topic Re: What is your oldest card with annual Fee and why have you kept it open? in Credit Cards

What is your oldest card with annual Fee and why have you kept it open?

NaaryalHead — Sun, 21 Apr 2019 22:49:55 GMT

I'm curious. What is yalls oldest credit card that has an annual fee and what's your reason to keep it open?

I'll go first. I got a secured Bofa card and didn't realize it had an annual fee. It graduated and now is my highest CL card and one of my oldest. I intend to keep it open just because it contributes to my AAoA as well as keep my overall credit util percentage low.

My other card is a Cap one QS1. The one with an annual fee. Made a newbie mistake and signed up for the one variant rather than regular QS. Even though I had no new inquiries for almost a year and good score and could've gotten the non AF one if not for my mistake. I intend to use keep it open for a year or two and close it if cap one doesn't PC it.

My latest card the Citi Premier has a $95 AF. Ima keep it because of the 3.25X points per dollar if you redeem it for airfare and the nice SUB of 50,000 points.

Re: What is your oldest card with annual Fee and why have you kept it open?

Anonymous — Sun, 21 Apr 2019 22:57:47 GMT

I don’t have any cards with an AF and it’s very unlikely that I will get any unless I can easily earn more than the AF and more than I would earn using one of my cash back cards but for your QS1, have you been checking the PC link? It may not have QS but even a PC to Venture One gets you out of the AF and you can PC again in 6 months.

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade

Re: What is your oldest card with annual Fee and why have you kept it open?

Shooting-For-800 — Sun, 21 Apr 2019 23:07:25 GMT

Cap One Venture = $59 AF: 12% apr and $30k limit and 2% cash back. I got grandfathered into lower AF and got a $400 sub.

I also got grandfathered into Savor with no AF so I have no issue paying $59 per year total for two great cards with great credit lines.

Cap One has treated me like a king since I started my rebuild, so I will stay loyal as long as it makes sense.

Re: What is your oldest card with annual Fee and why have you kept it open?

Anonymous — Sun, 21 Apr 2019 23:07:47 GMT

My only card with an AF is the Cap1 QS1. It was a mistake and one that I will only put up with for one year.
While trying to increase my credit scores, I went for the low hanging fruit and was just happy to have something in my wallet.
None of my other cards have an AF.
Have you tried calling BofA to see if they will waive the AF or can PC the card to something without an AF?

Re: What is your oldest card with annual Fee and why have you kept it open?

AverageJoesCredit — Sun, 21 Apr 2019 23:45:10 GMT

Spg/Bonvoy 2 months old, kept open cuz its still a baby

Re: What is your oldest card with annual Fee and why have you kept it open?

pinkandgrey — Sun, 21 Apr 2019 23:51:50 GMT

I have no AF cards. I just don’t like the idea of spending money just to HAVE a credit card. I know I’m not really answering your question lol Sorry about that

Re: What is your oldest card with annual Fee and why have you kept it open?

Anonymous — Mon, 22 Apr 2019 00:36:18 GMT

@pinkandgrey wrote:
I have no AF cards. I just don’t like the idea of spending money just to HAVE a credit card. I know I’m not really answering your question lol Sorry about that

But.... you are not spending money JUST to have a credit card (unless you have made a very bad choice, like First Premier!) The fee makes sense if the reward - the fee > net reward of any other card that you could reasonably get.

The BCP is a good example of this for a certain subset, you prepay a fee and, under certain well understood conditions, you get more back than you would on the grocery spend than using another card. If you don't spend enough, or use different stores, then not.

Like prepaying mortgage points, it makes sense in some situations, not in others. But I wouldn't say you should never pay points just to get a mortgage. Sometimes it's the right thing to do.

Re: What is your oldest card with annual Fee and why have you kept it open?

kats_rebuild — Mon, 22 Apr 2019 01:06:10 GMT

My oldest annual fee card is a CSR $450 annual fee. I have had it for 2 years. I will keep it until I no longer get value out of it. I typically only have one annual fee card at a time, but I just applied for and was approved for a Marriott Bonvoy Brilliant. I will likely only keep this card for a year after racking up some points.

