topic Re: Best way to cancel cash back visa? in Credit Cards

Best way to cancel cash back visa?

Anonymous — Fri, 03 Jan 2020 17:45:50 GMT

I have 1.5% cash back visa from Wells Fargo. The credit card is about two years old with a $1000 limit. I don't like this card because of the low limit and you need to spend just under $1700 before you can redeem your cash back.

Should I keep the card and just not use it or cancel it? If I cancel it will it adversely affect my credit score? If it does adversely affect my credit score can it be cancelled without it adversely affected my credit score?

Re: Best way to cancel cash back visa?

RSX — Fri, 03 Jan 2020 17:50:27 GMT

Does it have an Annual Fee? If so, definitely cancel it

if you can't use it and the CL is below $5k, those are an easy cancel for me.

The Age of it will stay on your report for 10 years. So you shouldn't see any score drop

Re: Best way to cancel cash back visa?

Anonymous — Fri, 03 Jan 2020 17:50:37 GMT

@Anonymous wrote:
I have 1.5% cash back visa from Wells Fargo. The credit card is about two years old with a $1000 limit. I don't like this card because of the low limit and you need to spend just under $1700 before you can redeem your cash back.

Should I keep the card and just not use it or cancel it? If I cancel it will it adversely affect my credit score? If it does adversely affect my credit score can it be cancelled without it adversely affected my credit score?

Do you have other cards with higher limits? The card will still report for years if you close it, but will closing it lower your overal credit line?

If a card has no annual fee, no reason not to sock drawer it even if you have no use for it.

Re: Best way to cancel cash back visa?

thornback — Fri, 03 Jan 2020 17:55:59 GMT

Have you tried requesting a limit increase?

You can cancel it if you want - accounts closed in good standing will remain on your reports for up to 10 years, during which time it will continue to age and factor into the overall age of your accounts - so closing won't have an immediate effect on age factors.

However, you will lose the $1k credit line so, depending on your current usage on other accounts, this could cause your utilization to spike resulting in a point loss if it rises above a utilization threshold for scoring. This would be rectified by paying other balances down. If your utilization is already low, then closing would have no effect on utilization.

You could also just keep it open - if there is no annual fee, then there's no harm in keeping it alive by putting a small charge on it every few months.

Re: Best way to cancel cash back visa?

M_Smart007 — Fri, 03 Jan 2020 19:40:48 GMT

@Anonymous wrote:
I have 1.5% cash back visa from Wells Fargo. The credit card is about two years old with a $1000 limit. I don't like this card because of the low limit and you need to spend just under $1700 before you can redeem your cash back.

Should I keep the card and just not use it or cancel it? If I cancel it will it adversely affect my credit score? If it does adversely affect my credit score can it be cancelled without it adversely affected my credit score?

It sounds like the cash wise 1.5% Visa w/no annual fee.

I would keep it open and put a small charge on it every 6 months to keep it alive. (especially if it is an older card on your file)

Unless you have a lot of cards to manage?

Re: Best way to cancel cash back visa?

Anonymous — Fri, 03 Jan 2020 23:07:30 GMT

If you have other decent cards, and this one is no use, I would close it. IMO, no need to "keep alive" (by making occasional purchases) a card with a $1K limit that's just two years old.

On the other hand, if your file is thin and new, best to keep until your file is older.

Re: Best way to cancel cash back visa?

AlpedHuez — Fri, 03 Jan 2020 23:33:42 GMT

I also have a WF credit card with a puny limit that I got when I was in college. It hasn't grown with me, but I keep it because it is my oldest card by far. My suggestion is to keep it because WF is currently one issuer that forgives small balances when a statement cuts, so I only use it for that purpose and I gain a small GC (Amazon) over the course of a year for free just for using the card once a month.

Re: Best way to cancel cash back visa?

Anonymous — Sat, 04 Jan 2020 03:59:50 GMT

Any chance the Propel would be useful? I have no idea if Wells allows PC to Propel. If it would be useful, and they do PC to Propel, you could request a PC, and ask for a CLI to go with it, because a travel card needs room for use when away. The worst that could happen is a no.

Re: Best way to cancel cash back visa?

Anonymous — Sat, 04 Jan 2020 07:57:29 GMT

@Anonymous wrote:
I have 1.5% cash back visa from Wells Fargo. The credit card is about two years old with a $1000 limit. I don't like this card because of the low limit and you need to spend just under $1700 before you can redeem your cash back.

