topic Re: Cutting down the cards... in Credit Cards

Cutting down the cards...

Anonymous — Sat, 28 Jul 2018 00:32:14 GMT

If you guys were me, what cards would you cut and not cut from my list? Looking for some insight.

1: Capital one Venture $6k
2: Chase Amazon Prime $2k
3: Fidelity Rewards $1k
4: Discover it $3.5k
5: QuicksilverOne $1.5k
6: Amex PRG
7: Amex Everyday $1k

Looking forward to the feedback 👍🏽😅

Re: Cutting down the cards...

Anonymous — Sat, 28 Jul 2018 00:37:12 GMT

@Anonymous wrote:
If you guys were me, what cards would you cut and not cut from my list? Looking for some insight.

1: Capital one Venture $6k
2: Chase Amazon Prime $2k
3: Fidelity Rewards $1k
4: Discover it $3.5k
5: QuicksilverOne $1.5k
6: Amex PRG
7: Amex Everyday $1k

Looking forward to the feedback 👍🏽😅

That depends on your spending and interests. But IMHO, all your cards are great, but if I had to choose 2 to ax it would be the Venture and the PRG. I have had most of these cards, BTW.

Re: Cutting down the cards...

Jnbmom — Sat, 28 Jul 2018 00:42:49 GMT

I think it depends on what your interest rates/AFs are and what cards benefit your spending needs the most. Also what is the age of these accounts and do you have any balances on them or any other cards not listed?

Re: Cutting down the cards...

Anonymous — Sat, 28 Jul 2018 00:46:00 GMT

Which do you use the most? Which are your oldest accounts? I would keep your oldest cards, even if you don’t use them often.

Re: Cutting down the cards...

Anonymous — Sat, 28 Jul 2018 00:48:33 GMT

@Jnbmom wrote:
I think it depends on what your interest rates/AFs are and what cards benefit your spending needs the most. Also what is the age of these accounts and do you have any balances on them or any other cards not listed?

I agree with you here. OP, could you provide us with the age of each account? I already know that the PRG, the Quicksilver One, and the Venture are the only ones with AFs in your list.

Re: Cutting down the cards...

HeavenOhio — Sat, 28 Jul 2018 02:06:09 GMT

Yeah, we need the ages. If a card up for the chopping block is significantly older than other cards, it usually makes sense to try to preserve it.

Without that information, I'd suggest combining the QuicksilverOne into the Venture. If you feel that you're not getting value out of Venture's annual fee, consider product-changing it to the no-fee Quiclsilver.

Re: Cutting down the cards...

wasCB14 — Sat, 28 Jul 2018 02:46:50 GMT

How often do you fly? Travel internationally? Do you fly consistently with one airline or alliance?

*Assuming you do a little international travel but aren't airline-loyal...

1: Capital one Venture $6k - Maybe PC to QS unless you spend a lot on it.
2: Chase Amazon Prime $2k - Keep. Even if you drop Prime, it's a decent card. No AF, no FTF.
3: Fidelity Rewards $1k - Keep if the CL is useful...especially if you close or downgrade Venture.
4: Discover it $3.5k - Keep. Good rewards, no AF.
5: QuicksilverOne $1.5k - Close unless you get rid of the AF permanently or have it waived every year...or if it's far and away (by years) your oldest account.
6: Amex PRG - Keep if you spend a lot on it and can use MRs well for flights.
7: Amex Everyday $1k - Rewards are nothing amazing, but good if you need an extended warranty on something or if you don't trust a merchant.

Re: Cutting down the cards...

Anonymous — Sat, 28 Jul 2018 02:20:24 GMT

Initially I would say QS one and PRG to eliminate some annual fees. It is difficult to say without knowing about spending habbits and ages of accounts.

Re: Cutting down the cards...

UpperNwGuy — Sat, 28 Jul 2018 02:35:41 GMT

1: Capital one Venture $6k -- KEEP
2: Chase Amazon Prime $2k -- KEEP
3: Fidelity Rewards $1k -- KEEP
4: Discover it $3.5k -- KEEP
5: QuicksilverOne $1.5k -- CLOSE
6: Amex PRG -- CLOSE
7: Amex Everyday $1k -- KEEP

Re: Cutting down the cards...

