@peacocks27 wrote:yeah, but I think everyone paid so much attention to the fact I mentioned first premier that they forgot about the purpose of this thread. I still haven't had my question answered much lol.
"You will need to wait until all of your cards are paid off and your credit reports have updated."
Then send the EO an email.
I think you made the right decision on canceling a card with such high fees.
But, you mentioned that the Cash Rewards card has a bad rewards percentage. I don't know where you get that opinion. 1.5% on all purchases is second only to the Fidelity Amex and Priceline Visa at 2% for all purchases. It is not the 5% rotating categories of Discover or Chase Freedom, but the rewards categories on those cards likely make up less than 30% of an individual's credit card purchases in any given month, so supplementing those cards with a 1.5% cash back card like the Cash Rewards ends up being worthwhile in my opinion. Especially if you received the $0 AF version.
Anyway, wait for your credit report to update before you move ahead with anything. And feel free to read the dozens of threads on your question. None of us know what happens at the EO, we only know which questions they ask and the results. If we all knew the exact process it wouldn't be as fun
But, you mentioned that the Cash Rewards card has a bad rewards percentage. I don't know where you get that opinion. 1.5% on all purchases is second only to the Fidelity Amex and Priceline Visa at 2% for all purchases. It is not the 5% rotating categories of Discover or Chase Freedom, but the rewards categories on those cards likely make up less than 30% of an individual's credit card purchases in any given month, so supplementing those cards with a 1.5% cash back card like the Cash Rewards ends up being worthwhile in my opinion. Especially if you received the $0 AF version.
Anyway, wait for your credit report to update before you move ahead with anything. And feel free to read the dozens of threads on your question. None of us know what happens at the EO, we only know which questions they ask and the results. If we all knew the exact process it wouldn't be as fun
1% cash back is pretty standard. There just aren't bonus categories but you get 50% of the cash you earned in a year back.
I charge between $1500-$2000 on my Cap1 Cash Rewards card every month, and I have earned $140 cash back since July. I also have a Chase Freedom which I try to match the charges with the bonus categories.
I charge between $1500-$2000 on my Cap1 Cash Rewards card every month, and I have earned $140 cash back since July. I also have a Chase Freedom which I try to match the charges with the bonus categories.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! 
Last App: 4/5/13 Gardening until July 2014