Not sure how to proceed on this, so thought I'd ask the collective wisdom here.
I have two cap1 cards that are available to combine limits, a cap1 Platinum card with a 3K limit and a QS1 card with a 2500 limit.
I was thinking about moving the Platinum card to the QS1 for a new limit od 5.5K, this card has a 19.99%apr. and a 59 af. If I go the other way, QS1 to Platinum will have a 5.5 limit with 11.9% arp and a $5 montlky fee,
I plan on eventually moving these cards to my 20K 11.9% venture IF the card becomes eligible, it isn't showing up as an eligible card now but I have only had it for 4 months.
My goal is to close both of these cards out as they have been SD for a few months.
Best way to proceed? QS1 to Plat or Plat to QS1 or nothing at all?
Thanks!
Same situation here. Have a secured @$500, Cap 1 visa @$2,750 and QS1 @$4,500. Was thinking of combining the Visa to QS1 and close the secured. Later on, I would apply for Venture Card.
Starting Score:Equifax 543
This is my view, If I close the QS1 with the fee, and then when and if my other cap 1 card becomes elgible I will close the Platinum and move the limit to them.
I think this is the say to go, I rather ahve the low apr, even though I use it very little.
Any other thoughts?
doc, it is my understanding that you can not combine secured cards
yes, I'm am aware of this. I may close it so that I can apply for the Venture. I think Cap 1 only allows a user to have 3 cards but I am not fully sure on that.
doc, I believe Cap One will let you have up to 5 cards
My suggestion, the first thing you should do is to call in or chat and ask to have the AF on your QS1 removed. If you have a $20k Venture they will probably be happy do that for you. Then, you could merge your two cards into the QS1 and keep it long term with no AF.
It depends on what you value you most? The Venture is great but it has a high APR and also comes with an AF. So unless you plan on PC to a VentureOne later then I would transfer all the cards to a QS.
I had a platinum that came from an old orchard account. I have since been able to PC to QS1-AF was waived and recently to a QS- now AF is permentely gone. I plan on combining my venture and venture1 to the QS because it now has an APR 11.99- though I don't carry a balance and PIF before my statement even cuts. It's one of my oldest cards and I just don't want to close it for AAOA purposes... plus I love the Cash back.
If the miles is the more attractive option for you and you can justify the AF once you combine to the Venture, then I would determine when the AF is due on the Plat if it's due after your eligible to combine the venture then go for it because you'll save $20 in monthly fees. If the AF is due sooner then the eligible combination date go for the monthly fee because be $20 in four months and you'll save the $39. Aside from the Fees consider if you carry a balance or not. If I did carry balances regularly on the cards then I would choose the Plat due to the APR since the fees would only equal $60 annually- $1 more then the QS1 with a much higher APR.
