topic Re: Which cards should I keep? in Credit Cards

Which cards should I keep?

Anonymous — Fri, 21 Dec 2018 06:27:45 GMT

Hello,

Long time follower of this forum. I’ve learned so much by reading through threads on here. It’s helped me understand how the credit system works and how to maximize points. Before I get to my questions, here’s a few data points:

Fico 8: EQ-686, TU-718 and EX-702
1 mortgage, 1 auto loan and 8 credit cards, all in good standing
29 years old
AAoA- 2 years, 5 months
AoOA- 9 years, 6 months

I’ve had a little bit of an app-spree the last couple of months. I’m not sure what took me so long to look into the Uber Visa. I kept seeing it come up on here, I looked into it, applied and got an instant approval. Now that I have that, so many categories are covered by that one card. As for fuel and groceries, I have an AMEX BCE and PenFed Platinum, just in case.

Once I return stateside, those will be the 3 cards that I carry at all times. As for my others, I have a Citi Premier, Citi AAdvantage Platinum and a few others. My question for the forum is, should I cancel my Citi cards? I feel that the Uber Visa covers more than those two cards. I’ll be moving back to the DFW area and usually fly American but, the AA card doesn’t have very many worthwhile awards. Plus, my Citi cards are my only AF cards. I could just sock drawer them both, since I’ll be using other cards but, I feel that since they have an AF, they have become a waste. Thoughts?

My future plans are to garden until I come out of the 5/24 dungeon and then I’ll be applying for the Chase CSR and *possibly* the AMEX Platinum.

On a completely different note, I’m curious as to what everyone spends in a day, or even a week. I see a lot of posts on monthly and yearly spending, but never on shorter amounts of time. Some people make it seem like they swipe their cards every 15 minutes 🤪 Also, what is your favorite card, and why?

Sorry for the novel. I look forward to hearing back from y’all!

Re: Which cards should I keep?

Anonymous — Fri, 21 Dec 2018 08:39:40 GMT

Cards that have an AF

and

won’t severely hurt your utilization at the time you close them

and

aren’t your oldest tradeline

-are good candidates for cancelation.

Personally, I would call each company and try to see if I could PC the cards or get the fees waived before going the drastic route of cancelation versus SD but every situation is different.

My favorite card is my NFCU cashRewards - it ties my second highest CL, it’s a flat 1.5% cash back with no minimum to redeem, the Member Mall can save me even more money by giving me a minimum of an extra 1% cash back, and NFCU is an amazing credit union.

As for spend, I am actually not much of a big spender. One of my cards gets used at least once a week for groceries. Other than that, it’s bills and the occasional purchase here and there.

Welcome to MyFICO!

Re: Which cards should I keep?

Anonymous — Fri, 21 Dec 2018 10:06:19 GMT

Can you product change your oldest card to Citi DC? 2% everything $0 AF

Re: Which cards should I keep?

Anonymous — Fri, 21 Dec 2018 12:19:05 GMT

Im not sure if there is any benefit from citi you may need for activities like travels. e.g., delay/cancellation protection. If you won't be using any of those, sure, you can PC it to a DC, which is a great baseline cashback card.

Re: Which cards should I keep?

Anonymous — Fri, 21 Dec 2018 12:40:55 GMT

Don't close your Citi accounts, product change them (I'm thinking the Dividend card).

I think UR and MR are both easier to earn lots of points for than TY, especially if you can get business cards (namely Chase Ink Cash and Amex Blue Business Plus). The CSP/Freedom (plus Ink Cash)/Freedom Unlimited (or Amex BBP)/Amex Platinum/Amex Gold will give you the lion's share of both UR and MR points. I live in DFW. It's easy to make use of the Platinum and Gold's credits, but if you can get he BBP then you can still get solid MR accumulation.

You pay $190 in annual fees between your AA and Premier cards. A CSP is $95, and the Platinum is $550 with $500 in credits. The Platinum offers a lot of what the CSR offers over the CSP, and the upgrade to the CSR should be weighed against the option of adding the Amex Gold card to complement the Platinum. Otherwise you can go all in on Chase and just have the Amex Platinum for Centurion lounge access.

Re: Which cards should I keep?

CreditInspired — Fri, 21 Dec 2018 13:08:48 GMT

Hi OP
I’m one of the ones who swipe my cashback cards every 15 minutes 😂🤣. Why? For the cashback rewards!

I can count the times on one hand that I use cash or my debit card in a month. It’s extremely rare. And, I only swipe what I can PIF when payment is due.

I love redeeming money on the things I normally buy or pay for monthly anyway.

Ka-Ching. I hear the cash back adding up while I’m typing this.

Re: Which cards should I keep?

xaximus — Fri, 21 Dec 2018 14:01:05 GMT

Welcome to MyFico!

