topic Re: Cancel UBER CC? in Credit Cards

Cancel UBER CC?

CBartowski — Mon, 16 Dec 2019 02:53:55 GMT

Had the card for a year or 2 ish, it really serves zero purpose after the refit.Maybe a relationship with barclays?

But I don't plan on really using it much.

Thoughts?

Re: Cancel UBER CC?

Gunnerboy — Mon, 16 Dec 2019 03:15:12 GMT

Prior to its relaunch, this card was going to be the last one I app'd for before hitting the garden. I'm relieved that I waited. Having learned so much about Barclay's here, I would ditch it.

Re: Cancel UBER CC?

Anonymous — Mon, 16 Dec 2019 03:21:34 GMT

It looks to be a pretty small portion of your total CL, so I don't think it would affect your utiliization much if at all. I assume it wouldn't have a big impact on your age of credit either.

An unused card isn't much of a relationship to have. If one of their other cards is more useful to you, maybe apply for that one and use it.

Your decision, whether you keep it or cancel it, is one that will have little to no lasting impact on your credit score. It's kind of like my capital one QS. It's only a $300 limit and closing it might even increase my average age of credit, but I'll probably just leave it and see how long it takes them to close it themselves.

Re: Cancel UBER CC?

Anonymous — Mon, 16 Dec 2019 04:46:21 GMT

@Anonymous wrote:
It looks to be a pretty small portion of your total CL, so I don't think it would affect your utiliization much if at all. I assume it wouldn't have a big impact on your age of credit either.

An unused card isn't much of a relationship to have. If one of their other cards is more useful to you, maybe apply for that one and use it.

Your decision, whether you keep it or cancel it, is one that will have little to no lasting impact on your credit score. It's kind of like my capital one QS. It's only a $300 limit and closing it might even increase my average age of credit, but I'll probably just leave it and see how long it takes them to close it themselves.

Closing it will have zero impact on your AAoA until it falls off your report which is typically 10 years.

Re: Cancel UBER CC?

Anonymous — Mon, 16 Dec 2019 04:50:16 GMT

@CBartowski wrote:
Had the card for a year or 2 ish, it really serves zero purpose after the refit.Maybe a relationship with barclays?

But I don't plan on really using it much.

Thoughts?

The new rewards structure sucks. I have until late January to accumulate and cash out my rewards. I don't know if you can convert this to another card that they have but I am not the slightest bit interested in anything else that they offer.

Re: Cancel UBER CC?

Anonymous — Mon, 16 Dec 2019 05:23:27 GMT

I had the Uber Visa for about little over a Year.

With the rewards structure change it is useless for me as I don't use Uber.

Cancelling the Uber Card would depend on each individual but for me, I am cancelling it.

I recommend getting another card equal to your credit limit so that your utilization percentage will not be affected.

I was approved for the BofA Cash Rewards with the credit limit equal to my credit limit with Uber.

When I receive my card, I will be cancelling Uber.

Re: Cancel UBER CC?

staticvoidmain — Mon, 16 Dec 2019 14:55:33 GMT

I am keeping mine only to use it for wireless line bill payments. This is the only card I have that offers phone insurance (I'm not paying annual fee on it anyway).

Re: Cancel UBER CC?

Anonymous — Mon, 16 Dec 2019 05:43:40 GMT

Canceling mine. The new rewards redemption option is completely useless to me. Waste of a hard inquiry. Won't impact your credit that much.

Re: Cancel UBER CC?

Anonymous — Mon, 16 Dec 2019 05:44:42 GMT

I'd say sock drawer it and make a small purchase on it every few months. With no annual fee cards, I always recommend keeping them around as it will result in an overall lower credit utilization.

Re: Cancel UBER CC?

Anonymous — Mon, 16 Dec 2019 14:03:44 GMT

@Anonymous wrote:
I'd say sock drawer it and make a small purchase on it every few months. With no annual fee cards, I always recommend keeping them around as it will result in an overall lower credit utilization.

How much this is important depends on your profile. When you have "a lot" of cards, losing one, if it doesn't have an outsize CL, doesn't impact utilization in an important way. Then other factors come in to play.

Personally, I am keeping mine S/D, if they close they close, but from time to time Barclays does have some good cards (e.g Sallie Mae and yes, the original UBER) so if a PC is possible for the next good card, before it is nerfed, I'll be waiting!

Re: Cancel UBER CC?

Anonymous — Mon, 16 Dec 2019 15:34:31 GMT

@Anonymous wrote:
I'd say sock drawer it and make a small purchase on it every few months. With no annual fee cards, I always recommend keeping them around as it will result in an overall lower credit utilization.

I'd usually agree with you, but the OP has a total CL of 95,000. Changing that to 90,000 would have little effect.

However, cancelling a card requires a bit of effort (usually a phone call). Sock drawering it doesn't even require a sock drawer.

Re: Cancel UBER CC?

steelers1 — Mon, 16 Dec 2019 16:06:18 GMT

Even though the reward structure really sucks now my wife is keeping hers for the cell phone insurance. They have one of the best plans out there in regards to a credit card benefit. It saves us $480 per year. That alone is worth it to us.

Re: Cancel UBER CC?

