topic Re: Spring cleaning? in Credit Cards

Spring cleaning?

redheadtempe36 — Wed, 23 Dec 2020 23:16:04 GMT

So I'm now up to 19 cards and two personal lines of credit which I'm thinking is a bit on the ridiculous side, so I'm looking for opinions on what to keep and what to close. I'm also wondering - should I "passively" close these (just don't use them and wait for them to close) or actually close them. I don't really mind them being open, but of course you have to watch them for fraud.

Most of my cards are pretty common so I won't go into most in detail

$10,600	Close? High APR so I would never carry a balance on this card, so not sure the high CL does a lot of good.	CP1 QS
$6,000	Lousy rewards. Close	US Bank Kroger
$2,400	Just opened	US Bank Altitude Go Visa
$15,000	3.25% APR. Keep	FNBO Prime
$7,000	Bank with WF. Keep	WF Cashwise Visa
$4,800	Just opened	BOA Visa
$5,000	Close now that I have Sapphire?	Chase United
$2,000	Keep	Chase Unlimited
$8,000	Just opened	Chase Sapphire
$4,900	Keep. I actually fly American	Citi AAdvantage
$8,500	Keep	Citi CostCo
$8,800	Close	Barclays Apple
$6,600	Keep	Discover
$1,750	Close	Walmart
$5,000	Keep for free financing	Paypal
$3,000	Close. Not sure why I even have this. Can transfer from Gold or everyday.	Amex Delta
$10,000	Close? Downgrade maybe?	Amex Everyday
$5,000	Keep for free financing	Amazon Synchrony
$15,000	Keep	ENT PLOC
$7,500	Keep	WF PLOC
N/A	It is between the Gold or the everyday	Amex Gold

I'm thinking I will probably move to more Chase in the future for my misc spend. I've always used my Amex in the past (and have a lot of points), but Chase seems a lot simpler to navigate.

The Capital one QS, United, and Amex Gold are my three oldest cards.

Just looking for some thoughts.

Re: Spring cleaning?

Anonymous — Wed, 23 Dec 2020 23:26:28 GMT

It would take a lot more information for anyone to give you some solid feedback.

No one knows what your spend patterns are by category, so we don't know which cards make sense for you. We also don't know what is important to you when it comes to cards. Maybe you value customer service, perks, credit limits, etc. For example, you referenced APR a couple of times, so that obviously matters to you. For me, I don't even know what the APRs are on my cards since I don't care about that factor in the slightest. It sounds like you've more or less already made some decisions based on what matters to you though since you've listed "close" for many of them, so I'd say just go with what you feel on that because no one knows better than you.

Re: Spring cleaning?

redheadtempe36 — Wed, 23 Dec 2020 23:32:57 GMT

Probably 75% of my spending is on food (80% groceries/20% take out). I like to travel, but obviously, this has been out for this year, and proably for at least half of 2021.

I rarely carry a balance ... now (), but I remember when I was carrying balances, the high APRs killed me a little every time I got a statement. Sometimes it is inevitible (for me), so I like to have cards that have low (or 0%) options.

I just seem (now that I'm looking at it) kind of all over the place (some cash back, some points). Just wondered what smarter people than I would think.

Re: Spring cleaning?

wasCB14 — Wed, 23 Dec 2020 23:34:17 GMT

I'm confused. Do you have the EveryDay (no AF) or the EveryDay Preferred ($95 AF)?

I got a bonus to re-upgrade my ED to an EDP but for me the Gold is a better value than the EDP (and I plan to downgrade my Platinum after a year).

I have a BBP for the off-category stuff, though, so don't need the 1.5x of EDP.

Re: Spring cleaning?

redheadtempe36 — Wed, 23 Dec 2020 23:38:36 GMT

I have the preferred. I don't really have issues with the benefits of the cards I have, but I can only spend so much money, so I don't know that I am really getting benefits from some. The Amex Everyday Preferred is a good example. I can hit the 30 transactions per month, but only if I use that card almost exclusively, which isn't always the best way to go.

@wasCB14 wrote:
I'm confused. Do you have the EveryDay (no AF) or the EveryDay Preferred ($95 AF)?

