Close Quicksilver for Double Cash?

[Reincarnated]

Hey all.

I am currently a Quicksilver holder with no annual fee, and get 1.5% cash back on every purchase. This card has a $5,000 limit.

However, I was approved for a Citi Double Cash today which is essentially 2% back on all purchases, but the card has a $1,000 limit.

Should I close out my Quicksilver and make the Double Cash my primary card? I really hate having to make purchases on cards I don't use just to keep them active and alive. I already have issues making purchases on all cards just to make sure there is usage.

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?

Thanks in advanced for any input!

[Skye12329]

Keep the card for util purposes. I would just SD it if you arent going to use it anymore.

[SunriseEarth]

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@Reincarnated wrote:

Hey all.

I am currently a Quicksilver holder with no annual fee, and get 1.5% cash back on every purchase. This card has a $5,000 limit.

However, I was approved for a Citi Double Cash today which is essentially 2% back on all purchases, but the card has a $1,000 limit.

Should I close out my Quicksilver and make the Double Cash my primary card? I really hate having to make purchases on cards I don't use just to keep them active and alive. I already have issues making purchases on all cards just to make sure there is usage.

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?

Thanks in advanced for any input!

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After my QS1 had a CLI from $1000 to $4000 (and my Double Cash was only approved for $1200), I've elected to keep my QS1 and keep working with Cap One.   There are two big advantages to the QS and QS1 over Double Cash.   First, rewards redemption is easy and can be done at anytime for QS.   With Double Cash, you have to wait until you hit the $25 mark.   Second, Cap One has no FTF on any of their cards.   So if you plan on traveling internationally and need to use a CC, the Cap One will save you over using Double Cash.  

I've elected to move my recurring charges onto QS1, so that I don't tie up the dinky Double Cash CL.   Perhaps you should just find a small recurring charge to throw on your QS and then use Double Cash as your daily driver.  

[sexy_kitten7]

Keeping cards active is really not that hard (unless they're store cards).

Buy 1 item per year. That's it! I do iTunes songs.

I'd recommend holding onto it. Especially since it's your only CapOne acct.

[NobodyImportant]

Hold on to it. With the swipe fees the banks get, 1.5% cashback is likely profitable but close to the limit, while 2% cashback is likely not profitable. Historically every 2%/no-AF card has been reduced or gone away completely after a bit. When (not if) this happens to the Double Cash, it'll probably be closed to new customers first and then eventually existing cards will be reduced or converted to a worse card. At that point, the Quicksilver will have a place in your wallet.

With the Double Cash's structure of 1% upon payment, it sounds like Citi is hoping interest charges from customers who do not PIF will make the card profitable. This was probably the assumption Schwab/BoA and Barclays had with the Schwab Visa and Priceline Visa respectively, but that didn't work out, and now the Schwab Visa doesn't exist and the Priceline Visa is 1%.

[mongstradamus]

I would keep qs, I think double cash is an side grade at best. Qs still has no ftf and instant cash back

[thelethargicage]

Despite the lower rewards rate, QS has so many advantages over DC (no redemption minimum, rewards post right away, no FTF), it would be smart to keep it open. Besides, we don't how soon DC will get nerfed (and most likely it will...as Ian Malcolm would say, "Citi will find a way")

[sexy_kitten7]

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@thelethargicage wrote:
Despite the lower rewards rate, QS has so many advantages over DC (no redemption minimum, rewards post right away, no FTF), it would be smart to keep it open. Besides, we don't how soon DC will get nerfed (and most likely it will...as Ian Malcolm would say, "Citi will find a way")

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I find all this talk of "nerfing" to be overly cautious.

As others have said, Fidelity is still going strong, as is the "newer" Cash+, Freedom, and BBR. In fact, I see ads for the BBR all over the internet!

The customers who are smart enough to game the system are probably few and far between.

I do agree with you that Citi might change the terms to benefit the bank, but I doubt the 2% will turn into 1.5 or 1 anytime soon!

[longtimelurker]

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@sexy_kitten7 wrote:

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@thelethargicage wrote:
Despite the lower rewards rate, QS has so many advantages over DC (no redemption minimum, rewards post right away, no FTF), it would be smart to keep it open. Besides, we don't how soon DC will get nerfed (and most likely it will...as Ian Malcolm would say, "Citi will find a way")

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I find all this talk of "nerfing" to be overly cautious.

As others have said, Fidelity is still going strong, as is the "newer" Cash+, Freedom, and BBR. In fact, I see ads for the BBR all over the internet!

The customers who are smart enough to game the system are probably few and far between.

I do agree with you that Citi might change the terms to benefit the bank, but I doubt the 2% will turn into 1.5 or 1 anytime soon!

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Amex has (often) higher swipe fees, so it's harder to compare (and the Fidelity Visa has 2% kicking in only after $15K).   Not sure how the other cards relate, Cash + has a 2% category that is uncapped, but isn't 2% everywhere.  Freedom isn't 2% anywhere and BBR is just completely different.

But I am also not quite sure about nerfing, you can probably do 2% Visa if costs are under control, or rely on interest income.  (Not sure if the giving of the $200 offer to those that ask is a good sign of cost control though)

[Skye12329]

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.