topic Re: Keep or Close? - CSP Edition in Credit Cards

Keep or Close? - CSP Edition

Anonymous — Thu, 04 Aug 2016 16:49:56 GMT

Hi all,

I know the ultimate decision comes down to whether I derive enough benefit from the card to justify the annual fee, but I am just soliciting opinions from others to supplement my own. I have had the CSP for just shy of a year. I have long since obtained and spent the great signup bonus. I am not seeing a very large earn rate from the point system due to the vast majority of my spend falling to the PRG (travel, gas, dining, groceries). While the transfer partners are great, I just don't find myself using the card much at all. I am the type of person that prefers to devote my spending exclusively to a few cards for simplicity and see the rewards add up quickly. I welcome all of your insights!

Re: Keep or Close? - CSP Edition

Closingracer99 — Thu, 04 Aug 2016 16:53:36 GMT

I wouldn't close it but PC it to the Freedom or the Freedom unlimited? Both have no AF's and still make UR points so if you ever want a CSP again ypu can transfer the points to it.

Re: Keep or Close? - CSP Edition

SouthJamaica — Thu, 04 Aug 2016 16:54:35 GMT

@Closingracer99 wrote:
I wouldn't close it but PC it to the Freedom or the Freedom unlimited? Both have no AF's and still make UR points so if you ever want a CSP again ypu can transfer the points to it.

Great idea.

Re: Keep or Close? - CSP Edition

Anonymous — Thu, 04 Aug 2016 16:59:52 GMT

@Closingracer99 wrote:
I wouldn't close it but PC it to the Freedom or the Freedom unlimited? Both have no AF's and still make UR points so if you ever want a CSP again ypu can transfer the points to it.

I have considered this, my only reservation is that I won't have much use for the PCd card either. I guess I can set up my Netflix or one of my Utilities as a recurring payment with autopay just to avoid closure for inactivity. Thanks for the idea!

Re: Keep or Close? - CSP Edition

Closingracer99 — Thu, 04 Aug 2016 17:06:05 GMT

@Anonymous wrote:
@Closingracer99 wrote:
I wouldn't close it but PC it to the Freedom or the Freedom unlimited? Both have no AF's and still make UR points so if you ever want a CSP again ypu can transfer the points to it.
I have considered this, my only reservation is that I won't have much use for the PCd card either. I guess I can set up my Netflix or one of my Utilities as a recurring payment with autopay just to avoid closure for inactivity. Thanks for the idea!

I mean it has No AF and if you close it than you would need to either waste all your points on something you wouldn't of done or B) forefit all those points you have left. you already took the HP for the card and took a hit on your AAoA. This way if you do change your mind you can always PC it back to the CS or you already have a Freedom/FU you might want later but without taking another HP or hurting your AAoA. Also remember they do have the 5/24 rule so if you do change your mind and above it than you're out of luck if you ever do want the FU or Freedom in the near future.

Re: Keep or Close? - CSP Edition

kdm31091 — Thu, 04 Aug 2016 17:07:58 GMT

If PCing will still result in a largely useless account for you, then just close it and move on. It sounds like you just want fewer accounts to deal with and that's fine.

Re: Keep or Close? - CSP Edition

Anonymous — Thu, 04 Aug 2016 17:10:00 GMT

I'm the same way as you OP. I enjoy seeing rewards add up and it's tough to do that when your spending is spread across multiple cards.

Re: Keep or Close? - CSP Edition

Closingracer99 — Thu, 04 Aug 2016 17:12:14 GMT

@kdm31091 wrote:
If PCing will still result in a largely useless account for you, then just close it and move on. It sounds like you just want fewer accounts to deal with and that's fine.

Meh I wouldn't close a card that has no AF or can be PC'ed into on with no AF... Unless he know for 100% he never wants another Chase card ever again. With Chase you can PC pretty much into any of their own cards at will and if you change your mind later in say 5-6 years you would just end up hurting your AAoA...

Re: Keep or Close? - CSP Edition

noobody — Thu, 04 Aug 2016 17:41:16 GMT

May I ask OP, what did you spend UR on? Redeem for cash? Redeem for travel? Transfer to partner?
It is important as it has direct effect on the value of CSP.

Re: Keep or Close? - CSP Edition

Anonymous — Thu, 04 Aug 2016 17:47:14 GMT

@noobody wrote:
May I ask OP, what did you spend UR on? Redeem for cash? Redeem for travel? Transfer to partner?
It is important as it has direct effect on the value of CSP.

Transferred to Flying Blue for a Delta flight (even though I fly almost exclusively with United). I valued the points at about 1.9 - 2 cents a piece based on the redemption I made, similar to my PRG. I found great value in the transfer partners, the earning rate just isn't very significant for me.

Re: Keep or Close? - CSP Edition

noobody — Thu, 04 Aug 2016 17:59:04 GMT

That's is a very fair assessment.
I would PC to a no AF Chase card to "park" my credit line in your situation.

Re: Keep or Close? - CSP Edition

Anonymous — Thu, 04 Aug 2016 18:19:29 GMT

I had a semilar decision to make with my CSP. I loved the bonus, but since I don't travel as much as I used to I only really used the card for resturants. it just didn't add up to 95 dollars a year. I had a fairly low Freedom so I rolled my CSP into that and I'm very happy with it. I basicly use my Freedom for the 5 percent catagories. If hadn't already had a freedom I would have asked for a product change to a freedom unlimited.

Re: Keep or Close? - CSP Edition

Anonymous — Thu, 04 Aug 2016 18:20:31 GMT

But the metal card is so cool

Re: Keep or Close? - CSP Edition

Anonymous — Thu, 04 Aug 2016 18:21:32 GMT

I think the Freedom may be a solid plan. I'll for sure use it when the gas and grocery categories come around.

Re: Keep or Close? - CSP Edition

Closingracer99 — Thu, 04 Aug 2016 18:48:17 GMT

@Anonymous wrote:
I think the Freedom may be a solid plan. I'll for sure use it when the gas and grocery categories come around.

If you shop at a warehouse like BJ's Costco and Sams club you get 5% CB ( UR points) for the rest of the year as well. Made around $30 this month at Costco alone in CB.