Reply
New Member
urbancustoms
Posts: 10
Registered: ‎09-02-2012
0

Should I cancel my Visa Black Card?

[ Edited ]

I just joined these forums and am looking for some educational opinions. My average limit among my credit cards is 5000 and Visa black had given me 15,000. I signed up for it because I needed the higher spending power. In the 5 months I've had it i have used around 40,000 and always pay off in full, have never carried a balance. I did not  take it for the prestige. I took it because they said I would have a higher limit.

 

After reading on these forums I have realized it's frowned upon tremendously. That is why I decided to post to see if I should just cancel it or keep it for a little more time than cancel? My scores right now average 750. 

 

If i would have known this card was so bad I wouldnt have bothered opening it and taking the hit. I do not mind the $400-$500 AF. Would American Express Platinum be a better choice? or somthing else possibly. 

 

My biggest concern is if I cancel my Visa Black card my score might take a dump.

 

Thanks for any input.

Contributor
DVH1980
Posts: 255
Registered: ‎08-24-2011
0

Re: Should I cancel my Visa Black Card?

[ Edited ]

Your score wont drop because you cancel it. If anything, your score dropped when you applied for it by taking the hit from the INQ and the reduction of time to your AAOA, getting another card will only compound this. I see no reason to let it go if you are ok with the AF. Its a nice limit and it doesnt seem like you are missing out on anything. Why exactly do you think its a terrible card to have? 

*USAA WORLD MC 12k* *USAA VISA 12k* *AMEX BCE 6k* *DISCOVER IT 11.5k* *AMEX ZYNC* *B of A SIGNATURE CASH 15k* *NAVY FEDERAL PLATINUM 20k* *CITI DOUBLE CASH 15k* *Veridian CU 14k* *Barclays Apple 12.5k*

New Member
urbancustoms
Posts: 10
Registered: ‎09-02-2012
0

Re: Should I cancel my Visa Black Card?

I thought I made a mistake by getting it because after I did some research into the card I have read more negative aspects than positive. It seems everybody on these forums as well as general google research turns up to show this card is a "show off card" and the AF is useless etc. 

 

In terms of the card the only reason I did not mind it is because my limit.

 

My other cards limits:

Chase Platinum 2,700

Capital One 4,750

Fifth Third 3,900

Discover 2,900

BOA 4,400

 

Since Visa Black gave me 14,900 I realized this is a lot more realistic spending power so kept. As far as other features beyond that not sure if I can say it is good or bad. They provided me with a lounge club membership where I can use VIP lounges in airports and send me random small "luxury gifts". So far I have received a very nice Cross writing utensil with my name engraved in it. The card came in a nice box also.

 

Just trying to figure out if this is a good card to have or if I should go with AMEX Platinum etc?

 

Thanks again for your insight

Frequent Contributor
Razeus
Posts: 395
Registered: ‎04-02-2012
0

Re: Should I cancel my Visa Black Card?

I'd keep it. Don't worry about what the forums think.  If the card works well for you and you don't mind the AF, so be it.  It's your wallet, and not ours.

My Wallet:
Discover It $14,300 | Chase Sapphire Preferred $7,500 | Chase Freedom $5,000 | Citi Simplicity $5,000 | AMEX BCE $3,000 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
Contributor
DVH1980
Posts: 255
Registered: ‎08-24-2011
0

Re: Should I cancel my Visa Black Card?

[ Edited ]

Im willing to bet that 99% or people who actually see the card wont know what it is and wont affect their image of you one way or the other. The other 1% who actually recognize a Visa Black card are probably credit hounds like us and would more oftern than not respect that fact that you have one. 

 

If you're only concern for dropping it is the perceived image I would keep it. Its your highest CL, by a lot, and its a pretty nice card. I personally would be turned off by the AF but thats just me. Im sure if I was in a financial position to have a Black card the AF would not matter as much.

 

You should weigh the real benefits of the card vs other cards in its class if you're concerned with how it measures up, not by public perception.

*USAA WORLD MC 12k* *USAA VISA 12k* *AMEX BCE 6k* *DISCOVER IT 11.5k* *AMEX ZYNC* *B of A SIGNATURE CASH 15k* *NAVY FEDERAL PLATINUM 20k* *CITI DOUBLE CASH 15k* *Veridian CU 14k* *Barclays Apple 12.5k*

New Member
urbancustoms
Posts: 10
Registered: ‎09-02-2012
0

Re: Should I cancel my Visa Black Card?

Wondeful and meaningful replies. I appreciate the honesty. You are right. It is a financial tool for me and the credit limit helps me a lot. Especially because I never want to go over the 40-50% mark of utilization. I guess I was too worries if I would be perceived the wrong way but that seems to be something I shouldn't even consider.

Contributor
DVH1980
Posts: 255
Registered: ‎08-24-2011
0

Re: Should I cancel my Visa Black Card?

[ Edited ]

People who would speak negatively of it probably cant get one. Id be lying if I said there werent cards I want just to show off :smileyhappy:

*USAA WORLD MC 12k* *USAA VISA 12k* *AMEX BCE 6k* *DISCOVER IT 11.5k* *AMEX ZYNC* *B of A SIGNATURE CASH 15k* *NAVY FEDERAL PLATINUM 20k* *CITI DOUBLE CASH 15k* *Veridian CU 14k* *Barclays Apple 12.5k*

Frequent Contributor
Razeus
Posts: 395
Registered: ‎04-02-2012
0

Re: Should I cancel my Visa Black Card?


DVH1980 wrote:

People who would speak negatively of it probably cant get one. Id be lying if I said there werent cards I want just to show off :smileyhappy:


If I can get my hands on an AMEX Platinum....

My Wallet:
Discover It $14,300 | Chase Sapphire Preferred $7,500 | Chase Freedom $5,000 | Citi Simplicity $5,000 | AMEX BCE $3,000 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
Senior Contributor
jsucool76
Posts: 4,017
Registered: ‎12-11-2011
0

Re: Should I cancel my Visa Black Card?

I feel like the visa black card was more looked down upon before the CARD act, when some people were getting hit with the 495 AF and only getting 500-1000$ limits.
;
New Member
urbancustoms
Posts: 10
Registered: ‎09-02-2012
0

Re: Should I cancel my Visa Black Card?

It seems very in line with AMEX Platinum. I initially was debating to apply for either Visa Black or AMEX Platinum. When i looked at the two they seemed very similar, except AMEX gave you 25,000 bonus points for spending 2k (but those points could only be redeemed on airfare. 

 

I pretty much ended up picking the Visa Black just because I thought the concept of carbon fiber was neat, however when I got it, it just felt like cheap plastic. I am still not discouraged because I like the limit considering my starting limit was tripple any limit I have now.  I also never have to wait for an operator when I call.

 

I'm sure over all the Amex Platinum is still slightly a better card, especially since American Express has been around much longer and do carry the infamous Centurion Card.

 

 


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}