I have two Bank of America credit cards which I do not use very often. The first is basically a VISA BOA version of quicksilver, except that if I redeem $300+ in cash back at once I get a 25% bonus. It's a great card, except I never use it! Which means that I never get up to $300 in rewards. I feel that it is a great card for someone who only has one card, but since I have my amex BCE for groceries/gas and my quicksilver, it isn't doing anything for me. I also have the better balance card, which I like a lot since it is a guaranteed $100 each year for whatever I charge to it. So here are my options:
1. Close one or both cards
Pros: two less bills each month!
Cons: BB is a guaranteed $100 each year so I would like to keep that open. The BOA VISA is unlisted so I wouldn't be able to get those rewards again if I changed my mind.
2. Sock drawer the visa
Pros: Put it on auto charge and auto pay for some pittance of a bill to keep the rewards program open if I wanted to start using it again
Cons: still a bill to worry about each month
3. Consolidate the visa with the BB
Pros: one less bill, higher CL on the BB
Cons: lose the rewards program of the visa
What is your advice? My other cards/CLs are in my signature.
I forgot to add... The VISA is my oldest credit card.
I think your options are really down to #1 and #2. Combining the CLs on the BBR isn't the best move because it provides no additional reward - you are capped at $120-130 annually. I recommend #2 because of the continued earnings potential, but if the rewards are not significant you lose little by closing it unless your UTIL takes a dive because of the reduced overall CL.
@darkpearl wrote:
2. Sock drawer the visa
Pros: Put it on auto charge and auto pay for some pittance of a bill to keep the rewards program open if I wanted to start using it again
Cons: still a bill to worry about each month
Option 2, definitely. Don't close your oldest account is Credit 101. And autopayments are, by definition, automatic.
I'd recommend PC'ing to BBR. Paying in full counts as a qualifying payment, so a small charge each month should entitle you to the reward. I'm in the process of confirming this.
