topic Re: To close or not to close in Credit Cards

To close or not to close

Anonymous — Wed, 19 Mar 2008 12:18:29 GMT

Ok I have ONE card with an annual fee. The BB rewards MC. Coming up on that time the annual fee is 39.00 but over the year I have managed to reap a whole lot more than 39.00 in rewards. The problem is ,I can't decipher how much was from the MC usage and how much from the store card usage. A few hundred bucks at least. I had them waive it the first year before activation and two years of reporting history looks a lot better than one.

To close or not to close?

Re: To close or not to close

orl2185 — Wed, 19 Mar 2008 12:38:50 GMT

Brammy wrote:
Ok I have ONE card with an annual fee. The BB rewards MC. Coming up on that time the annual fee is 39.00 but over the year I have managed to reap a whole lot more than 39.00 in rewards. The problem is ,I can't decipher how much was from the MC usage and how much from the store card usage. A few hundred bucks at least. I had them waive it the first year before activation and two years of reporting history looks a lot better than one.

To close or not to close?

Mod, read on a few post about you loving BB I believe you bought a refrigerator not sure if I'm correct. Might as well stay with it. Give it another year of reporting,

Re: To close or not to close

MidnightVoice — Wed, 19 Mar 2008 12:47:52 GMT

I have one card with an AF - my Chase United airmiles card. I prbably break even of make a profit, but I am keeping it because every one of my cards serves a very specific purpose. This one actually serves two - it is my "keep track of charitable donations in one place" card, and also my "transfer money to the bottomless pit (AKA Dear Daughter)" card.

Re: To close or not to close

Anonymous — Wed, 19 Mar 2008 12:53:51 GMT

orl2185 wrote:

Brammy wrote:

Ok I have ONE card with an annual fee. The BB rewards MC. Coming up on that time the annual fee is 39.00 but over the year I have managed to reap a whole lot more than 39.00 in rewards. The problem is ,I can't decipher how much was from the MC usage and how much from the store card usage. A few hundred bucks at least. I had them waive it the first year before activation and two years of reporting history looks a lot better than one.

To close or not to close?

Mod, read on a few post about you loving BB I believe you bought a refrigerator not sure if I'm correct. Might as well stay with it. Give it another year of reporting,

Super Contributor maybe YOU should read my previous posts and realize the card I love is the Store card not he MC and the purchase was a dishwasher and Xmas presents. Oh and YES I do love BB. Love dillards too bit what does that have to do with the issuer.

Message Edited by Brammy on 03-19-2008 08:53 AM

Re: To close or not to close

orl2185 — Wed, 19 Mar 2008 13:23:21 GMT

Brammy wrote:

orl2185 wrote:

Brammy wrote:
Ok I have ONE card with an annual fee. The BB rewards MC. Coming up on that time the annual fee is 39.00 but over the year I have managed to reap a whole lot more than 39.00 in rewards. The problem is ,I can't decipher how much was from the MC usage and how much from the store card usage. A few hundred bucks at least. I had them waive it the first year before activation and two years of reporting history looks a lot better than one.

To close or not to close?

Mod, read on a few post about you loving BB I believe you bought a refrigerator not sure if I'm correct. Might as well stay with it. Give it another year of reporting,

Super Contributor maybe YOU should read my previous posts and realize the card I love is the Store card not he MC and the purchase was a dishwasher and Xmas presents. Oh and YES I do love BB. Love dillards too bit what does that have to do with the issuer.

Message Edited by Brammy on 03-19-2008 08:53 AM

LOL, I stand corrected...

Re: To close or not to close

Anonymous — Wed, 19 Mar 2008 15:14:32 GMT

Brammy, you have the store card. And you receive reward points from it. And you have the M.C. card with an A/F, which you also receive reward points. As far as that goes, why have 2 cards that give you points from the same store. Especially if the M.C. is costing you money in A/F fees?

I'd say if it won't hurt your utils to much, close the M.C. It's not benefiting you that much is it?

Re: To close or not to close

Anonymous — Wed, 19 Mar 2008 15:23:51 GMT

Death to subprimes! I just closed 8 of my subprime cards.

Re: To close or not to close

orl2185 — Wed, 19 Mar 2008 15:35:29 GMT

FretlessMayhem wrote:
Death to subprimes! I just closed 8 of my subprime cards.

