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

Re: Should I cancel my Visa Black Card?

No doubt the Amex wins in the prestige department. Since you seem to pay in full every month the fact that its a charge proabably doesnt bother you either. I guess thats the main difference for me. Even if I didnt plan on carrying a balance, its nice to know that I can should the need arise.  Another plus to the Black is that its going to be accepted at more places than Amex.

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Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Should I cancel my Visa Black Card?


Razeus wrote:

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.


Great advice, especially from a AMEX bigot (LOL).

 

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Should I cancel my Visa Black Card?

I definately think you should keep the card! Don't worry about other peoples opinions. If its working for you just keep using it. you might also look at picking up an amex revolver such as Hilton or delta etc. Amex has very generous CLI policies and will likely be a good backup if you ever need one.

Starting Score: 08/29/2011 TU 671 EQ 674
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Established Contributor
Posts: 731
Registered: ‎02-15-2012
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Re: Should I cancel my Visa Black Card?

The Amex Platinum is a better card than the Visa Black.  It comes with more benefits and a better rewards program for a slightly lower annual fee.  Amex charge cards can also have very high internal limits, so I wouldn't worry about losing spending power.  You should probably consider switching.  There can be some acceptance issues with Amex, but you could always just carry a backup Visa for those rare instances.

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

Re: Should I cancel my Visa Black Card?

[ Edited ]

@koop10010, I thought about saying the same thing but the OP never mentioned having an issue with the current reward or benefits offering with his Black card.  I guess it really comes down to if the OP thinks the Amex is worth having another INQ and hit to AAOA , for a few more benfits or points that he may or may not take advantage of anyways.

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Established Contributor
Posts: 731
Registered: ‎02-15-2012
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Re: Should I cancel my Visa Black Card?


DVH1980 wrote:

@koop10010, I thought about saying the same thing but the OP never mentioned having an issue with the current reward or benefits offering with his Black card.  I guess it really comes down to if the OP thinks the Amex is worth having another INQ and hit to AAOA , for a few more benfits or points that he may or may not take advantage of anyways.


It's true that he'd have to take another inquiry and a AAoA hit, so he may not want to switch right away, I don't know.  But, he is a heavy spender and he could be accumulating a lot of MR points that can be worth a lot more than the 1% cashback he's getting with the Black Card.  Personally, I would go ahead and make the switch unless the OP is planning a loan application in the near future.  I just want to let the OP know that there is a better card available for less money.  If he doesn't want to take the, probably pretty small, FICO hit to switch, that's fine.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
0

Re: Should I cancel my Visa Black Card?

I'd go ahead and open the Amex Platinum, maybe they can waive the AF for the first year. I think that Amex would match your Visa Black, as far as the Amex 'hard limit' is concerned... If you end up liking Amex better, then you could cancel the Black.

Why not have both if possible though?! Lol :-)
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Established Contributor
Posts: 910
Registered: ‎12-25-2010
0

Re: Should I cancel my Visa Black Card?

Unless he's planning on a major purchase in the near future, he might not might getting another inq. Dont let others opinions affect you. No one knows how hard you worked or what it took to get to your station in life.  Even if you did nothing, ignore someone who is willing to formutheirs negative opinion of you based on the credit card you pay with. By the way, I'm no snob, I feel this applies to someone paying with a Credit One card as well.


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Frequent Contributor
Posts: 251
Registered: ‎08-19-2012
0

Re: Should I cancel my Visa Black Card?

If the AF doesn't bother you, and you like it, then what is the ? Smiley Wink

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

Re: Should I cancel my Visa Black Card?

[ Edited ]

You all have provided plenty of good information to keep in mind. I agree with all of you. I plan to take another car loan by the end of the year so I think I will just stay clear of any inquiries for the rest of 2012 other than my car loan. 

 

Now that I know this forums exists I will definitely research here before making any future financial decisions.

 

Considering I now have the Visa Black, Chase, 53 Bank, BOA, Capital One, Discover and Macy's CC I think I will just steer free of any other cards for some time. Among all the cards I have roughly 38k credit limit, which I always stay under 30% utilization. 

 

Would it even be smart for me to open of any more CC's in the mere future? I already have 6 CC and one Department store card, which I feel is plenty. Not sure if their is a golden # to have.

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