topic Re: Close Capital One Secured Card? in Credit Cards

Close Capital One Secured Card?

jl4 — Fri, 16 Mar 2018 03:54:36 GMT

I see folks around here from time to time closing out older cards they don't use. One of those cards in my deck is the CapOne Secured Platinum from before they were convertable to unsecured cards. It's had the same $500 limit since I opened it sometime in Q4 2013 and I can't say I've used it for more than a handful of purchases in the last few years.

What do the experts think? Should I keep it open? Close it? Call them and be like "look..."?

Re: Close Capital One Secured Card?

AverageJoesCredit — Fri, 16 Mar 2018 17:38:53 GMT

Thats $500 you could be using to buy us drinks in the GC

Is it your oldest card?. Even if it is im of mind a secured card should be closed once you go unsecured or have unsecured cards. It defeats the purpose of having a secured card once you go unsecure. Just my humble( pie, hmmm ) opinion

Re: Close Capital One Secured Card?

jl4 — Fri, 16 Mar 2018 17:59:18 GMT

@AverageJoesCreditwrote:
Thats $500 you could be using to buy us drinks in the GC

Is it your oldest card?. Even if it is im of mind a secured card should be closed once you go unsecured or have unsecured cards. It defeats the purpose of having a secured card once you go unsecure. Just my humble( pie, hmmm ) opinion

It is my second oldest card. My oldest is a CapOne QS (formerly QS1, formerly formerly Journey), circa October 2011.

Also, $500 won't go very far for the number of people in that thread... just saying.

Re: Close Capital One Secured Card?

Anonymous — Fri, 16 Mar 2018 18:01:57 GMT

I'd close it.

Re: Close Capital One Secured Card?

Adkins — Fri, 16 Mar 2018 18:18:17 GMT

@jl4wrote:
@AverageJoesCreditwrote:
Thats $500 you could be using to buy us drinks in the GC

Is it your oldest card?. Even if it is im of mind a secured card should be closed once you go unsecured or have unsecured cards. It defeats the purpose of having a secured card once you go unsecure. Just my humble( pie, hmmm ) opinion
It is my second oldest card. My oldest is a CapOne QS (formerly QS1, formerly formerly Journey), circa October 2011.

Also, $500 won't go very far for the number of people in that thread... just saying.

We like cheap drinks!

In all seriousness, I'd close the card.

Re: Close Capital One Secured Card?

jl4 — Fri, 16 Mar 2018 18:22:00 GMT

@Adkinswrote:
@jl4wrote:
@AverageJoesCreditwrote:
Thats $500 you could be using to buy us drinks in the GC

Is it your oldest card?. Even if it is im of mind a secured card should be closed once you go unsecured or have unsecured cards. It defeats the purpose of having a secured card once you go unsecure. Just my humble( pie, hmmm ) opinion
It is my second oldest card. My oldest is a CapOne QS (formerly QS1, formerly formerly Journey), circa October 2011.

Also, $500 won't go very far for the number of people in that thread... just saying.
We like cheap drinks!

In all seriousness, I'd close the card.

That's what I'm leaning toward, too. Thanks all!

Re: Close Capital One Secured Card?

Anonymous — Fri, 16 Mar 2018 23:12:28 GMT

I have a Cap 1 secured Platinum too. It was the first card I got after BK (a few months after I went back to work) at the end of 2015. With ten unsecured cards now, including a couple of $10K+, I really don't need this one anymore. I have a payoff scheduled for tomorrow and I'll be closing it to get my $500 back once I make sure any remaining interest has been paid.

Re: Close Capital One Secured Card?

jl4 — Sat, 17 Mar 2018 01:41:13 GMT

Makes sense. I think I had only put $51 dollars toward mine. It started at $201 then rose to $501 and stuck there.

Re: Close Capital One Secured Card?

Anonymous — Sat, 17 Mar 2018 01:47:21 GMT

If it doesn’t have a annual fee and it’s your oldest the only reason to keep it is for the age. But if you have other cards that have aged you probably could close it, after all it’s like you loaning the $500 to co interest free

Re: Close Capital One Secured Card?

jl4 — Sat, 17 Mar 2018 01:51:38 GMT

It has a $29 fee. If it didn’t I wouldn’t be considering closing it 😂

Re: Close Capital One Secured Card?

Anonymous — Sat, 17 Mar 2018 02:35:20 GMT

DEFINITELY not worth another penny in fess. Close it now!