I got a bonus to re-upgrade my ED to an EDP but for me the Gold is a better value than the EDP (and I plan to downgrade my Platinum after a year).

I have a BBP for the off-category stuff, though, so don't need the 1.5x of EDP.

Re: Spring cleaning?

JNA1 — Wed, 23 Dec 2020 23:39:53 GMT

If 80% of your spend is groceries, I'd look into upgrading one the AMEX cards to the BCP. We use it primarily for 6% groceries, and have no issue meeting the $6K spend cap. Even with the $95 AF, it still nets 4.4% on groceries.

Re: Spring cleaning?

NoHardLimits — Thu, 24 Dec 2020 04:51:38 GMT

@JNA1 wrote:
If 80% of your spend is groceries, I'd look into upgrading one the AMEX cards to the BCP. We use it primarily for 6% groceries, and have no issue meeting the $6K spend cap. Even with the $95 AF, it still nets 4.4% on groceries.

The Amex Everyday Preferred and Delta cards cannot be upgraded to a Blue Cash Preferred. Upgrades/downgrades are only allowed within the same family of cards. Delta cards can only changed to other Delta cards. Everyday Preferred can be downgraded to Everyday.

What could be done is to apply for a BCP and then transfer credit limits from the existing two cards afterwards.

Re: Spring cleaning?

wasCB14 — Thu, 24 Dec 2020 05:04:35 GMT

@NoHardLimits wrote:
@JNA1 wrote:
If 80% of your spend is groceries, I'd look into upgrading one the AMEX cards to the BCP. We use it primarily for 6% groceries, and have no issue meeting the $6K spend cap. Even with the $95 AF, it still nets 4.4% on groceries.
The Amex Everyday Preferred and Delta cards cannot be upgraded to a Blue Cash Preferred. Upgrades/downgrades are only allowed within the same family of cards. Delta cards can only changed to other Delta cards. Everyday Preferred can be downgraded to Everyday.

What could be done is to apply for a BCP and then transfer credit limits from the existing two cards afterwards.

Though we have percentages, we do not have dollar figures. BCP is good at $6k of supermarket spend, but not $2k or $20k.

And if getting a new card, there are other options with great supermarket promos.

Re: Spring cleaning?

JNA1 — Thu, 24 Dec 2020 05:26:48 GMT

@wasCB14 wrote:
@NoHardLimits wrote:
@JNA1 wrote:
If 80% of your spend is groceries, I'd look into upgrading one the AMEX cards to the BCP. We use it primarily for 6% groceries, and have no issue meeting the $6K spend cap. Even with the $95 AF, it still nets 4.4% on groceries.
The Amex Everyday Preferred and Delta cards cannot be upgraded to a Blue Cash Preferred. Upgrades/downgrades are only allowed within the same family of cards. Delta cards can only changed to other Delta cards. Everyday Preferred can be downgraded to Everyday.

What could be done is to apply for a BCP and then transfer credit limits from the existing two cards afterwards.
Though we have percentages, we do not have dollar figures. BCP is good at $6k of supermarket spend, but not $2k or $20k.

And if getting a new card, there are other options with great supermarket promos.

Good point! Our yearly grocery spend is a little under $8K. We use the BCP in combination with the 5% quarter on groceries on my Discover It. This year, we also got a couple of months of 5 - 6% bonus points on my BBVA ClearPoints card, so we were covered all year with good percentages on one of our highest spend categories.

Re: Spring cleaning?

BearsCubsOtters — Thu, 24 Dec 2020 17:01:14 GMT

@redheadtempe36 wrote:
So I'm now up to 19 cards and two personal lines of credit which I'm thinking is a bit on the ridiculous side, so I'm looking for opinions on what to keep and what to close. I'm also wondering - should I "passively" close these (just don't use them and wait for them to close) or actually close them. I don't really mind them being open, but of course you have to watch them for fraud.

