Close Quicksilver for Double Cash?

[tavalon]

Do we have an abbreviations FAQ somewhere. I've been able to figure out most of them but SD got me. What does that mean?

[Skye12329]

Sock Drawer - so basically the cards you no longer use

[tavalon]

Thank you. I have a cute box with my son's picture on it. I call it putting them in the garden box. Sock drawer never occured to me. LOL

[Skye12329]

I like that idea yeah mine are in the safe never to be touched again, unless absolutely needing to.

[longtimelurker]

---

@Skye12329 wrote:
I think i will chime in on my thought about the DC getting nerfed Personally i dont know if it will mainly because you get the 1% when swiping like everyone else. Then the 1% when paying. I feel like they like every lender might be banking on interest rates. Like obviously they wouldnt make any money from someone who PIF all the time but the others who dont PIF wel they would be losing money So i wonder if they might not nerf only due to that. Because i wondered about how lenders are willing to give out 1 - 5% on Visa when the fee for visa is 1.5% i believe? At least thats what my work says was: 1.5% for Visa and MC, 2.5% Disc. 3% Amex, but who knows for sure thats just what i heard from my workplace from a manager.

---

Fees vary depending on various factors, corresponding to volume, size of transactions, return rate, online/offline etc, and whatever the merchant can negotiate.   But the "swipe fee" doesn't all go to the issuer, many other parties also get paid, whereas AFIAK, the issuer is the one paying the cashback.

But time will tell.   There were early correct predictions of Flyertalk that the Cash + would get nerfed, because 5% cashback uncapped is not easily sustainable.  In contrast, things like AA miles can be bought by the CCC at great discounts, and if the CCC uses points, you can always change the redemption rates (e.g. Penfed).  With real cashback, nowhere to run!   But 2% everywhere may be ok.

[Blodreina]

---

@tavalon wrote:

Thank you. I have a cute box with my son's picture on it. I call it putting them in the garden box. Sock drawer never occured to me. LOL

---

I like garden box better!  

[Anonymous]

2% Cash back on Double Cash is profitable for CITI.Reason

1. The interchange is more than 2% check MasterCard World Elite 

2. Most of Citi's Customer Base esp Double Cash are eligible for this

[taxi818]

Yes. I agree. Keep the quicksilver. Although the cash back higher on double cash. The value of quicksilver is outstanding. As mentioned above. As for profits in the swipe fees. I have y business. Be I can tell you for sure. My fees are 1.64% for MasterCard and visa.  So how they pay 2% cash back is a mystery in itself. Obvious loss. Even cap 1 is on earning .14% profit. But I guess it's better than nothing. Very strange about  nerfing. Not sure of that. Surely they hope you carry a balance. 

[longtimelurker]

---

@taxi818 wrote:

Yes. I agree. Keep the quicksilver. Although the cash back higher on double cash. The value of quicksilver is outstanding. As mentioned above. As for profits in the swipe fees. I have y business. Be I can tell you for sure. My fees are 1.64% for MasterCard and visa.  So how they pay 2% cash back is a mystery in itself. Obvious loss. Even cap 1 is on earning .14% profit. But I guess it's better than nothing. Very strange about  nerfing. Not sure of that. Surely they hope you carry a balance. 

---

Not even 0.14% on QS as the fee has to be split among several groups, such as the processor and others, so cap one gets less than 1.64%

[takeshi74]

---

@Reincarnated wrote:

Would it be better to keep the Quicksilver with the 5K CL or would it be better for my credit profile to just close the account all together?

---

See this thread.  It is linked in the Helpful Threads sticky.

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true

Better is always subjective regardless of topic.  Keep in mind that many myFICO users tend to rely on the "keep it open if no AF" mantra but you need to determine which option would be better specifically for you.  Run the numbers and factor in your own preferences and priorities.

---

@tavalon wrote:

Do we have an abbreviations FAQ somewhere. I've been able to figure out most of them but SD got me. What does that mean?

---

Also linked in the Helpful Threads sticky.  Don't overlook these resources.

http://ficoforums.myfico.com/fico/board/message?board.id=Welcome&thread.id=23