topic Re: Would you close this card? in Credit Cards

Would you close this card?

techiegirl — Mon, 01 Dec 2014 04:08:14 GMT

I have 2 American Express cards with MSD of 1994. My Amex BCP and Everyday (opening 3/29/14). The BCP has a CL of $12,900 and the Everyday has a limit of $24,500. I understand I can't transfer the limit over from my Everyday to the BCP until after March and I'm finding that I'm not using the ED as much as I thought when I applied.

I am thinking of closing the ED when I'm able to transfer the CL over to the BCP. The card would report 21 years by then and would remain on the CR for 10 years. Does that make sense or should I keep it open, even though I'm not using it?

EDIT: My AAOA is 8 years. Oldest card: 21+ years. Newest card: 2 days

Re: Would you close this card?

TheGardner — Mon, 01 Dec 2014 04:13:26 GMT

I don't see a down side.

Re: Would you close this card?

Anonymous — Mon, 01 Dec 2014 04:17:05 GMT

@techiegirl wrote:
I have 2 American Express cards with MSD of 1994. My Amex BCP and Everyday (opening 3/29/14). The BCP has a CL of $12,900 and the Everyday has a limit of $24,500. I understand I can't transfer the limit over from my Everyday to the BCP until after March and I'm finding that I'm not using the ED as much as I thought when I applied.

I am thinking of closing the ED when I'm able to transfer the CL over to the BCP. The card would report 21 years by then and would remain on the CR for 10 years. Does that make sense or should I keep it open, even though I'm not using it?

EDIT: My AAOA is 8 years. Oldest card: 21+ years. Newest card: 2 days

Do it.

Re: Would you close this card?

Anonymous — Mon, 01 Dec 2014 11:45:46 GMT

@Anonymous wrote:
@techiegirl wrote:
I have 2 American Express cards with MSD of 1994. My Amex BCP and Everyday (opening 3/29/14). The BCP has a CL of $12,900 and the Everyday has a limit of $24,500. I understand I can't transfer the limit over from my Everyday to the BCP until after March and I'm finding that I'm not using the ED as much as I thought when I applied.

I am thinking of closing the ED when I'm able to transfer the CL over to the BCP. The card would report 21 years by then and would remain on the CR for 10 years. Does that make sense or should I keep it open, even though I'm not using it?

EDIT: My AAOA is 8 years. Oldest card: 21+ years. Newest card: 2 days
Do it.

I don't see the upside. After you do the limit transfer, just leave it open in the sock drawer. Is your BCP also dated to your MSD? My initial reading was that it was not. If that's true, it might provide more reason to keep the card open

Re: Would you close this card?

chalupaman — Mon, 01 Dec 2014 13:23:58 GMT

Once you're able to transfer the limit over, close it. That's what I'm doing with my Delta skymiles card when it turns 13 months.

Re: Would you close this card?

Anonymous — Mon, 01 Dec 2014 14:38:38 GMT

@chalupaman wrote:
Once you're able to transfer the limit over, close it. That's what I'm doing with my Delta skymiles card when it turns 13 months.

While I am usually very much in the camp of "close unwanted cards" in this case I might keep it open. The major reason to close no AF Amex cards is to free up slots (as you are only allowed a certain number). I would keep it (and not use it all) in case I want to PC to another. Amex has tightened up on bonuses for existing cardholders, so there may be times there is no downside to PCing, and you would have a spare card to do it with.

But closing is also fine!

Re: Would you close this card?

chalupaman — Mon, 01 Dec 2014 14:49:19 GMT

@Anonymous wrote:
@chalupaman wrote:
Once you're able to transfer the limit over, close it. That's what I'm doing with my Delta skymiles card when it turns 13 months.
While I am usually very much in the camp of "close unwanted cards" in this case I might keep it open. The major reason to close no AF Amex cards is to free up slots (as you are only allowed a certain number). I would keep it (and not use it all) in case I want to PC to another. Amex has tightened up on bonuses for existing cardholders, so there may be times there is no downside to PCing, and you would have a spare card to do it with.

But closing is also fine!

That's a very good point. I heard Amex doesn't have any options at all for PCing to the ED products so I'd figure that it would be the same trying to PC from the ED to another product. I don't have many PC options for my Delta card at all except to other Delta cards so besides the really good sign up bonus I was able to get from that card, it's served its purpose as I got the two Amex cards I really wanted to begin with now. It was mainly a way to get my foot in the door.