Most of my cards are pretty common so I won't go into most in detail

$10,600 Close? High APR so I would never carry a balance on this card, so not sure the high CL does a lot of good. CP1 QS
$6,000 Lousy rewards. Close US Bank Kroger
$2,400 Just opened US Bank Altitude Go Visa
$15,000 3.25% APR. Keep FNBO Prime
$7,000 Bank with WF. Keep WF Cashwise Visa
$4,800 Just opened BOA Visa
$5,000 Close now that I have Sapphire? Chase United
$2,000 Keep Chase Unlimited
$8,000 Just opened Chase Sapphire
$4,900 Keep. I actually fly American Citi AAdvantage
$8,500 Keep Citi CostCo
$8,800 Close Barclays Apple
$6,600 Keep Discover
$1,750 Close Walmart
$5,000 Keep for free financing Paypal
$3,000 Close. Not sure why I even have this. Can transfer from Gold or everyday. Amex Delta
$10,000 Close? Downgrade maybe? Amex Everyday
$5,000 Keep for free financing Amazon Synchrony
$15,000 Keep ENT PLOC
$7,500 Keep WF PLOC
N/A It is between the Gold or the everyday Amex Gold

I'm thinking I will probably move to more Chase in the future for my misc spend. I've always used my Amex in the past (and have a lot of points), but Chase seems a lot simpler to navigate.

The Capital one QS, United, and Amex Gold are my three oldest cards.

Just looking for some thoughts.

I kind of chuckled when you wrote that you are thinking you have too many cards, but just opened three. I mean, its not really funny and once everything settles is when one would realize that there are too many-I've been there. Just enjoyed that. Not making fun or criticizing at all.

I agree with all the cards you have already decided on. It looks like you have decided that Capital One, Chase United, Amex Everyday, Gold and Amex Delta are the remaining cards that you are having difficulty deciding on. And to add another layer, Capital One, Amex Gold and United are your longest held cards.

Just pointing out that even when closed, those old cards will stay on your bureaus for up to ten years, so it won't really hurt your AAoA until 10 years-and by then, your other cards will have aged to take the sting out.

-I would transfer your United credit line to your Unlmited card, and close United.

-I personally dispise Capital One and would take the opportunity to get rid of a card-and bank-that just isn't worth it

-Close Amex Delta, or downgrade to Delta Blue (no AF) if you want or need a place to bank your Delta points

-Amex Gold or Everyday...I would say if you spend a lot at the grocery store AND can get all of the Gold credits to reduce the AF, than I'd keep the Gold and get rid of Everyday. If you don't spend a lot at the grocery store (or have a better reward option) and just need to bank your Membership Reward points for a while, I'd keep Everyday (I think you have EDP-so downgrade to just Everyday) to bank your MR points for the future.

Re: Spring cleaning?

redheadtempe36 — Sat, 26 Dec 2020 23:00:02 GMT

Thanks Bearscubsotters.

I just wanted to run my "plan" by someone to see if I was missing anything obvious.

I requested that $3K be moved from my United Exploer to my Freedom Unlimited. I think the minimum for the United Explorer is $5K, so we will see.

Closed the Capital One cards (Quicksilver and Walmart) via automated call.

Requested that $2500 of my $3000 Delta card be transferred to my Everday preferred. Once it is, I will close the Delta.

I will wait until I receive the US Bank Altitude before I call and close the Kroger.

I still have a $2K balance on my Barclays (at 0% until 2022) so I will wait on that. I saw another post where they might be bought out, so I'll wait on that one until it is paid off, or it is bought out.

Like a lot of people I imagine, our oldest cards aren't really the best ones, so ... for me at least it was time.

Capital One has the no FTF but that was about it, and I have other cards with the same benefit. Capital One does not seem to be offering the 0% financing that Synchory did at Christmas time, so no point in keeping that either.

Re: Spring cleaning?

redheadtempe36 — Sun, 27 Dec 2020 19:32:10 GMT

Well just an update for future data points.

I could transfer credit from my United Explorer card bring it down to $2K, even though the minimum to open is $5K.

Closing Chase was easy enough via secure message.

Closing Capital One QS and Walmart were also easy enough online.

I had to call US Bank, and they were nice enough about it. I did have the excuse that I just opened a more useful US Bank card (Altitude Go).

I tried closing the Amex Delta via chat (after transferring as much credit as I could) and Amex "fought" me. Offered 10,000 miles to keep it open. Since I already paid the AF in October, I caved. I'll cancel it next year sometime.

I found it interesting that Amex was the only one to even try to keep my business.