Re: What is your oldest card with annual Fee and why have you kept it open?

UpperNwGuy — Mon, 22 Apr 2019 01:34:04 GMT

I have had five cards with annual fees:

-- Citi AAdvantage 1991-2012 (closed because United replaced American as my primary airline)

-- American Express Green Card 2012-2016 (closed because I found little use for MR points)

-- Chase United Club Card 2012-2016 (downgraded to Chase United Explorer)

-- Chase United Explorer 2016-present

-- Chase Sapphire Reserve 2016-present

I've kept the United Explorer and the CSR open because I make one or two trips to Europe each year. I live in a United hub and always fly United to Europe. The United Explorer provides several benefits (perks) that I value more than the annual fee. The CSR earns 3x points for all my travel and dining expenses, and I transfer these points to United miles for award tickets.

Re: What is your oldest card with annual Fee and why have you kept it open?

NRB525 — Mon, 22 Apr 2019 01:34:11 GMT

Specific card, oldest continuous card with an AF is Diners Premier. Opened in Oct or Nov 2014. I keep it open because:

1) It is made of Unobtainium, much more exclusive than all these new metal cards that anyone can get.

2) It is Chip+PIN, and Contactless and works with both those features in more advanced countries I visit, outside the behind-the-times US.

3) It has easy lounge access included for only $95 per year.

4) It can contribute points to many frequent flyer and hotel programs, including Alaska Airlines.

As a card family, my oldest AF card is some form of AMEX Delta, starting in March 2013 with the Delta Gold at $2k. Currently evolved (through new apps) to a Delta Reserve because of the included Delta lounge access, free bags, and companion pass.

Re: What is your oldest card with annual Fee and why have you kept it open?

UpperNwGuy — Mon, 22 Apr 2019 01:42:15 GMT

@pinkandgrey wrote:
I have no AF cards. I just don’t like the idea of spending money just to HAVE a credit card. I know I’m not really answering your question lol Sorry about that

Nobody should pay a fee just have a credit card. However, if you pay a fee and earn miles, points, or cash that exceed the fee, then you are spending money to earn even more money. My rule is that, not only must the card's earnings repay the fee, but they must also exceed what I could earn on a no-fee 2% cash back card. For example, the no-fee cash back card beats the CSR if annual spending on travel and dining is less than $6,000 a year. I spend $8000-10,000 a year on travel and dining, so the CSR, despite its annual fee, is a better deal for me than a no-fee 2% cash back card.

Re: What is your oldest card with annual Fee and why have you kept it open?

Blackswizz750 — Mon, 22 Apr 2019 03:18:44 GMT

I have a QS1 from Jan 16. Was first card after almost 8 years at the time. I put a few grand enough to break past the 39 AF. Keep it for small purchases now.

Re: What is your oldest card with annual Fee and why have you kept it open?

ChargedUp — Mon, 22 Apr 2019 01:48:24 GMT

Amex Gold card opened in 2017 as a PRG. Feeding a family with 5 kids, I easily overcome the AF with 4X MR's on groceries alone. Cheesecake Factory once a month is another treat.

My CSP (since 2017) is working together with FU for general spend, dining out and when the wife needs a rental car in her travels. I'm currently looking for UR's more than MR's but by the time we can take a vacation I'll have plenty of both

Re: What is your oldest card with annual Fee and why have you kept it open?

Revelate — Mon, 22 Apr 2019 01:50:42 GMT

I don't quite agree with the nobody should pay a fee just to keep a card open theory.

I flippantly talk about my Zync (opened 9/12, closing in on the 7 year mark) and not giving it up till Amex takes it away from me (and it has a $25 AF) as it is basically a unicorn now; however, there's also a coldly rational pragmatism to it:

The odds that Amex ever takes it away from me unless I file for BK is virtually zip / zero / nada, and the $25 is absolutely irrelevant.

