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Just curious, do you mind if I inquire as to the interest rates of the cards you will be closing? Are they generally higher/lower, than the cards you will be keeping?
@Anonymous wrote:
I've been mulling over the Disney Chase card. What did you not like about it? Was it the prefered one with the AF?
The Disney card has some perks, but for regular spending, it's not that special. If you are a diehard Disney fan it can be a good supplementary card but for primary use there are better cards out there.
Only difference between the no AF and AF versions are that the AF version has 2% on dining/groceries/gas/Disney, whereas the no AF is a flat 1%. But this is paid out in Disney dollars that you must go back and spend at Disney. If you're a major fan it's not a problem, but more restrictive than cash back.
I'm an AU on a no AF one and I barely use it, just for the occasional perk or discount. Like tj said the designs are nice but Chase really should step up the perks on this card, especially if someone's paying an AF.
Took some thinking I am sure to let loose of cards. For me it is like remorse? Why? Joined in and have closed six cards worth $48,600. In 2009 I closed nine cards. Finally have the number of cards down to a more manageable amount. Kept the cards that max rewards and fit my spending pattern. Oh, I should add my FICO Score (TU 08 - 300 to 850) dropped from 848 to 824. Really need to plan so it does not affect utilization or the score will drop further and nothing that hasn't been pointed out on this website. Felt it was time to cull the heard and take the score hits as they will heal and increase.
@Anonymous wrote:
@galahad. Disney interest rate is 16.24 I believe which is par for co-branded cards, the others are pretty high. I generally only carry balances on certain cards and I usually PIF so I don't care about interest rates. I've only ever asked for a reduction once and even that was a stupid idea, I rarely ever pay interest. The other cards that I'm keeping do have better interest rates but that's just because my overall profile was better at the time of apping. I'm just at the point where in trying to put all my spend over the same couple of cards to yield better results for rewards. I'm over trying to put little charges on them to keep them open or have to remember to do it. Too much work.
Pretty much this, if you have to force yourself to use an account to keep it open, it's usually not worth keeping unless there is some super compelling reason (maybe it's a 30 year old account and your only other account is a month old or something). Beyond these extremes, no reason to delay the inevitable. If a card isn't useful it's probably not going to suddenly become useful.