topic Closing more cards! in Credit Cards

Closing more cards!

Anonymous — Tue, 19 Jul 2016 14:54:03 GMT

Today I close my Chase Disney, WF Visa, and when I pay off my BOA cash rewards next week, that too. So far that will bring a total of 6 cards.

While I love the design of the Disney card, it does nothing for me. I keep trying to come up with reasons to keep my WF card (other than banking and mortgage) and I cannot. As far as BOA goes, I plan on getting BCP down the road considering I spend 150 a week on food, so my only loss was the grocery category. I never used the card anyway. I'm only losing a little over 10k in lines as these were my low limit cards when I was just getting into really paying attention to rewards.

Slowly learning that less is more...not going to lie it's been a little hard parting ways but it's for the best. I have all that I need.

Re: Closing more cards!

Anonymous — Tue, 19 Jul 2016 15:01:50 GMT

I've been mulling over the Disney Chase card. What did you not like about it? Was it the prefered one with the AF?

Re: Closing more cards!

galahad15 — Tue, 19 Jul 2016 15:06:04 GMT

Just curious, do you mind if I inquire as to the interest rates of the cards you will be closing? Are they generally higher/lower, than the cards you will be keeping?

Re: Closing more cards!

kdm31091 — Tue, 19 Jul 2016 15:08:59 GMT

@Anonymous wrote:
I've been mulling over the Disney Chase card. What did you not like about it? Was it the prefered one with the AF?

The Disney card has some perks, but for regular spending, it's not that special. If you are a diehard Disney fan it can be a good supplementary card but for primary use there are better cards out there.

Only difference between the no AF and AF versions are that the AF version has 2% on dining/groceries/gas/Disney, whereas the no AF is a flat 1%. But this is paid out in Disney dollars that you must go back and spend at Disney. If you're a major fan it's not a problem, but more restrictive than cash back.

I'm an AU on a no AF one and I barely use it, just for the occasional perk or discount. Like tj said the designs are nice but Chase really should step up the perks on this card, especially if someone's paying an AF.

Re: Closing more cards!

Anonymous — Tue, 19 Jul 2016 15:10:14 GMT

Well first of all, when I apped for the card it was when I was first getting into rewards. I didn't have huge limits on my other cards because I didn't really use credit cards so when I got approved for the card they gave me a crappy limit and the No AF one which is only 1 pt per dollar on everything. I eventually planned on going up to the AF one but as I got better cards I didn't want to just use my rewards for Disney. I wanted to have a choice. Not to mention, Disney keeps raising their prices and pretty soon they won't keep getting my business. My rule of thumb is if I use the card even every few weeks that I keep it. But I looked at my account and I wasn't using the card AT ALL. I've been using my spend on my AF cards. I'm a hotel hopper.

The card gets a lot of comments but it's pretty much only taking up wallet space.

Re: Closing more cards!

Anonymous — Tue, 19 Jul 2016 15:20:45 GMT

Took some thinking I am sure to let loose of cards. For me it is like remorse? Why? Joined in and have closed six cards worth $48,600. In 2009 I closed nine cards. Finally have the number of cards down to a more manageable amount. Kept the cards that max rewards and fit my spending pattern. Oh, I should add my FICO Score (TU 08 - 300 to 850) dropped from 848 to 824. Really need to plan so it does not affect utilization or the score will drop further and nothing that hasn't been pointed out on this website. Felt it was time to cull the heard and take the score hits as they will heal and increase.

Re: Closing more cards!

Anonymous — Tue, 19 Jul 2016 15:17:53 GMT

All together I've lost about 25k..not too bad. Looking to close more but definitely waitin.

Re: Closing more cards!

Anonymous — Tue, 19 Jul 2016 16:16:26 GMT

@galahad. Disney interest rate is 16.24 I believe which is par for co-branded cards, the others are pretty high. I generally only carry balances on certain cards and I usually PIF so I don't care about interest rates. I've only ever asked for a reduction once and even that was a stupid idea, I rarely ever pay interest. The other cards that I'm keeping do have better interest rates but that's just because my overall profile was better at the time of apping. I'm just at the point where in trying to put all my spend over the same couple of cards to yield better results for rewards. I'm over trying to put little charges on them to keep them open or have to remember to do it. Too much work.

Re: Closing more cards!

kdm31091 — Tue, 19 Jul 2016 16:38:55 GMT

@Anonymous wrote:
@galahad. Disney interest rate is 16.24 I believe which is par for co-branded cards, the others are pretty high. I generally only carry balances on certain cards and I usually PIF so I don't care about interest rates. I've only ever asked for a reduction once and even that was a stupid idea, I rarely ever pay interest. The other cards that I'm keeping do have better interest rates but that's just because my overall profile was better at the time of apping. I'm just at the point where in trying to put all my spend over the same couple of cards to yield better results for rewards. I'm over trying to put little charges on them to keep them open or have to remember to do it. Too much work.

Pretty much this, if you have to force yourself to use an account to keep it open, it's usually not worth keeping unless there is some super compelling reason (maybe it's a 30 year old account and your only other account is a month old or something). Beyond these extremes, no reason to delay the inevitable. If a card isn't useful it's probably not going to suddenly become useful.

Re: Closing more cards!

Anonymous — Tue, 19 Jul 2016 17:10:23 GMT

Especially since a lot of my older cards only are 1pt per doller. No reason to keep to other cards open when I have 4 pts for gas, triple points for dining, soon to 6x for groceries, etc.

Re: Closing more cards!

Anonymous — Tue, 19 Jul 2016 19:27:45 GMT

Good for you for making the hard choices. I commend you!

Re: Closing more cards!

driftless — Tue, 19 Jul 2016 19:59:59 GMT

OP, if you don't mind my asking, what other cards do you have?

Re: Closing more cards!

Anonymous — Tue, 19 Jul 2016 20:07:03 GMT

Between my husband I we have, Marriott, Hyatt, IHG, SPG, freedom, Citi AA, BOA TR, BOA Alaska, Discover, Citi Diamond, CITI Costco, care credit, quicksilver, venture, and Amex propel . Besides the ones that I mentioned on this thread, I think thats it.,

Re: Closing more cards!

driftless — Tue, 19 Jul 2016 20:44:17 GMT

Thanks. I can see why you would want to close a few cards. Good for you!

Re: Closing more cards!

IncrsCreditScore1 — Tue, 19 Jul 2016 21:00:06 GMT

Congratulations on closing those cards.

Re: Closing more cards!

Anonymous — Wed, 20 Jul 2016 02:31:07 GMT

Good job!

Re: Closing more cards!

Anonymous — Wed, 20 Jul 2016 02:34:57 GMT

Good. Burn them all!