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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.
I would close it if you no longer want it. I never agree with keeping things open just because they have no AF. It's reporting on your reports for 10 years regardless of open or closed. AAOA is an overblown issue. Yes, it's a factor in your score, but no, it does not mean you should keep accounts open that are otherwise useless to you.
On the subject of this card, the amount of nerfing they have done suggests to me they are going to relaunch it at some point. Typically this is what happens: a card gets nerfed and nerfed to the point it is no longer useful, and then is discontinued entirely. Sometimes a different iteration of it comes out, sometimes not. The fact is that since there are no other cards, even with AF, offering 5% on most of the categories this one does, I can see how it's obviously not sustainable for them. Plus, you have to remember they don't even take online apps for this, so way less people have it than would otherwise. If they took online apps? This thing would have been nerfed to death/discontinued a long time ago.
I no longer think this card is worth anyone's trouble to get because I only see them nerfing it more and more until they just let it die entirely. just my opinion.
@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.
First Premier Bank Cash+
@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.
OP, if you want to close it, I would go ahead. A lot of this forum tends to lean way too far in the direction of "never close anything! AAOA! Util!" paranoia sometimes.
If you don't need it, move on. It seems like this card's good days are well behind it anyway.
I was going to keep it around for a few more quarters to see if they ever bring restaurants back as a 5% category. Otherwise, this card is useless. I don't need 5% cash back on movie theaters and gym memberships, which I spend about $20 a month at.
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.