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I have had my visa black for 6 months now but debating cancelling it while it's still a new card so I can get the platinum. Since they are roughly the same annual fee it seems the platinum offers more for a little less annual fee.
My one worry is that my visa black is my highest credit limit.
Visa Black :14,900
Capital One: 4,750
Bank of America: 4,400
Fifth Third: 3,900
Discover: 2,900
Chase: 2,700
Macy's: 2,000
I don't have any extreme balances on any of my cards so my utlization will still be below 10%. I was just considering closing it while it was still only 6 months old since closing an older card has more impact. I called a credit specialist today (a service I pay for) and they informed me closing my visa black will not harm me at all even though its my highest balance. Not sure if I want to believe this.
Also. Will I even get accepted for Amex Platinum. I heard they only check experian and that score is 740 for me.
Assuming I get accepted. How will it help my credit limit utilization on my credit report since their is no preset spending limit since it's a charge card.
Thanks
You could always try to open a new account with barclays and see if they will transfer some or even all of the credit limit on the visa black to another no/low af credit product that they underwrite and close the black card after. That way you might get to keep at least some of your revolving credit with barclays.
Thanks for the input. Yes I agree about the limit factor making it a tough decision. I would only close the black if I got approved for platinum. I would not want both AF's. The only thing I like about Visa Black is that I could carry a balance if I decide too. In the 6 months I have had it I have charged 42k on the card but never carried a balance luckily. But you never know. One day I might need to carry a balance and do not want to be forced to pay it in full like the AMEX.
The Amex Platinum is the far better card and I definitely recommend switching. I don't think there's any need to worry about utilization since the Amex won't be factored in in any way, unless you carry high balances on your other cards. Also, a 740 score is more than enough to get approved. Honestly, the Platinum is not a hard card to qualify for, anything above 680-700 should be fine (people have gotten approved with less). Also, they'll probably extend you the Select & Pay Later option after some time, I got it after 8 months.
@Anonymous wrote:The Amex Platinum is the far better card and I definitely recommend switching. I don't think there's any need to worry about utilization since the Amex won't be factored in in any way, unless you carry high balances on your other cards. Also, a 740 score is more than enough to get approved. Honestly, the Platinum is not a hard card to qualify for, anything above 680-700 should be fine (people have gotten approved with less). Also, they'll probably extend you the Select & Pay Later option after some time, I got it after 8 months.
+1
Coincidentally Visa Black just raised my limit 2k this week after I just hit my 6th month mark of being with them. Now the limit is 16,900. Since it more than tripples all my other credit cards in terms of limits I will just hold on to it to help further improve my score since it will help my utilization percentage as well as keep my overall spending power to 37k among my cards. Although I will never charge that much at a given time I figure it's better for me since in case I do end up charging around the 10k mark, I will still not be over the 30% utilization mark.
AMEX Platinum I still would agree is better. Only advantage visa has is its legal title "Black Card" which is more attractive in terms of physical card aesthetics. And I do not even consider that an advantage. More of a wasted factor because everytime somebody comments on the card I explain to them they are probably thinking AMEX Black Centurion and this is nothing like that.
One of the reasons that initially attracted me to it was they gauranteed me more spending power. Also the fact that they said carbon fiber card seemed catchy. Ended up being a lighter form of plastic.