Good for you, Hope it doesn't dip your scores that much though. Gotta give you credit for such a bold move like that

Message Edited by orl2185 on 03-19-2008 11:35 AM

Re: To close or not to close

Anonymous — Wed, 19 Mar 2008 16:01:13 GMT

@Anonymous wrote:
Death to subprimes! I just closed 8 of my subprime cards.

Phew. That was a brave move on your part. How much in total cl's did you loose?

Re: To close or not to close

haulingthescoreup — Wed, 19 Mar 2008 17:27:30 GMT

@Anonymous wrote:
Ok I have ONE card with an annual fee. The BB rewards MC. Coming up on that time the annual fee is 39.00 but over the year I have managed to reap a whole lot more than 39.00 in rewards. The problem is ,I can't decipher how much was from the MC usage and how much from the store card usage. A few hundred bucks at least. I had them waive it the first year before activation and two years of reporting history looks a lot better than one.

To close or not to close?
Well, looking back over your records, what did you buy with the MC, and why didn't you use the store card for it? If it's giving you BB goodies in exchange for non-BB purchases, I can see that it might be worth keeping, what with having a Young Male Person in your household and all.

But if it's just getting used in the store, and the store card would have worked as well, I vote to dump it.

I now find myself with a mild-to-moderate case of excessive-card-itis, so I feel your pain.

Re: To close or not to close

Anonymous — Wed, 19 Mar 2008 18:01:56 GMT

Regarding Brammy's: "excessive-carditis" (love that!!!)

I'm recovering from middling credit (too high utilization, two medical PIF collections) - Thanks to a bonus I've lowered my Util, and am interested in doing some 'weeding' myself: I've lots and lots of low-limit cards. Right after my Util. got to below 10% I went on an app. spree.

Would love to just keep a few of the new high ones and not have to worry about it. I've got my first 'notice' on the 'why your score is what it is' that I have too many revolving accounts -- so, "Ouch!" ----

I don't need to make any more major purchases soon - maybe I should just close a whole bunch and take the hit one time?

(Has me concerned that the hit would make the new issuers nervous and then limit or cancel my new cards).... Hmmmmmmmm......

Sovi

Re: To close or not to close

Anonymous — Wed, 19 Mar 2008 18:12:54 GMT

Oops proabaly shoulda made this clearer. This card does give 2% back on gas, groceries and dining out, and 4% on BB purchases. This is about the limit for what I use the card for with the paltry limit. I just don't like AFs. I use the store card for 0 percent on major purchases (and rewards) but for things like gas groceries, dining out, video games and mp3 players, I use this one in BB.

Message Edited by Brammy on 03-19-2008 02:12 PM

Re: To close or not to close

haulingthescoreup — Wed, 19 Mar 2008 19:05:39 GMT

@Anonymous wrote:

Oops proabaly shoulda made this clearer. This card does give 2% back on gas, groceries and dining out, and 4% on BB purchases. This is about the limit for what I use the card for with the paltry limit. I just don't like AFs. I use the store card for 0 percent on major purchases (and rewards) but for things like gas groceries, dining out, video games and mp3 players, I use this one in BB.

My Borders card is similar --3 points in Borders, etc, 2 points for restaurants and "dining", and 1 for everything else. PenFed gas is 5% cashback on gas, 2% on groceries, and 1.25% on everything else. The USAA cards are 1 point for everything across the board. Discover More is up to something this month, can't remember what. BofA is BT's and out of the picture, thank God. Home Depot and Barnes & Noble are store cards only. J.Crew and Seras MC can rot in heck.

Looking forward to when the culling can start, 2 years after last baddies on J.Crew and Sears, and when the BT is paid off. In the meantime, I'm going to have to get up an extra 15 minutes early just to figure out which card might get used for what each day.

Re: To close or not to close

USC08 — Wed, 16 Jul 2008 00:45:07 GMT

Do the subprime/prime CCC's send a confirmation letter after closing the card???

Re: To close or not to close

Anonymous — Wed, 16 Jul 2008 09:05:53 GMT

I closed on phone. never got a letter but made sure to check my cr to see if it said closed by consumer.

Re: To close or not to close

Anonymous — Wed, 16 Jul 2008 10:15:22 GMT

I'd keep it. You said yourself the annual fee was basically washed out, more or less, by the rewards you got for using it. That means the card is FICO-friendly and financially neutral.