrak, it will remain on your CRs for up to 10 years.

Oops, forgot about that. Listen to the expert. Sounds like no loss to close it, then.

cottoncrown · ‎11-10-2014

Is Chase pretty good about downgrading to the no annual fee version or could I be stuck with an annual fee card in one years time? What would be my options at that point?

Anonymous · ‎11-10-2014

@cottoncrown wrote:
Is Chase pretty good about downgrading to the no annual fee version or could I be stuck with an annual fee card in one years time? What would be my options at that point?

No, Chase should definitely let you downgrade. They want to keep you as a customer so they don't try to keep you on an AF card you say you want out of.

FinStar · ‎11-10-2014

@Anonymous wrote:
@cottoncrown wrote:
Is Chase pretty good about downgrading to the no annual fee version or could I be stuck with an annual fee card in one years time? What would be my options at that point?
No, Chase should definitely let you downgrade. They want to keep you as a customer so they don't try to keep you on an AF card you say you want out of.

Correct. When your AF renewal comes up, just contact them to downgrade from CSP to CS.