topic Re: Should I cancel my Visa Black Card? in Credit Cards

Should I cancel my Visa Black Card?

Anonymous — Sun, 02 Sep 2012 17:47:48 GMT

I just joined these forums and am looking for some educational opinions. My average limit among my credit cards is 5000 and Visa black had given me 15,000. I signed up for it because I needed the higher spending power. In the 5 months I've had it i have used around 40,000 and always pay off in full, have never carried a balance. I did not take it for the prestige. I took it because they said I would have a higher limit.

After reading on these forums I have realized it's frowned upon tremendously. That is why I decided to post to see if I should just cancel it or keep it for a little more time than cancel? My scores right now average 750.

If i would have known this card was so bad I wouldnt have bothered opening it and taking the hit. I do not mind the $400-$500 AF. Would American Express Platinum be a better choice? or somthing else possibly.

My biggest concern is if I cancel my Visa Black card my score might take a dump.

Thanks for any input.

Re: Should I cancel my Visa Black Card?

DVH1980 — Sun, 02 Sep 2012 17:52:48 GMT

Your score wont drop because you cancel it. If anything, your score dropped when you applied for it by taking the hit from the INQ and the reduction of time to your AAOA, getting another card will only compound this. I see no reason to let it go if you are ok with the AF. Its a nice limit and it doesnt seem like you are missing out on anything. Why exactly do you think its a terrible card to have?

Re: Should I cancel my Visa Black Card?

Anonymous — Sun, 02 Sep 2012 18:00:38 GMT

I thought I made a mistake by getting it because after I did some research into the card I have read more negative aspects than positive. It seems everybody on these forums as well as general google research turns up to show this card is a "show off card" and the AF is useless etc.

In terms of the card the only reason I did not mind it is because my limit.

My other cards limits:

Chase Platinum 2,700

Capital One 4,750

Fifth Third 3,900

Discover 2,900

BOA 4,400

Since Visa Black gave me 14,900 I realized this is a lot more realistic spending power so kept. As far as other features beyond that not sure if I can say it is good or bad. They provided me with a lounge club membership where I can use VIP lounges in airports and send me random small "luxury gifts". So far I have received a very nice Cross writing utensil with my name engraved in it. The card came in a nice box also.

Just trying to figure out if this is a good card to have or if I should go with AMEX Platinum etc?

Thanks again for your insight

Re: Should I cancel my Visa Black Card?

Razeus — Sun, 02 Sep 2012 18:08:13 GMT

I'd keep it. Don't worry about what the forums think. If the card works well for you and you don't mind the AF, so be it. It's your wallet, and not ours.

Re: Should I cancel my Visa Black Card?

DVH1980 — Sun, 02 Sep 2012 18:27:31 GMT

Im willing to bet that 99% or people who actually see the card wont know what it is and wont affect their image of you one way or the other. The other 1% who actually recognize a Visa Black card are probably credit hounds like us and would more oftern than not respect that fact that you have one.

If you're only concern for dropping it is the perceived image I would keep it. Its your highest CL, by a lot, and its a pretty nice card. I personally would be turned off by the AF but thats just me. Im sure if I was in a financial position to have a Black card the AF would not matter as much.

You should weigh the real benefits of the card vs other cards in its class if you're concerned with how it measures up, not by public perception.

Re: Should I cancel my Visa Black Card?

Anonymous — Sun, 02 Sep 2012 18:15:57 GMT

Wondeful and meaningful replies. I appreciate the honesty. You are right. It is a financial tool for me and the credit limit helps me a lot. Especially because I never want to go over the 40-50% mark of utilization. I guess I was too worries if I would be perceived the wrong way but that seems to be something I shouldn't even consider.

Re: Should I cancel my Visa Black Card?

DVH1980 — Sun, 02 Sep 2012 18:26:21 GMT

People who would speak negatively of it probably cant get one. Id be lying if I said there werent cards I want just to show off

Re: Should I cancel my Visa Black Card?

Razeus — Sun, 02 Sep 2012 18:33:55 GMT

@DVH1980 wrote:
People who would speak negatively of it probably cant get one. Id be lying if I said there werent cards I want just to show off

If I can get my hands on an AMEX Platinum....

Re: Should I cancel my Visa Black Card?

jsucool76 — Sun, 02 Sep 2012 18:34:52 GMT

I feel like the visa black card was more looked down upon before the CARD act, when some people were getting hit with the 495 AF and only getting 500-1000$ limits.

Re: Should I cancel my Visa Black Card?

Anonymous — Sun, 02 Sep 2012 18:43:46 GMT

It seems very in line with AMEX Platinum. I initially was debating to apply for either Visa Black or AMEX Platinum. When i looked at the two they seemed very similar, except AMEX gave you 25,000 bonus points for spending 2k (but those points could only be redeemed on airfare.