Kforce — Sat, 28 Jul 2018 03:14:05 GMT

Re: Cutting down the cards...

Anonymous — Sat, 28 Jul 2018 03:53:40 GMT

@Kforce wrote:

We're are on the same page. LOL.

Re: Cutting down the cards...

wasCB14 — Sat, 28 Jul 2018 04:00:44 GMT

@Anonymous wrote:
We're are on the same page. LOL.

Keep an AF 1.5% card along with a no-AF 2% card?

If you know OP's finances from another thread, please share. To me, this would seem a peculiar course unless the QS1 is much, much older than the other cards or OP has gotten fees waived regularly.

Re: Cutting down the cards...

Anonymous — Sat, 28 Jul 2018 05:38:27 GMT

@wasCB14 wrote:
@Anonymous wrote:
We're are on the same page. LOL.
Keep an AF 1.5% card along with a no-AF 2% card?

If you know OP's finances from another thread, please share. To me, this would seem a peculiar course unless the QS1 is much, much older than the other cards or OP has gotten fees waived regularly.

Hello, wasCB14.

I don't think any of us know the OP's finances. We are just going of hypotheticals and personal experience here. That's all.

Re: Cutting down the cards...

Anonymous — Sat, 28 Jul 2018 08:38:44 GMT

Actually, the quicksilver is my oldest account, it’s about 3 years old... I really don’t mind the annual fees. $39 is actually not a lot. I’m actually hoping that i get an offer to PC it to a regular quicksilver.
As for the 2% fidelity that’s the one I use to pay all my bills.

Re: Cutting down the cards...

Anonymous — Sat, 28 Jul 2018 08:50:29 GMT

I try to rotate, Fidelity I use it for bills, nothing else... the Amazon Prime, mainly for amazon purchases.. I already have over 200$ in cash back this year alone.

As for my main, it’s most likely going to be the venture Rewards, as it’s a 2% technically.. gift cards and traveling .

Re: Cutting down the cards...

Anonymous — Sat, 28 Jul 2018 09:02:21 GMT

To be honest I would rather not close any account and instead just not use that CC - shelf it, lock it, shred it, whatever makes it not a bother anymore.

My reasons:

1. You seem to have started recently so any account you close will hit your Avg. Age, Total Credit and %Utilization.

2. I'm not sure about the Fidelity card but other than the Chase card all of them allow CLI via SP every 6 months which helps brings down %Utilization.

3. All your cards offer something either via quarterly 5%, Amazon 5%, etc. or like Venture contributing to your 50% credit.

Even if you don't use a card it can still work wonders to help in other ways.

Re: Cutting down the cards...

Anonymous — Sat, 28 Jul 2018 09:19:49 GMT

My spending habits are relatively small, I really don’t mind the annual fees, minus the PRG 😂 but I’m not sure what to do about it, close it or not, I get a few 10k points offers per year. The QS1 is my oldest account, it’s about 3 years. (I’m fairly new to credit cards)

Re: Cutting down the cards...

Anonymous — Sat, 28 Jul 2018 09:59:03 GMT

OP, how often do you use your Venture for flights?

Re: Cutting down the cards...

Shooting-For-800 — Sat, 28 Jul 2018 10:19:03 GMT

Why close any?

Could combine Cap Ones if you wanted.

Re: Cutting down the cards...

Anonymous — Sat, 28 Jul 2018 10:32:48 GMT

@Shooting-For-800 wrote:
Why close any?
Could combine Cap Ones if you wanted.

+1. This is not a bad idea, OP. If you use the Quicksilver more than the Venture, and you want to keep the Quicksilver for aging purposes, just have Capital One reallocate the Venture's limit to the Quicksilver. Then again, I am not sure whether the Venture gets a lot of use, or you even care about it that much.

Your call.