topic Re: Closed a few CC's today in Credit Cards

Closed a few CC's today

CreditCuriosity — Sat, 26 Aug 2023 00:21:30 GMT

So I did some purging and combining or PC's recently. I have way to many CC's so purged a decent amount for myself in some form. Here goes a small list of my pile of card.

1) Merill+(no longer offered so this was a ruff call) Closed had a CL of 45k. Move 35k of it to my Preferred rewards and let the rest just go with card as preferred rewards at 60k is plenty. Will kinda miss this card, but 1% was well 1%.

2) Penfed Pathfinder. 20k limit. Asked if could move any to PCR at 30k(grandfathered card) and the answer was no so closed it. Actually was coming out ahead yearly with this card as no AF due to checking with them and balances and used the travel credit for AA GC's, but never used otherwise, but once again was just clearing some stuff out and it didn't make the cut

3) 5/3rd Trio. 10k limit. simply put a $5 charge ever 3 to 6 months

4) Regions Cash rewards 1.5% card. 14k limit closed as didn't use either.

5) Amex Blue Cash 30k CL. Closed and didn't move any of the CL. Wanted to free up a slot for a future card as had 5 revolvers with them. They actually offered me $100 retention for 3k spend. Surprised on that actually, but still closed.

6) NFCU More Rewrds. Was back and forth on more rewards card w/nfcu was just going to close as don't use, but pc'ed to cash rewards card might eventually just PC to flagship and move 50k from platinum over to make a 80k card with them, but platinum use to be decent before APR increases due to feds.

Added one card being Best Buy that will get some use. So overall 5 cards closed and 1 opened and 1 pc'ed. I certainly likely will open others in future for bonuses or as needed if a great card just like I will continue to close cards. I have 2 Amex Delta cards plat/gold that will eventually get closed as well right before they hit two years old and a few others. If i never closed cards it would be a nightmare as still have approx 30 cards I believe and just getting more and more tired of putting a few dollars on each to keep them alive and having maybe 5-10 that use on a normal basis.

Re: Closed a few CC's today

JoeRockhead — Fri, 25 Aug 2023 23:58:11 GMT

My wife has more than 70 active CCs... It seems at times like a second job keeping up with all of it.. She's doing a purge this weekend. It will be interesting to see how many she actually shreds. Congratulations on cleaning out your wallet.

Re: Closed a few CC's today

AMJ50 — Sat, 26 Aug 2023 00:52:19 GMT

Have over 22 cards and it's getting to be nightmare. Every time I close a card, I open a new one. I've been getting cards I don't need, it's just a want at this point. Suppose to be gardening, not going well.

Re: Closed a few CC's today

Blender — Sat, 26 Aug 2023 01:12:47 GMT

@AMJ50 wrote:
Have over 22 cards and it's getting to be nightmare. Every time I close a card, I open a new one. I've been getting cards I don't need, it's just a want at this point. Suppose to be gardening, not going well.

lol

Been a lot of cleaning up lately around here. When I first got active in this, I said I'd open two new cards every year. I've kinda lost interest in that and just want a handful of a set up going forward.

Re: Closed a few CC's today

Jnbmom — Sat, 26 Aug 2023 01:20:44 GMT

@CreditCuriosity

Nice job cutting some loose .

Re: Closed a few CC's today

Jeffster1 — Sat, 26 Aug 2023 02:58:42 GMT

I'm seriously considering jettisoning Cap1 Walmart and WESCOM.Not really pleased with either.

Re: Closed a few CC's today

redpat — Sat, 26 Aug 2023 07:41:41 GMT

@CreditCuriosity, cut the fat and go mean and lean.

Lol, burn the fat to 10 cards by 5 reps a month.....Wait that might be too lean.

Re: Closed a few CC's today

FireMedic1 — Sat, 26 Aug 2023 11:54:46 GMT

Congrats @CreditCuriosity . Kicking 8 cards to the curb recently. Less to keep an eye on. Less desktop icons and phone apps. Mostly all the texts and emails that goes with it. Done.

Good soaking next week coming.

Re: Closed a few CC's today

CreditCuriosity — Sat, 26 Aug 2023 12:18:13 GMT

@FireMedic1 wrote:

Good soaking next week coming.

Hope I a not in the bullseye @FireMedic1 and is a TS at most

Re: Closed a few CC's today

reluctantgarden — Sat, 26 Aug 2023 15:45:29 GMT

@CreditCuriosity wrote:
@FireMedic1 wrote:

Good soaking next week coming.
Hope I a not in the bullseye @FireMedic1 and is a TS at most

Ditto! QQ on the BCE closure: Why didn't you transfer any CL to another card? I recently closed my Amex AMZN biz card because it was superfluous, couldn't get CLI'd, and to free up a slot. However, they still seem to counting it because my attempts to get a hotel card keep getting nixed based on having the maximum number of revolvers, even after accepting PUJ.

Re: Closed a few CC's today

swankytiger — Sat, 26 Aug 2023 16:13:58 GMT

congrats on the pruning, I am gonna be pruning some next year at annual fee time. Def closing 4 cards, toss up on another.