Anonymous — Mon, 16 Dec 2019 16:16:30 GMT

@steelers1 wrote:
Even though the reward structure really sucks now my wife is keeping hers for the cell phone insurance. They have one of the best plans out there in regards to a credit card benefit. It saves us $480 per year. That alone is worth it to us.

I started doing that but as I dont use Uber I then switched to a card where I can still use the rewards from paying the cell phone bill (first REI WEMC which has $800 per event coverage and then Citizens which is the same benefit as Uber, but pays 5% till March then 1.8%)

Re: Cancel UBER CC?

MrDisco99 — Tue, 17 Dec 2019 15:28:13 GMT

I would hang onto it. You never know if they might change the benefits again for the better or extend you some special offer... or you could use move the limit to another Barclay product down the line if one comes up that's worth getting.

It's not costing you anything to keep it. No need to cancel.

Re: Cancel UBER CC?

SarahJo — Tue, 17 Dec 2019 16:03:41 GMT

@MrDisco99 wrote:
I would hang onto it. You never know if they might change the benefits again for the better or extend you some special offer... or you could use move the limit to another Barclay product down the line if one comes up that's worth getting.

It's not costing you anything to keep it. No need to cancel.

This exactly...with no AF what is there to lose? It's not a subprime card, and who knows what the future brings with the Uber card benefits/product change potential.

Re: Cancel UBER CC?

Anonymous — Tue, 17 Dec 2019 18:17:20 GMT

@SarahJo wrote:
@MrDisco99 wrote:
I would hang onto it. You never know if they might change the benefits again for the better or extend you some special offer... or you could use move the limit to another Barclay product down the line if one comes up that's worth getting.

It's not costing you anything to keep it. No need to cancel.
This exactly...with no AF what is there to lose? It's not a subprime card, and who knows what the future brings with the Uber card benefits/product change potential.

This type of discussion comes up very frequently! Basically, "What is there to lose" can be counterbalanced by "What is there to gain" with (IMO) small, weak, reasons on both sides.

What is there to lose:

a) Any active account needs to be monitored periodically. Yes, you can set transaction alerts but the very paranoid should also check that those are working from time to time! So a small time effort there.

b) i) If you sockdrawer permanently, the issuer may close anyway, negating any perceived benefit of keeping it.

ii) If you keep it alive with periodic small purchases or use a subscription, you are losing small amounts of rewards that could be on better cards (assuming the reason this card is up for consideration is that it doesn't have the best rewards!) If you don't use a subscription, that's an extra task you need to remember to do.

c) Extra stuff on your credit report. Wells Fargo recently rejected me with two reason codes, one being too many accounts on credit report. Yes, might not have been that real, but a data point...

What is there to gain:

a) Utilization padding

b) AAoA when a closed account would drop off

c) Potential ability to PC to more useful card with issuer if and when one appears and is PC'able.

a and b are much less important for those with thick files, the change may have 0 real-world impact. c) is somewhat speculative (such a card may never appear or being PCable from old) and applying for it directly might get a SUB.

So, again IMO, very much a matter of taste with almost no real impact for many. But both sides seem to feel that there are obviously right!

Re: Cancel UBER CC?

Anonymous — Tue, 17 Dec 2019 18:30:51 GMT

Lots of valid points

Personally I want to simplify my life, and I don’t need another credit card / app to monitor that I am not really using. I always thought the Uber card was ugly af anyway so I’m happy I’ll never have to see it in my wallet again.

Re: Cancel UBER CC?

SunriseEarth — Wed, 18 Dec 2019 01:43:34 GMT

@CBartowski wrote:
Had the card for a year or 2 ish, it really serves zero purpose after the refit.Maybe a relationship with barclays?
Thoughts?

I plan on keeping my Uber VS and SDing it. Maybe down the line, Barclay will add something to their lineup that I really like. Then I can app for the new card, and then close the Uber VS and reallocate my CL. Historically, Barclay has had really good BT offers, so maybe one will show up on my Uber VS.

Another reason I think SDing is a good idea is that it's good to have some cards you know will be zero balances.

Re: Cancel UBER CC?

SarahJo — Wed, 18 Dec 2019 02:38:59 GMT

@longtimelurker I don’t believe that any of us are saying we are “obviously right,” we are simply giving our thoughts and what we plan to do as Uber cardholders...which is just what the OP ask for. Everyone’s style of absorbing or rejecting product changes is, of course, different. However, hearing what those methods are can be very helpful. Whether it’s “what do you have to lose,” or “what do you have to gain,” only the cardholder can answer that after the information is gathered, just as you’ve found ;-)

Re: Cancel UBER CC?

Anonymous — Wed, 18 Dec 2019 02:50:45 GMT

@SarahJo wrote:
@longtimelurker I don’t believe that any of us are saying we are “obviously right,” we are simply giving our thoughts and what we plan to do as Uber cardholders...which is just what the OP ask for. Everyone’s style of absorbing or rejecting product changes is, of course, different. However, hearing what those methods are can be very helpful. Whether it’s “what do you have to lose,” or “what do you have to gain,” only the cardholder can answer that after the information is gathered, just as you’ve found ;-)

That comment wasn't meant for this thread particularly, just a general observation on when this subject of keeping a no-longer-useful no AF card comes up.