Should I close my Freedom card?

[nj23]

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@Josh2942 wrote:

So Chase has showed me much love. Got my freedom in march at 500 and two weeks ago got an instant approval for the Hyatt and CSP. Not to mention a 4500 CLI on the freedom and upgrade to visa signature. I am not much a fan of the rotating 5%. Since my upgrade from my gas guzzling 2003 Infiniti G35 at 300 milles to the tank to my 2014 Mazda 3 that gets 500 miles to the tank at 35 dollars from 75; gas rewards no longer interest me. I also use my Lowes card and department store cards that are not in my sig for my purchases. So theres nothing in the rotating categories that interest me. At least not that I would spend a significant amount on. I finally started using the UR mall with my CSP and the point boosting is amazing. Should I just transfer the limit to my CSP? Another 10k limit would be great. Or do I wait 6 months and get a CLI on my sappgire than close it out? I just want to make my CSP my main card and having a large limt on it would be great. I dont use my Arrival card because I hate Barclay redemption system. I also dont want to mess up the luv from Chase.

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I'm pretty sure one of the golden rules of playing the credit game is to never close revolving accounts that don't cost you money.  

Sure it stays on for 10 years, but why not 15,20,30 years?

[longtimelurker]

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@nj23 wrote:

I'm pretty sure one of the golden rules of playing the credit game is to never close revolving accounts that don't cost you money.  

Sure it stays on for 10 years, but why not 15,20,30 years?

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As indicated in my previous reply, no, not a golden rule!  Just personal preference.  A 20 year old CL doesn't do a whole lot to AAoA when you have lots of open and closed lines.

[Chaselover]

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@longtimelurker wrote:

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@Chaselover wrote:

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@longtimelurker wrote:

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@lg8302ch wrote:

A short NO from me. Most spend outside the CSP bonus category is better on Freedom

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Why?  Only if you have Chase checking isn't it?  Currently CSP earns 1.07, Freedom earns 1 if you don't have checking.  After 2016, they will both be 1.

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R they stopping the freedom/checking 10% bonus after 2016 ?

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Sorry, badly worded!  Without Chase checking they will both be 1.  After 2016, they are stopping the 7% bonus on CSP for existing cardholders (new cardholders no longer get it)

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Ok cool.. coz im aiming at the 10% currently.

[randeman]

Add my voice to the keep it chorus, and think of this:  things change.  Just like you no longer have the gas-guzzler.  That changed, right?  Categories can change just as easily 7% annual UR point bonus is changing for the CSP.  It ain't hurtin' ya.  Toss it in the sock drawer and buy lunch with it once a month.

[longtimelurker]

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@randeman wrote:

Add my voice to the keep it chorus, and think of this:  things change.  Just like you no longer have the gas-guzzler.  That changed, right?  Categories can change just as easily 7% annual UR point bonus is changing for the CSP.  It ain't hurtin' ya.  Toss it in the sock drawer and buy lunch with it once a month.

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Right, but why I said there are weak arguments on both sides: So things change.  The Freedom adds a $100 AF.  Or there is a fraudulent charge on it.  Or something.  Now you either miss these things because the card is sock-drawed and don't pay attention (because you have 50 other no AF cards  you have acquired and never closed) or you do pay attention in which case you are spending time looking at stuff about a card you don't use.  And if you are putting small charges on every so often to keep it alive, there is a cost there as well.

IMO, there are equailly weak arguments for both, making it a personal preference rather than an informed choice.

[Open123]

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@longtimelurker wrote:

IMO, there are equailly weak arguments for both, making it a personal preference rather than an informed choice.

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Right, barring perks & rewards, there's very little incentive to keep open CCs, except to use for online purchases, travel reservations and otherwise payments requring non-cash tender.  In other words, if rewards were 0, I'd have 2 cards for the aforementioned reasons--an Amex for travel and Visa/MC from a Bank.

That's it.  Without rewards or perks, I'd much rather pass the savings to Merchants and curry favor with them.  

[Josh2942]

actually I have 23 lol. I dont want to just close it I want to transfer the limit to my CSP. I am at the point where I want to combine cards and redcue the amount of Accounts I have. I combine three barclay cards into one. I have my Gold and green amex on the chop and block along with some store cards. I just dont know if its better to wait because I am putting a couple thousand thru the CSP so it might get a great auto cli. I ould rather transfer it after that.

[Josh2942]

Because I want a 10k limit on my CSP

[randeman]

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@longtimelurker wrote:

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@randeman wrote:

Add my voice to the keep it chorus, and think of this:  things change.  Just like you no longer have the gas-guzzler.  That changed, right?  Categories can change just as easily 7% annual UR point bonus is changing for the CSP.  It ain't hurtin' ya.  Toss it in the sock drawer and buy lunch with it once a month.

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Right, but why I said there are weak arguments on both sides: So things change.  The Freedom adds a $100 AF.  Or there is a fraudulent charge on it.  Or something.  Now you either miss these things because the card is sock-drawed and don't pay attention (because you have 50 other no AF cards  you have acquired and never closed) or you do pay attention in which case you are spending time looking at stuff about a card you don't use.  And if you are putting small charges on every so often to keep it alive, there is a cost there as well.

IMO, there are equailly weak arguments for both, making it a personal preference rather than an informed choice.

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Well, I am not completely clear with your sentence structure, but, frankly, if someone has so many credit cards that he/she can't keep track of them, he/she shouldn't have credit cards.  "Sock-drawed" or not.  I have cards that I haven't used in months, and don't plan to, but keep them around for utilization purposes.  But you can bet your #$% that I go on each card's website at least twice a month (usually weekly) to monitor them, and have many of them set up to alert me by instant messaging if a charge appears that exceeds a certain amount.  Someone who has a bunch of cards and doesn't monitor them on a regular basis is just asking for trouble and is, imho, too irresponsible to have credit cards.  Moreover, I can't imagine a credit card company that has a card with no annual fee that should suddenly add an AF (surprise!) with no prior warning.  What it comes down to is that the OP was looking for advice.  He's gotten the advice from several people and can use that advice or not as he sees fit.

[Josh2942]

Having alot of cards and not reviewing them often does not mean they shouldnt have them Thats a ridiculous claim. And just because you check twice a month or once an hour, identity theft happens to the best of us. So there is nothing wrong with somebody has multiple cards and not being all over them. I dont touch or look at about 18 cards i have sock drawered. But any charge over 15 dollars gets emailed, texted, and alerted by app to me. But even that wont save me from the best thief.