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Should I close my KAY card?

Regular Contributor

Should I close my KAY card?

I have completely paid off my card and I don't plan on using it anymore. The APR is 24.99% which is crazy and definitely not worth it. All my cards are fairly new but the KAY is second shortest for time open and it is actually my lowest limit. So since I don't want to use it and to avoid the temptation to do it, should I just close the account?

My Wallet: BB&T Visa Platinum- $2,500
American Express Blue Sky - $2,000
Best Buy Store Card - $1,900
KAY Store Card - $1,800
AMEX BCE- $12,600 I Discover IT- $10,000 I Chase Freedom- $7,000 I Citi Double Cash- $3,300 I Best Buy- $2,800 I Bayport CU Visa- $1,000
Message 1 of 7
6 REPLIES
Contributor

Re: Should I close my KAY card?

If you don't plan to use it, that's your call. You can close the account and it will report as closed on your report for years to come (10), or at some point the lender will see inactivity and lower your limit, or close the account. I'd say temptation might be there, but use it for future promotions or gift purchases. Best of luck on your choice..
Message 2 of 7
Frequent Contributor

Re: Should I close my KAY card?

I say don't close it. I haven't used mine in over 2 years now and they still haven't closed it for inactivity. I forgot I even had it.



|| Barclaycard Rewards Visa $5500 || AMEX BCE $2000 || Discover IT $3000 || Amazon Rewards Visa $1800 ||
|| Chase Freedom $2700 || CSP $5000 || Chase Marriott Premier $7500 || Sallie Mae MC $3800 ||

FICO Scores: EX 752 (3/13/13) || EQ 782 (10/4/13) || TU 724 (1/18/13)

In the garden as of 10/12/2013
Message 3 of 7
Mega Contributor

Re: Should I close my KAY card?


eagles08 wrote:
I have completely paid off my card and I don't plan on using it anymore. The APR is 24.99% which is crazy and definitely not worth it. All my cards are fairly new but the KAY is second shortest for time open and it is actually my lowest limit. So since I don't want to use it and to avoid the temptation to do it, should I just close the account?

My Wallet: BB&T Visa Platinum- $2,500
American Express Blue Sky - $2,000
Best Buy Store Card - $1,900
KAY Store Card - $1,800

Why would you want to close a no AF card??? Every now and then Kay offer 0% promotions so the APR is a non factor. I would keep it!




EQ FICO 548 3/3/16
Message 4 of 7
Established Contributor

Re: Should I close my KAY card?


LS2982 wrote:

eagles08 wrote:
I have completely paid off my card and I don't plan on using it anymore. The APR is 24.99% which is crazy and definitely not worth it. All my cards are fairly new but the KAY is second shortest for time open and it is actually my lowest limit. So since I don't want to use it and to avoid the temptation to do it, should I just close the account?

My Wallet: BB&T Visa Platinum- $2,500
American Express Blue Sky - $2,000
Best Buy Store Card - $1,900
KAY Store Card - $1,800

Why would you want to close a no AF card??? Every now and then Kay offer 0% promotions so the APR is a non factor. I would keep it!


+1


2010: 475 EQ 2011: 503 EQ 2012: 600 EQ2013:632 EQ
Starting Score: 634 EQ-3/13/13
Current Score: 706 EQ-8/29/13 703 EX-7/12/13 705 TU-8/9/13
Goal Score: 700

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Message 5 of 7
Regular Contributor

Re: Should I close my KAY card?

Thanks for the advice! I guess I will keep it for now and look out for those 0% deals!!
AMEX BCE- $12,600 I Discover IT- $10,000 I Chase Freedom- $7,000 I Citi Double Cash- $3,300 I Best Buy- $2,800 I Bayport CU Visa- $1,000
Message 6 of 7
Highlighted
Valued Contributor

Re: Should I close my KAY card?

...or buy a watch battery every two years. Smiley Tongue

Message 7 of 7