I pretty much ended up picking the Visa Black just because I thought the concept of carbon fiber was neat, however when I got it, it just felt like cheap plastic. I am still not discouraged because I like the limit considering my starting limit was tripple any limit I have now. I also never have to wait for an operator when I call.

I'm sure over all the Amex Platinum is still slightly a better card, especially since American Express has been around much longer and do carry the infamous Centurion Card.

Re: Should I cancel my Visa Black Card?

DVH1980 — Sun, 02 Sep 2012 18:50:10 GMT

No doubt the Amex wins in the prestige department. Since you seem to pay in full every month the fact that its a charge proabably doesnt bother you either. I guess thats the main difference for me. Even if I didnt plan on carrying a balance, its nice to know that I can should the need arise. Another plus to the Black is that its going to be accepted at more places than Amex.

Re: Should I cancel my Visa Black Card?

Anonymous — Sun, 02 Sep 2012 19:06:34 GMT

@Razeus wrote:
I'd keep it. Don't worry about what the forums think. If the card works well for you and you don't mind the AF, so be it. It's your wallet, and not ours.

Great advice, especially from a AMEX bigot (LOL).

Re: Should I cancel my Visa Black Card?

webhopper — Sun, 02 Sep 2012 19:47:05 GMT

I definately think you should keep the card! Don't worry about other peoples opinions. If its working for you just keep using it. you might also look at picking up an amex revolver such as Hilton or delta etc. Amex has very generous CLI policies and will likely be a good backup if you ever need one.

Re: Should I cancel my Visa Black Card?

Anonymous — Sun, 02 Sep 2012 20:11:28 GMT

The Amex Platinum is a better card than the Visa Black. It comes with more benefits and a better rewards program for a slightly lower annual fee. Amex charge cards can also have very high internal limits, so I wouldn't worry about losing spending power. You should probably consider switching. There can be some acceptance issues with Amex, but you could always just carry a backup Visa for those rare instances.

Re: Should I cancel my Visa Black Card?

DVH1980 — Sun, 02 Sep 2012 20:23:11 GMT

@koop10010, I thought about saying the same thing but the OP never mentioned having an issue with the current reward or benefits offering with his Black card. I guess it really comes down to if the OP thinks the Amex is worth having another INQ and hit to AAOA , for a few more benfits or points that he may or may not take advantage of anyways.

Re: Should I cancel my Visa Black Card?

Anonymous — Sun, 02 Sep 2012 20:52:04 GMT

@DVH1980 wrote:
@Anonymous, I thought about saying the same thing but the OP never mentioned having an issue with the current reward or benefits offering with his Black card. I guess it really comes down to if the OP thinks the Amex is worth having another INQ and hit to AAOA , for a few more benfits or points that he may or may not take advantage of anyways.

It's true that he'd have to take another inquiry and a AAoA hit, so he may not want to switch right away, I don't know. But, he is a heavy spender and he could be accumulating a lot of MR points that can be worth a lot more than the 1% cashback he's getting with the Black Card. Personally, I would go ahead and make the switch unless the OP is planning a loan application in the near future. I just want to let the OP know that there is a better card available for less money. If he doesn't want to take the, probably pretty small, FICO hit to switch, that's fine.

Re: Should I cancel my Visa Black Card?

youngandcreditwrthy — Sun, 02 Sep 2012 21:12:32 GMT

I'd go ahead and open the Amex Platinum, maybe they can waive the AF for the first year. I think that Amex would match your Visa Black, as far as the Amex 'hard limit' is concerned... If you end up liking Amex better, then you could cancel the Black.

Why not have both if possible though?! Lol :-)

Re: Should I cancel my Visa Black Card?

JonStur — Sun, 02 Sep 2012 21:26:51 GMT

Unless he's planning on a major purchase in the near future, he might not might getting another inq. Dont let others opinions affect you. No one knows how hard you worked or what it took to get to your station in life. Even if you did nothing, ignore someone who is willing to formutheirs negative opinion of you based on the credit card you pay with. By the way, I'm no snob, I feel this applies to someone paying with a Credit One card as well.

Re: Should I cancel my Visa Black Card?

ACsteel — Sun, 02 Sep 2012 21:38:20 GMT

If the AF doesn't bother you, and you like it, then what is the ?

Re: Should I cancel my Visa Black Card?

Anonymous — Sun, 02 Sep 2012 22:05:30 GMT

You all have provided plenty of good information to keep in mind. I agree with all of you. I plan to take another car loan by the end of the year so I think I will just stay clear of any inquiries for the rest of 2012 other than my car loan.

Now that I know this forums exists I will definitely research here before making any future financial decisions.

Considering I now have the Visa Black, Chase, 53 Bank, BOA, Capital One, Discover and Macy's CC I think I will just steer free of any other cards for some time. Among all the cards I have roughly 38k credit limit, which I always stay under 30% utilization.

Would it even be smart for me to open of any more CC's in the mere future? I already have 6 CC and one Department store card, which I feel is plenty. Not sure if their is a golden # to have.