I would personally PC the cards to either the Dividend (if the 5% categories work out for you) or the Double Cash and then combine all the cards. Closing cards stay on your CR for upto 10 years so you should be okay in the AAoA dept.

Re: Which cards should I keep?

Anonymous — Fri, 21 Dec 2018 16:03:41 GMT

Thank you, for the reply! It does seem that the Chase and AMEX rewards systems are a little better than Citi. That was a main reason for me considering closing them. I don’t want to be spread out across 3 rewards systems. Don’t get me wrong, rewards are nice, but managing all of that would be a bit much.

I don’t require any business level cards. I’m currently in the military and will be going back home, once my service is up. What I have lined up won’t require a business card. I do want to get in with Chase, especially, for the CSR. It seems to be a great all around card. Whatever it can’t do, it seems the Platinum can. Not that I spend a great deal with my cards but, the access granted to a cardholder at the airport is very enticing.

I’ve seen where people mention doing a PC to the Double Cash. I had considered seeing if Citi would put both cards towards that one single card but, I find myself asking if I need another cash back card 🤷🏼‍♂️

Re: Which cards should I keep?

xaximus — Fri, 21 Dec 2018 16:46:28 GMT

@Anonymous wrote:
Thank you, for the reply! It does seem that the Chase and AMEX rewards systems are a little better than Citi. That was a main reason for me considering closing them. I don’t want to be spread out across 3 rewards systems. Don’t get me wrong, rewards are nice, but managing all of that would be a bit much.

I don’t require any business level cards. I’m currently in the military and will be going back home, once my service is up. What I have lined up won’t require a business card. I do want to get in with Chase, especially, for the CSR. It seems to be a great all around card. Whatever it can’t do, it seems the Platinum can. Not that I spend a great deal with my cards but, the access granted to a cardholder at the airport is very enticing.

I’ve seen where people mention doing a PC to the Double Cash. I had considered seeing if Citi would put both cards towards that one single card but, I find myself asking if I need another cash back card 🤷🏼‍♂️

Do you have a 2% CB card already? The other cards are category specific so for where they aren't providing the 2%+ CB, that's where the Double Cash would be useful. This is how I operate my CB. I have category specific cards that have the 5% and so forth, then for all the other spending that does not have a category specific card, I use the DC for.

Re: Which cards should I keep?

Anonymous — Fri, 21 Dec 2018 16:48:02 GMT

You can always go here https://www.thepointcalculator.com/Bank/UltimateRewardPoints/Chase-Sapphire-Reserve-Card , plunge in your own spending number and compare any card with CSR, and see which one fit your spending habit more.

You do need to keep in mind the average values of UR, MR and best way to use them.

Re: Which cards should I keep?

Anonymous — Fri, 21 Dec 2018 17:27:15 GMT

Well, my family and I will have a bit of a change, going from military to civilian life. I feel that our spending might even increase, due to more time being available to do things. Dining and travel are two of our biggest categories and with the added benefits of the CSR card itself, it seems that it will fit perfectly. Waiting on the 5/24 rule will be the worst part of the whole process.

I have seen plenty of posts on here, showing the differences between the Chase and AMEX rewards systems. It does seem that Chase has a lot more flexibility. That’s why I’d be applying for the CSR, before the Platinum. Obviously, having more than one card on a rewards system will add points up much faster. I see myself leaning towards the Chase Trifecta and just having the Platinum around for lounge access and whatever else isn’t covered by the CSR.

I might give Citi a call and see if I can PC both of my cards into a DC with the combined CL. I wonder how that conversation would go 🤔

Re: Which cards should I keep?

Anonymous — Fri, 21 Dec 2018 17:37:51 GMT

Excellent, CSR is a great card, very easy to get 325 credit out of AF and easy to redeem for cash or travel at good rate.

remember to garden afterwards!

Re: Which cards should I keep?

xaximus — Fri, 21 Dec 2018 18:44:04 GMT

@Anonymous wrote:
Well, my family and I will have a bit of a change, going from military to civilian life. I feel that our spending might even increase, due to more time being available to do things. Dining and travel are two of our biggest categories and with the added benefits of the CSR card itself, it seems that it will fit perfectly. Waiting on the 5/24 rule will be the worst part of the whole process.

I have seen plenty of posts on here, showing the differences between the Chase and AMEX rewards systems. It does seem that Chase has a lot more flexibility. That’s why I’d be applying for the CSR, before the Platinum. Obviously, having more than one card on a rewards system will add points up much faster. I see myself leaning towards the Chase Trifecta and just having the Platinum around for lounge access and whatever else isn’t covered by the CSR.

I might give Citi a call and see if I can PC both of my cards into a DC with the combined CL. I wonder how that conversation would go 🤔

I would reach out to Citi and convert one card to the Double Cash, then all the other cards, re-allocate all the limits to the Double Cash and close. They may have you wait until you receive the card before proceeding. (May or may not, upto CSR.)