Close Premier Reward Gold or No

[CostantinoA]

I had to pay for a funeral and some business expenses that happened 3 months ago. My balances will be 0 by the end of September.

I use to eat out everyday and never cooked. Now, I am buying food weekly from Whole Foods Market

[go_FICO_self]

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@CostantinoA wrote:
I had to pay for a funeral and some business expenses that happened 3 months ago. My balances will be 0 by the end of September.

I use to eat out everyday and never cooked. Now, I am buying food weekly from Whole Foods Market

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Lose the card. Not even whole foods prices are that high to justify the AF.

[K-in-Boston]

Don't be so quick to judge others.  Regardless of one's debt, if rewards outweigh an annual fee then it makes sense.

FWIW I still have about $100k in revolving debt.  I also have very high fixed expenditures and a high income compared to most - would it be better for me to switch to using a debit card and give up many thousands in cash back and travel rewards?  No.  I've been responsibly paying my entire life and there's no reason that would change.

[Anonymous]

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@K-in-Boston wrote:

Don't be so quick to judge others.  Regardless of one's debt, if rewards outweigh an annual fee then it makes sense.

FWIW I still have about $100k in revolving debt.  I also have very high fixed expenditures and a high income compared to most - would it be better for me to switch to using a debit card and give up many thousands in cash back and travel rewards?  No.  I've been responsibly paying my entire life and there's no reason that would change.

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Yes it would be better for you to switch to a debit card and work on paying down your balances and forget about rewards. 

[wasCB14]

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@CostantinoA wrote:
I had to pay for a funeral and some business expenses that happened 3 months ago. My balances will be 0 by the end of September.

I use to eat out everyday and never cooked. Now, I am buying food weekly from Whole Foods Market

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My condolences for your loss. Cooking should save money, and some of the stuff at WF is competitively priced.

What are the balances and APRs of the four installment loans? When do you expect to have those paid?

[K-in-Boston]

I'll assume that was sarcasm?  If not... as it is I should be revolving debt free in about 4 years or so.  If I were to use a debit card that would extend it to probably 8 or 9 years since I wouldn't be receiving cash back or statement credits on purchases I'm making anyway, and I would be paying out-of-pocket for travel rather than letting the credit card companies pick up the tab.  That could potentially cost me an extra $100k or more over time!  I'll stand by the common sense statement that as long as the net return is better on an annual fee card, it makes sense to use it.  It's not like we're talking about MS or shopping sprees to get those rewards.  Again, with the PRG unless there's a large amount of spend on the bonus categories and MRs are the preferred rewards earning, it likely doesn't make sense to keep the PRG.

[CostantinoA]

Thank you... I could pay them all off as well but I have them to establish thick file. They are around 5% interest.

[Anonymous]

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@K-in-Boston wrote:

I'll assume that was sarcasm?  If not... as it is I should be revolving debt free in about 4 years or so.  If I were to use a debit card that would extend it to probably 8 or 9 years since I wouldn't be receiving cash back or statement credits on purchases I'm making anyway, and I would be paying out-of-pocket for travel rather than letting the credit card companies pick up the tab.  That could potentially cost me an extra $100k or more over time!  I'll stand by the common sense statement that as long as the net return is better on an annual fee card, it makes sense to use it.  It's not like we're talking about MS or shopping sprees to get those rewards.  Again, with the PRG unless there's a large amount of spend on the bonus categories and MRs are the preferred rewards earning, it likely doesn't make sense to keep the PRG.

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It is not sarcasm.  I wouldn't bring this up but you said would a debit card be better for you and the answer is yes it would. If you are paying interest on 100k of credit card debt that is going to cost you a lot more money in the long run than not paying for your own vacations.  Vacations are optional so you are not saving anything by them paying for your vacations.  If you cut up your credit cards and used a debit card you would be forced to bring down your debt.  

[Anonymous]

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@CostantinoA wrote:
Thank you... I could pay them all off as well but I have them to establish thick file. They are around 5% interest.

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You don't need to carry a balance to establish a thick file.  I have 28 accounts and only have 900 dollars total  debt on one 0 percent card.   If you just let one card report and pay in full as soon as it posts that will do you just as well as carrying a balance. 

[wasCB14]

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@CostantinoA wrote:
Thank you... I could pay them all off as well but I have them to establish thick file. They are around 5% interest.

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I'm not a fan of auto loans in general...but since you have two already...I would have thought that would provide enough credit diversity?