topic Re: Close Chase Amazon? in Credit Cards

Close Chase Amazon?

kc12286 — Mon, 28 Mar 2011 16:41:46 GMT

I've asked about closing accounts in the past. I saw the sticky at the top, but here's my quandry.

I have a Chase Amazon with an APR at 29%, I'm sure Chase won't give an APR reduction, so should I close it once I pay it off.

As nice as the rewards can be, ($25 Amazon gift certificate) I can't see it being worth the high APR. I might do better with the Amazon store card. I've had the card since 2007, it doesn't have an AF, it just took for ever for me to start seeing a difference as I made payments.

Re: Close Chase Amazon?

MarineVietVet — Mon, 28 Mar 2011 17:27:11 GMT

@kc12286 wrote:
I've asked about closing accounts in the past. I saw the sticky at the top, but here's my quandry.

I have a Chase Amazon with an APR at 29%, I'm sure Chase won't give an APR reduction, so should I close it once I pay it off.
As nice as the rewards can be, ($25 Amazon gift certificate) I can't see it being worth the high APR. I might do better with the Amazon store card. I've had the card since 2007, it doesn't have an AF, it just took for ever for me to start seeing a difference as I made payments.

Once it's paid off the APR means absolutely nothing as long as you don't charge it up and carry a balance from month to month. The APR could be 100% but 100% of a zero balance is still zero. And since it doesn't have an AF just use it every few months to buy something small and pay it off as soon as it shows on the account.

Just my 2 cents but I see no reason to close this. But only you know all the details of your situation.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Close Chase Amazon?

DI — Mon, 28 Mar 2011 18:06:18 GMT

I had a Chase Amazon card back in 2007. I got approved at checkout while ordering something from Amazon. I got $30 substracted from order total. About a month later, Chase sent me a check for $75 to try one of its offering that I was able to cancel and it cost me nothing. The CL was on $500. In all, I made $105 from Chase and it didn't cost me anything. I later closed the card. Ha!!

Re: Close Chase Amazon?

kc12286 — Mon, 28 Mar 2011 18:21:13 GMT

Hah, nice. I saved the $30, but charged other stuff and (I believe) at some point must have gone over my limit. As far as I can tell I was never late with them, which is good, but my revolving credit was way too high. I paid down about $900 with taxes and that took a big chunk out of the balance. Hoping to have it paid off by the time I go back to school.

Re: Close Chase Amazon?

MS00000000 — Tue, 29 Mar 2011 19:39:10 GMT

@MarineVietVet wrote:
@kc12286 wrote:
I've asked about closing accounts in the past. I saw the sticky at the top, but here's my quandry.

I have a Chase Amazon with an APR at 29%, I'm sure Chase won't give an APR reduction, so should I close it once I pay it off.
As nice as the rewards can be, ($25 Amazon gift certificate) I can't see it being worth the high APR. I might do better with the Amazon store card. I've had the card since 2007, it doesn't have an AF, it just took for ever for me to start seeing a difference as I made payments.

Once it's paid off the APR means absolutely nothing as long as you don't charge it up and carry a balance from month to month. The APR could be 100% but 100% of a zero balance is still zero. And since it doesn't have an AF just use it every few months to buy something small and pay it off as soon as it shows on the account.

Just my 2 cents but I see no reason to close this. But only you know all the details of your situation.

I agree 100%...I have this card, and the APR is terrible, but the rewards are nice and if you don't carry a balance, there's no harm in keeping it open.

Re: Close Chase Amazon?

kc12286 — Tue, 29 Mar 2011 19:45:43 GMT

You're right, once it's paid off the APR is irrelevant. Someone suggested I start closing some of my cards and not open anymore, as they felt, there was no need to have more than 2 credit cards. I can't say I agree with that, because I've seen a few people mention that many companies like to see a mix of credit cards and other acounts.

Re: Close Chase Amazon?

austinguy907 — Tue, 29 Mar 2011 22:40:58 GMT

No AF = no harm / no foul APR = high (charge a utility to it and PIF) CL = leverage in keeping UTIL down Keep it and don't pay them any more $ than what the actual cost is Maybe look into a PC w/ Chase to a Freedom or something different that offers options. Fighting with them for a lower APR though is going to be futile in my experience. Reap the rewards and take advantage of them.

Re: Close Chase Amazon?

smc733 — Tue, 29 Mar 2011 23:46:59 GMT

@austinguy907 wrote:
No AF = no harm / no foul APR = high (charge a utility to it and PIF) CL = leverage in keeping UTIL down Keep it and don't pay them any more $ than what the actual cost is Maybe look into a PC w/ Chase to a Freedom or something different that offers options. Fighting with them for a lower APR though is going to be futile in my experience. Reap the rewards and take advantage of them.

I've tried tooth and nail to get my Amazon card converted to a Freedom, since this 18.24% APR (standard APR for platinum, signature (5k limit+) gets 13.24), but they say since it is a co-brand they cannot convert it. I may try the executive office number at some point.

Re: Close Chase Amazon?

kbell — Wed, 30 Mar 2011 03:37:41 GMT

I opened an Amazon card in 2004, made one purchase and left the card alone for 2 years, then closed it. I regret closing it now. I don't miss it, however, since I don't purchase a lot from Amazon. It is a card worth keeping if you already have it.

Re: Close Chase Amazon?

kc12286 — Wed, 30 Mar 2011 14:21:38 GMT

I already had Chase Freedom once before, which I closed and I'm still paying off (long story), so I don't want to try and convert. I should hopefully have this card paid off soon.