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This is one of many reasons I quit using my US Bank cards many months ago. I am waiting for them to just cancel my cards due to non use.
@wiivile wrote:
@Involver wrote:How is closing the account sooner going to help your AAoA?
Closed accounts count towards AAoA.
The longer you keep it open, the longer it will prop up your AAoA after you close it.
FICO is not scored like Credit Karma.
It is bringing DOWN my AAoA as it is the youngest card on my account. The sooner I close it, the sooner it will drop off my credit report. I never use the card, because they keep replacing useful 5% categories with crappy ones that nobody spends a lot of money on.
The account already exists on your credit report. Whether or not you close it now is irrelevant. It will still contribue to your age of accounts.
When it falls off in 10 years, you're going to lose a 10 year old tradeline.
@kdm31091 wrote:I would agree that the majority of the categories that are left are pretty silly. Most people do not spend a ton of money on any of them, which I'm sure is the whole point. Minimizes the rewards they have to give out. Even fast food, ok yeah it's nice, but fast food is not expensive, so your return is not going to be much.
I would say the chance of restaurants being 5% again is basically zero.
It depends. For a family, cell phone can still be a pretty significant category. And because our vet counts as a charity, we are able to max out two cards most of the time (good for rewards, but not great for the expense!)
@Anonymous wrote:
They could jack up the APR to 29.99%, CLD all cards to $500 and make it 1% on selected categories. This seems to be this cards eventual destiny.
It wouldn't amaze if at some point the cap gets reduced to $1,500 per quarter, like the Freedom and Discover IT. That would save them a bit.
But the latest nerf: it really is pretty small for all the heat. $25 a year
@kdm31091 wrote:
I agree that this particular Nerf is not a big deal and I'm surprised this bonus lasted this long honestly.
I never buy the argument about in ten years youll lose a positive account. Yes. Thats true. Its also a decade from now. All of your current accounts and whatever else you obtain will age too. Its not a big deal.
But someone who is arguing that closing this account sooner because it is their most recent account will somehow be beneficial is misinformed.
@Involver wrote:
@kdm31091 wrote:
I agree that this particular Nerf is not a big deal and I'm surprised this bonus lasted this long honestly.
I never buy the argument about in ten years youll lose a positive account. Yes. Thats true. Its also a decade from now. All of your current accounts and whatever else you obtain will age too. Its not a big deal.
But someone who is arguing that closing this account sooner because it is their most recent account will somehow be beneficial is misinformed.
Closing your youngest account will increase your average age of accounts, even if it takes 10 years to do so.
I suppose you're right, if that's your goal.
I'm sure we haven't seen the end of the nerfing of this card. I could see them eventually eliminating the Fast Food category (this includes Starbucks, some counter service restaurants, etc.) as a 5% option and combining it with Restaurants as a general 2% dining category.
They could even eliminate 5% cateogies altogether and make it a select your three 2% categories with a lower monthly cap and then reintroduce some of the more appealing categories (Bill Pay, Travel, etc.) that had been originally nerfed to make the card more competitive with the likes of Citi Double Cash and Fidelity Amex.
I suppose time will tell...
@wiivile wrote:
@Involver wrote:
@kdm31091 wrote:
I agree that this particular Nerf is not a big deal and I'm surprised this bonus lasted this long honestly.
I never buy the argument about in ten years youll lose a positive account. Yes. Thats true. Its also a decade from now. All of your current accounts and whatever else you obtain will age too. Its not a big deal.
But someone who is arguing that closing this account sooner because it is their most recent account will somehow be beneficial is misinformed.
Closing your youngest account will increase your average age of accounts, even if it takes 10 years to do so.
But is it likely that you'll never open another credit account in 10 years? Doubtful. Having multiple older accounts will shield you from large drops in AAoA when you do open new credit.