Is Closing Cap1 QS1 a good idea in this case?

[zoe15]

My DH's oldest credit card is his Cap1 QS1. It's 6 years old with a $2000 CL. He has two other credit cards: a 3.5 year old USAA CC w/ a $7000 CL & a brand new PenFed CC w/ a $9500 CL.

Last week, he applied for a CLI on his Cap1 QS1, but was turned down due to "not enough use of current credit limit" (he doesn't spend much on this card to keep his utilization low). Today, he chatted with Cap1 and asked if he could PC his QS1, but they said he wasn't eligible to at this time. They also didn't offer to waive the annual fee ($19 per year), which will go through next month, but instead said to contact them again after the fee goes through to see if there are new "options" for his account.

At this point, the only reason DH is keeping this card is because it's his oldest credit card. Is it worth the annual fee and low CL to keep his oldest card?

[simplynoir]

Has he by any chance used the upgrade link to see if he can PC his card that way?

http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-check-for-upgrade-link/m-p/4934733

[K-in-Boston]

2 quick questions...

Have you tried MyLoFICO's link for the CapOne PC?  Seems to work for a lot of people when the CSRs don't have anything to offer. http://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-check-for-upgrade-link/td-p/4934733

 Do you have any cards older than 6 years that you could add your DH on as an authorized user to take away the sting in a decade when that card falls off his reports?

ETA: Rats! I got slowed down posting looking for that link! LOL

[MrDisco99]

If they won't let him get out from under the fee, then he's perfectly justified in ending the relationship.

It'll stay on his report for another 10 years as a closed account, so don't worry about age.

Having said that, if it were me, $19 may not be a hill worth dying on.  I might just pay the fee and see what my options are after.  If I can PC it to something better afterwards I might come out ahead.  If the CSR punked me, I'm only out $19.  Tough call, really.

[simplynoir]

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@K-in-Boston wrote:

ETA: Rats! I got slowed down posting looking for that link! LOL

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Hahaha I was doing the same thing. Post was actually buried so had to do a quick search.

[zoe15]

Thanks, guys! I had never seen that link before!

As of now, the only "upgrade" listed when he tries the link is the card he already has, a QS1 w/ the same CL, APR, and annual fee. However, the annual fee isn't really that high, so perhaps he should just keep trying the link periodically to see if he's eligible to upgrade. He's an AU on my old-ish PenFed card, but they don't report this to the CRAs. So it might be a good idea for him to keep his QS1 open and keep checking for upgrades.

Thanks again!

[UncleB]

Just a data point, back when my QS MasterCard was still a QS1 the AF had to post to the statement before they were willing/able to do a waiver. 

A couple of times I called early (trying to be proactive) and both times they explained they could only waive it after it showed up. 

This is all assuming you decide to keep it, of course. 

[zoe15]

That's good to know--thanks for this info!

[HeavenOhio]

I'd pay the fee (or try to get it waived), this year. If the next year brings no luck, I'd be inclined to close the card or combine it into another Capital One card.

Usage is the key to CLIs with Capital One. You can use the card a lot if you make mid-cycle payments. Before the statement cuts, make a payment to bring the balance down to your desired amount, and that will be your utilization for the month.

Usage may also be a key to getting product change offers. Capital One really won't say anything, but it doesn't hurt to give it a shot. In general, it's hard to PC a QS1 into a no-fee card, but it's been done.

I've been using my two ancient low-limit QS1s each and every month. I'm willing to give CapOne one more annual fee on each, and I'll keep calling to see if I have offers. I'll also request CLIs on those cards whenever I'm eligible to do that.

[Anonymous]

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@zoe15 wrote:

My DH's oldest credit card is his Cap1 QS1. It's 6 years old with a $2000 CL. He has two other credit cards: a 3.5 year old USAA CC w/ a $7000 CL & a brand new PenFed CC w/ a $9500 CL.

Last week, he applied for a CLI on his Cap1 QS1, but was turned down due to "not enough use of current credit limit" (he doesn't spend much on this card to keep his utilization low). Today, he chatted with Cap1 and asked if he could PC his QS1, but they said he wasn't eligible to at this time. They also didn't offer to waive the annual fee ($19 per year), which will go through next month, but instead said to contact them again after the fee goes through to see if there are new "options" for his account.

At this point, the only reason DH is keeping this card is because it's his oldest credit card. Is it worth the annual fee and low CL to keep his oldest card?

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If I were you, I would not close.  I had Amex card in 80s, cloased decades ago during my personal problems - not many here remembers Black Monday I guess..  I found it in my old wallet recently and all my old memories passed including how I used it when I dated my wife.  Those memories will be worth more than 19 bucks a year.

Fast forward, I started back getting credit cards again about a year ago.  Got QS1 as my first card, called them twice during the first 6 mths, no offers.

When I made third time call, they offered me QS or Venture 1.  I could not deciper their logic, because QS pc was offered during the period when I did not utilize much as compared to other months.   At the time of pc, there was no offer through the web link, but it was offered when I called.   Exactly a year later, I have 22000 SL with Cap1..  Cap1 has been good to me.