Re: Closed a few CC's today

CreditCuriosity — Sat, 26 Aug 2023 17:56:14 GMT

@reluctantgarden wrote:
@CreditCuriosity wrote:
@FireMedic1 wrote:

Good soaking next week coming.
Hope I a not in the bullseye @FireMedic1 and is a TS at most
Ditto! QQ on the BCE closure: Why didn't you transfer any CL to another card? I recently closed my Amex AMZN biz card because it was superfluous, couldn't get CLI'd, and to free up a slot. However, they still seem to counting it because my attempts to get a hotel card keep getting nixed based on having the maximum number of revolvers, even after accepting PUJ.

Didn't need the credit as all other cards with Amex are > 20k CL's so giving that up didn't hurt me at all w/regards to purchasing powe for what I need with a business card from Amex as dont carry balances and don't do 30k in purchases a month either on any business card and they allow you to go over regardless of limit if credit iis good and income etc

Re: Closed a few CC's today

Blender — Sat, 26 Aug 2023 22:50:45 GMT

Not much of a purge on my end, but I closed my AMEX green just now. It was great while i traveled for work, but no longer benefits me. None of the amex revolvers appeal to me either so I'll probably stay in the UR system with a new app sometime end of year.

Re: Closed a few CC's today

CreditCuriosity — Sat, 26 Aug 2023 23:48:16 GMT

@Blender wrote:
Not much of a purge on my end, but I closed my AMEX green just now. It was great while i traveled for work, but no longer benefits me. None of the amex revolvers appeal to me either so I'll probably stay in the UR system with a new app sometime end of year.

UR imo is so much more simple can make out very well if transfer etc to partners if not least they are worth is 1cpp vs amex is about .06 if cashed out and MR's you need a ph.d to make them work for you.

Re: Closed a few CC's today

DatBoiQuick — Sun, 27 Aug 2023 00:02:05 GMT

Seems like a good decision. No point to keeping them open.

Re: Closed a few CC's today

swankytiger — Sun, 27 Aug 2023 01:02:49 GMT

@CreditCuriosity wrote:

UR imo is so much more simple can make out very well if transfer etc to partners if not least they are worth is 1cpp vs amex is about .06 if cashed out and MR's you need a ph.d to make them work for you.

I mean the Charles Schwab Platinum lets you cash out at 1.1cpp, the morgan stanley at 1cpp, iirc a business plat lets you do 2?cpp. But yes still an annoying coupon book.

Also if actually doing travel you could try the BILT Mastercard as you get a lot of the same transfer partners but 0 annual fee, if you dont care about the ability to cash out.

Re: Closed a few CC's today

CreditCuriosity — Sun, 27 Aug 2023 01:53:43 GMT

@swankytiger wrote:

@CreditCuriosity wrote:
UR imo is so much more simple can make out very well if transfer etc to partners if not least they are worth is 1cpp vs amex is about .06 if cashed out and MR's you need a ph.d to make them work for you.
I mean the Charles Schwab Platinum lets you cash out at 1.1cpp, the morgan stanley at 1cpp, iirc a business plat lets you do 2?cpp. But yes still an annoying coupon book.
Also if actually doing travel you could try the BILT Mastercard as you get a lot of the same transfer partners but 0 annual fee, if you dont care about the ability to cash out.

Right coupon books are annoying and have had many Amex platinums before in my history. Just doesn't work for me personally as MR's as mentioned aren't enjoyable to me personally. Then the AF of what $650 a year and gotta find those coupons. Plat is a perk card quite simply to me and others. Bilt is a decent card, despite having 800+ scores and near 850 when applied last time for a WF card although not BILT card turned down for owing to much on CC which was a whopping < 1k so not truly the reason of denial just a reason as they saw I likely have 700-800k in personal credit and high scores and knew they wouldn't make a penny of interest off of me. One of those lenders that works for some and not others which I understand.

Re: Closed a few CC's today

swankytiger — Sun, 27 Aug 2023 02:13:06 GMT

Yea they just want to make money.

On your Delta cards, I would just close them too mostly cause of how bad delta treats their FF program. At this point Im not going to mess with cards that arnt cash back or transferable points. My Hilton card is likely gonna be gone as soon as i use all my points. Im on the ill stay at the place that has the best deal or ill fly the airline with the best deal, brand loyalty isnt valued by the brands in the US(overseas it kinda is). Mostly cause I just dont travel or fly enough to be in one ecosystem. About the only cobrand card that I feel is worth it is my United Gateway and that is just to unlock the extra cheap saver points rates.

Re: Closed a few CC's today

MarkintheHV — Sun, 27 Aug 2023 10:19:58 GMT

@JoeRockhead wrote:
My wife has more than 70 active CCs... It seems at times like a second job keeping up with all of it.. She's doing a purge this weekend. It will be interesting to see how many she actually shreds. Congratulations on cleaning out your wallet.

Let us know how the purge went @JoeRockhead

Re: Closed a few CC's today

MarkintheHV — Sun, 27 Aug 2023 12:17:33 GMT

I used to keep the herd thin, but lately, I have been accumulating business cards for the churn, but I will start closing them in October (gotta wait a year first). All my personal cards are in my signature and I think the Amex Platinum is going to be downgraded to gold. I dont like the changes AmEx is making to their plat product.