Should I keep the card and just not use it or cancel it? If I cancel it will it adversely affect my credit score? If it does adversely affect my credit score can it be cancelled without it adversely affected my credit score?

It is the Wells Fargo Cash Wise credit card. It has no AF. I do have better credit cards that I prefer to use.

Re: Best way to cancel cash back visa?

Mv350 — Sat, 04 Jan 2020 14:10:22 GMT

@Anonymous wrote:
@Anonymous wrote:
I have 1.5% cash back visa from Wells Fargo. The credit card is about two years old with a $1000 limit. I don't like this card because of the low limit and you need to spend just under $1700 before you can redeem your cash back.

Should I keep the card and just not use it or cancel it? If I cancel it will it adversely affect my credit score? If it does adversely affect my credit score can it be cancelled without it adversely affected my credit score?
It is the Wells Fargo Cash Wise credit card. It has no AF. I do have better credit cards that I prefer to use.

I have my platinum card through WF that has a $300 limit. It was a secured that graduated after 33 months. I have no plans on closing it, the annual fee went away when it graduated, but I'll let it age, until they decide to close it. I keep an eye on it, easy enough because I have a different WF card I use for my Costco trips. When I'm in the app it's already there to make sure no random charges have shown up.

Re: Best way to cancel cash back visa?

Anonymous — Sat, 04 Jan 2020 14:22:10 GMT

@Mv350 wrote:
@Anonymous wrote:
@Anonymous wrote:
I have 1.5% cash back visa from Wells Fargo. The credit card is about two years old with a $1000 limit. I don't like this card because of the low limit and you need to spend just under $1700 before you can redeem your cash back.

Should I keep the card and just not use it or cancel it? If I cancel it will it adversely affect my credit score? If it does adversely affect my credit score can it be cancelled without it adversely affected my credit score?
It is the Wells Fargo Cash Wise credit card. It has no AF. I do have better credit cards that I prefer to use.
I have my platinum card through WF that has a $300 limit. It was a secured that graduated after 33 months. I have no plans on closing it, the annual fee went away when it graduated, but I'll let it age, until they decide to close it. I keep an eye on it, easy enough because I have a different WF card I use for my Costco trips. When I'm in the app it's already there to make sure no random charges have shown up.

You can set text alerts for charges over $1. Those work great for most cards. I've had 1 pop up on 2 cards that left me with "Huh"? They weren't mine and I got immediate notification to shut it down.

Re: Best way to cancel cash back visa?

Mv350 — Sat, 04 Jan 2020 14:51:26 GMT

@Anonymous wrote:
@Mv350 wrote:
@Anonymous wrote:
@Anonymous wrote:
I have 1.5% cash back visa from Wells Fargo. The credit card is about two years old with a $1000 limit. I don't like this card because of the low limit and you need to spend just under $1700 before you can redeem your cash back.

Should I keep the card and just not use it or cancel it? If I cancel it will it adversely affect my credit score? If it does adversely affect my credit score can it be cancelled without it adversely affected my credit score?
It is the Wells Fargo Cash Wise credit card. It has no AF. I do have better credit cards that I prefer to use.
I have my platinum card through WF that has a $300 limit. It was a secured that graduated after 33 months. I have no plans on closing it, the annual fee went away when it graduated, but I'll let it age, until they decide to close it. I keep an eye on it, easy enough because I have a different WF card I use for my Costco trips. When I'm in the app it's already there to make sure no random charges have shown up.
You can set text alerts for charges over $1. Those work great for most cards. I've had 1 pop up on 2 cards that left me with "Huh"? They weren't mine and I got immediate notification to shut it down.

Done and done 👍 thank you for that!

Re: Best way to cancel cash back visa?

SouthJamaica — Sat, 04 Jan 2020 17:46:27 GMT

@Anonymous wrote:
I have 1.5% cash back visa from Wells Fargo. The credit card is about two years old with a $1000 limit. I don't like this card because of the low limit and you need to spend just under $1700 before you can redeem your cash back.

Should I keep the card and just not use it or cancel it? If I cancel it will it adversely affect my credit score? If it does adversely affect my credit score can it be cancelled without it adversely affected my credit score?

I would need to know what other cards you have, what their limits are, and what your aggregate utilization is, in order to answer your questions.