I have a few accounts of which I'm hoping to keep one of them open basically forever, a BOFA card opened 10/11, DCU secured card 2/12, and the Zync at 9/12... I want a tradeline anchor, and while I possibly won't need it the fact is a downturn in the credit market is basically inevitable at some point, and actually probably multiple times throughout the rest of my life, so if I can manage to keep one of these cards open throughout it all, it is an absolute win credit wise.

Ultimately the GSE's seem to be in no hurry to change their UW guidelines, and until they do I'm sticking with my plan... more modern algorithms don't need this, but to max out the older mortgage scores, best to have some oldies laying around.

Re: What is your oldest card with annual Fee and why have you kept it open?

wasCB14 — Mon, 22 Apr 2019 02:00:34 GMT

I closed PRG and PCed CSP to CFU.

That leaves my $49 IHG for the renewal night.

Re: What is your oldest card with annual Fee and why have you kept it open?

Anonymous — Mon, 22 Apr 2019 04:29:47 GMT

I think my PRG is my oldest AF card, but they are relatively close in age for the most part. That and my Platinum Delta are the only cards I pay $195 yr, everything else is <$100. I really want the CSR but I'm LOL/24 so I've been waiting for the next 100k SUB to pick up the Platinum to have alongside my PRG. I don't use all of them but they all give me perks that I need in my life like preferred boarding, hotel status/nights, etc. The only AF cards I've closed have been the BCE (rewards didn't justify the AF) and the Barclays AAdvantage (because I also have the Citi AAdvantage).

When all is said and done I would like to try and keep my AF costs below $3k per year in total.

Re: What is your oldest card with annual Fee and why have you kept it open?

Watchmann — Mon, 22 Apr 2019 19:30:20 GMT

I have an AMEX Gold Card that I've had continuously since 1980, that's my oldest trade line. I also have a platinum Optima card (no longer issued) which has a CL of $64k. Those two accounts dated 1980 have a huge effect on my AAoA calculation. No way am I going to dump them at this point. I've asked AMEX a few times if they could comp me the AF and they almost always refuse but a few years ago they did remove the fee. But AMEX really likes to hold on to the AF revenue.

Re: What is your oldest card with annual Fee and why have you kept it open?

pinkandgrey — Mon, 22 Apr 2019 22:56:56 GMT

@UpperNwGuy wrote:
@pinkandgrey wrote:
I have no AF cards. I just don’t like the idea of spending money just to HAVE a credit card. I know I’m not really answering your question lol Sorry about that
Nobody should pay a fee just have a credit card. However, if you pay a fee and earn miles, points, or cash that exceed the fee, then you are spending money to earn even more money. My rule is that, not only must the card's earnings repay the fee, but they must also exceed what I could earn on a no-fee 2% cash back card. For example, the no-fee cash back card beats the CSR if annual spending on travel and dining is less than $6,000 a year. I spend $8000-10,000 a year on travel and dining, so the CSR, despite its annual fee, is a better deal for me than a no-fee 2% cash back card.

Totally. I just don’t always spend enough on any particular card to make up for high fees. If I had and used only one or two cards, then I would consider it. But for simplicity’s sake I just avoid the fees.

Re: What is your oldest card with annual Fee and why have you kept it open?

Anonymous — Mon, 22 Apr 2019 23:33:44 GMT

My oldest AF card is probably my Citi Plat that I got back in 2017. I have racked up around 7 since then. It is kinda crazy paying for a credit card but if you actually use all the benefits to get more value you are actually profiting. With that being said, I do plan to get down till 1 or 2 in the near future.

Re: What is your oldest card with annual Fee and why have you kept it open?

NaaryalHead — Mon, 22 Apr 2019 23:35:03 GMT

I've always wondered about what's a good way to ask for the AF waiver when calling the CCC. Anyone for any tips?

I have 2x $40 AF coming up soon._.