Trying to decide whether or not to close my Cap1 card.

[isoldmyatlas]

My Cap1 card is the first card I ever got approved for, back in April 2012.  But due to AmEx backdating, it actually reports as my second-oldest card rather than my oldest.  It's also my lowest credit limit and is the card I use the least because of that.  I think I only put 3-4 charges on it in 2014.

It's the Quicksilver card, so I don't pay an annual fee on it.  The interest rate is 24.9% and they refuse to lower it permanently.  The most they offer a "6 month promotional APR" of either 20.9% or 22.9%.  My CLIs with have been $500-->750, $750-->1,250, $1,250-->1,750, and $1,750-->4,750.  That most recent one was back in July 2014.

Part of me really wants to close this card since I never use it and it doesn't seem to grow with me like my other cards have done.  I also find it frustrating that Cap1 goes though these really stingy phases.  I recently asked for a 6 month CLI and APR reduction and received neither.  My credit profile is excellent and my other CCs seem to recognize this, so it's kind of a bummer that Cap1 hasn't gotten on board with this yet, especially considering I've been with them the longest.

On the other hand, it's free to keep, and if I were to use it overseas I wouldn't have to pay any foreign transaction fees. 

For the mobile users, here's what else is in my wallet:

Discover IT, $7,000 (opened 10/2012); Chase Amazon Rewards, $7,600 (opened 10/2012); AMEX Hilton HHonors, $15,000 (opened 11/2012); AMEX Blue Cash Everyday, $15,000 (opened 01/2013 but reports as 01/2012 because of backdating); Barclaycard Arrival+, $10,000 (opened 07/2013); Chase Hyatt, $7,000 (opened 09/2013).

What would you do in my position?

[Chris679]

Cap One is not going to grow with you that is not who they are. If you are not ok with that then close it.

[sunkissed]

Have you tried contacting EO?  If not, try going that route for an APR reduction and credit increase before you decide whether to close it or not.

In the grand scheme of things, I don’t see closing it having any real impact to your AAoA in the future, so no worries there.  You mentioned no FTF, but you have other cards with the same feature – Discover, Hyatt, Arrival.  So, again, no worries there.

If this card makes you unhappy and you don’t and won’t use it, I see no good reason to keep it open.

[isoldmyatlas]

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@sunkissed wrote:

Have you tried contacting EO?  If not, try going that route for an APR reduction and credit increase before you decide whether to close it or not.

In the grand scheme of things, I don’t see closing it having any real impact to your AAoA in the future, so no worries there.  You mentioned no FTF, but you have other cards with the same feature – Discover, Hyatt, Arrival.  So, again, no worries there.

If this card makes you unhappy and you don’t and won’t use it, I see no good reason to keep it open.

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That's a good point about having the other cards with no FTFs.  I didn't really think about that.  I pay annual fees on the Hyatt and Arrival so it might make more sense for me to use those overseas since a) I'm basically paying for that feature and b) the CLs are higher.

[kdm31091]

Capital One can be difficult. Your only real chance of changing things with them is almost always EO.

However, if you do go to the EO, your chances of an APR reduction and decent CLI are good. Explain that you are a long time customer and want to use the card more often but the CL and APR are prohibitive. Generally, they will help you out. They doubled my Quicksilver from 3000 to 6000, before the usual "Required" 6 month mark. No dice on the APR, but that is because I'm still in the 0% promo; they assured me that after it expires I should be able to have it lowered if I show a good history.

Good luck! You can email the EO, or try calling directly. Some people on here have the #, they can PM it if you ask on the thread.

[Anonymous]

If you need it PM me for the direct info to the EO. sunkissed pretty much covered everything I was thinking. It sounds like you dont want or need this card anymore Either way good luck with the decision

[core]

Edit- Misread the OP.

[isoldmyatlas]

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@Anonymous wrote:
If you need it PM me for the direct info to the EO. sunkissed pretty much covered everything I was thinking. It sounds like you dont want or need this card anymore Either way good luck with the decision

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I definitely don't want or need it anymore, I guess now its just a matter of deciding whether or not the AAoA factor makes it worth keeping around.  I do worry about it affecting it.

[Anonymous]

Many people have asked themselves this question at one time or another.


The answer to this question is always yes.

[sunkissed]

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@isoldmyatlas wrote:

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@Anonymous wrote:
If you need it PM me for the direct info to the EO. sunkissed pretty much covered everything I was thinking. It sounds like you dont want or need this card anymore Either way good luck with the decision

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I definitely don't want or need it anymore, I guess now its just a matter of deciding whether or not the AAoA factor makes it worth keeping around.  I do worry about it affecting it.

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Closing this card will have no effect on your AAoA.  First, closed accounts can report for up to 10 years.  Second, all your accounts are newish (2012 – 2013).  It’s not like this account is 20 years old!  No worries here.  Really.