Reply
Super Contributor
concorduser
Posts: 6,025
Registered: ‎09-18-2007
0

Re: The Chopping Block.

I would keep any card that does not have AF and decent CL ( Cl > $500). They are worth keeping, Any card that has AF is going to chopping block.
Frequent Contributor
74king
Posts: 403
Registered: ‎04-08-2009
0

Re: The Chopping Block.


Pj1369 wrote:

I know, I know. You should never close a CC. But, enough is enough. BofA has killed my APR (5.9F to 13.9V), WAMU/Chase stripped away my rewards and I already have a Chase Card I love (Freedom), and Citi refuses to give me a CLI, and I have an Amex Costco card to replace it with the same exact rewards.

 

So, I'm closing those three cards. However, I'll move the Chase/WAMU CL to my Chase Freedom. I don't need them and I don't want the head aches. I know mathmatically and FICO-wise I shouldn't. But, there's the principle of it all. They can't treat good customers like crap for no reason! I pay off all my CCs every month and I have superlative credit - so bye, bye! 

 

Anyone else doing the same?

 

I just hope Amex doesn't turn south on me, lol :smileysad:. And, I still have my PenFed, USAA, and Chase Freedom - which all have been amazing thus far!!  ::fingers crossed::


I'm right there with you, If more people did the same they would change their tunes......like ......real quick because they would start see their balances shrink up. They gave me a haircut also......10k to 1k guess what.......card is now canceled. To hell with the FICO for now...It's about principle :smileywink: I'm proud of you for doing this...more people should do the same.
Equifax 787, TransUnion 793, Experian ? FAKO--> Who Cares
Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007
0

Re: The Chopping Block.


jaybird201 wrote:

why do you have rewards cards when you're concerned about aprs? my card aprs average 16% because they're all rewards cards. i don't care about that though, because i never carry a balance. if i were worred about my aprs, i wouldn't keep a single rewards card in my wallet.

 


I don't understand the "fact" that reward cards are higher interest. It does make sense that they would be BUT:

 

One BofA rewards cards is 7.99% and the other lowered from 9.24% to 8.49% last month. My Chase Starbucks reward card is 7.24%.

 

I think those are actually lower on average than my non-reward cards but I do use the rewards cards far more. This year I've receive checks on the first card for $75, the second for $250 and the Starbucks/Chase Card says it has rebated me $214 in Jan-March.

Valued Contributor
athensguy
Posts: 1,291
Registered: ‎02-26-2008
0

Re: The Chopping Block.

[ Edited ]
Amex is the frontrunner in random AA and Penfed appears to be joining the AA game, so you'll probably get AA or closures on those cards if you get rid of your backups.
Message Edited by athensguy on 04-19-2009 02:03 PM
Established Contributor
jaybird201
Posts: 672
Registered: ‎07-05-2008
0

Re: The Chopping Block.

[ Edited ]

GregB wrote:

jaybird201 wrote:

why do you have rewards cards when you're concerned about aprs? my card aprs average 16% because they're all rewards cards. i don't care about that though, because i never carry a balance. if i were worred about my aprs, i wouldn't keep a single rewards card in my wallet.

 


I don't understand the "fact" that reward cards are higher interest. It does make sense that they would be BUT:

 

One BofA rewards cards is 7.99% and the other lowered from 9.24% to 8.49% last month. My Chase Starbucks reward card is 7.24%.

 

I think those are actually lower on average than my non-reward cards but I do use the rewards cards far more. This year I've receive checks on the first card for $75, the second for $250 and the Starbucks/Chase Card says it has rebated me $214 in Jan-March.


Well any rewards cards with lower interest rates than the average non-rewards card are the exception rather than the rule. I feel like there are two reasons why rewards cards charge higher interest rates than non-rewards cards: 1) they earn less on interchange due to them having to pay more of it out in rewards, so they charge higher interest rates to make up the difference in lost revenue 2) people are more wiling to swallow a larger interest rate since they're getting rewards in return (though if you do the math, the interest you pay is usually substantially more than what you would ever earn in rewards)

 

either way, i think the best route is to never carry a balance, that way you can the card with the best benefits and rewards, even if it has an interest rate of 1,000%. i'd even go so far as to say that nobody should EVER carry a balance unless you're broke, right out of school, and need car repairs or a suit for a job interview -- other than that, everyone should live at or below their means. period.

Message Edited by jaybird201 on 04-19-2009 02:19 PM

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+