Impulsively applied, should I keep this card?

[kdm31091]

Hi! I am new to this site, but I have been lurking here and there. Seems like a lot of great advice here.

I'm 23 years old. I currently have 5 credit cards -- Disover IT (which was my first and I love the way the rewards are), Capital one quicksilver, TD Easy rewards, Amex Blue Cash everyday and the BJ's elite mastercard (which offers 2% on dining, albeit only redeemed as BJ's money but still).

I recieved a mail offer for the Citi Thank You preferred. I didn't realize that essentially, the only thing it offers that isn't covered by any of my other cards is the extra points on "entertainment" expenses. Since that's such a rare thing to spend a lot on and in practice I could just use the Quicksilver, I am wondering if I should just cancel this card when it arrives? I feel silly for applying and feel I don't really need it. But I don't want to be dinged for cancelling it. Kind of stuck. But I have seen people on here say that they Citi rewards are not the best by far. I don't want to have "too many cards". Right now, my score is around 710.

Thanks for any advice!

[Creditaddict]

id see about a product change to Citi Double Cash.

[mongstradamus]

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@kdm31091 wrote:

Hi! I am new to this site, but I have been lurking here and there. Seems like a lot of great advice here.

I'm 23 years old. I currently have 5 credit cards -- Disover IT (which was my first and I love the way the rewards are), Capital one quicksilver, TD Easy rewards, Amex Blue Cash everyday and the BJ's elite mastercard (which offers 2% on dining, albeit only redeemed as BJ's money but still).

I recieved a mail offer for the Citi Thank You preferred. I didn't realize that essentially, the only thing it offers that isn't covered by any of my other cards is the extra points on "entertainment" expenses. Since that's such a rare thing to spend a lot on and in practice I could just use the Quicksilver, I am wondering if I should just cancel this card when it arrives? I feel silly for applying and feel I don't really need it. But I don't want to be dinged for cancelling it. Kind of stuck. But I have seen people on here say that they Citi rewards are not the best by far. I don't want to have "too many cards". Right now, my score is around 710.

Thanks for any advice!

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Well you already took the HP on your credit report, so cancelling wouldn't really do all that much there. Citi TYP can be decent if you have premeir or prestige since they will transfer to airline partners, but Citi thank you preferred by itself isn't that great. Depending on your CL keeping it could help your utilization. 

On flip side of the coin if you don't think you will ever be using the card then cancelling it is probably an good idea. 

[CreditCuriosity]

+1 CA

[Anonymous]

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@kdm31091 wrote:

Hi! I am new to this site, but I have been lurking here and there. Seems like a lot of great advice here.

I'm 23 years old. I currently have 5 credit cards -- Disover IT (which was my first and I love the way the rewards are), Capital one quicksilver, TD Easy rewards, Amex Blue Cash everyday and the BJ's elite mastercard (which offers 2% on dining, albeit only redeemed as BJ's money but still).

I recieved a mail offer for the Citi Thank You preferred. I didn't realize that essentially, the only thing it offers that isn't covered by any of my other cards is the extra points on "entertainment" expenses. Since that's such a rare thing to spend a lot on and in practice I could just use the Quicksilver, I am wondering if I should just cancel this card when it arrives? I feel silly for applying and feel I don't really need it. But I don't want to be dinged for cancelling it. Kind of stuck. But I have seen people on here say that they Citi rewards are not the best by far. I don't want to have "too many cards". Right now, my score is around 710.

Thanks for any advice!

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You've done amazingly well for 23 years young!  Maybe try to PC the Citi instead of closing it so you don't have a wasted HP.

[kdm31091]

Hmm, maybe converting to the Double Cash would be a good idea to try and do, but then it makes the Quicksilver seem obsolete. lol

[uswala]

I would recommend the same. Get it PCed to Double Cash.

[AvadaKedavra]

Did you get a sign up bonus? I got the TYPreferred for the 20k TY Points ($200 in GIft Cards) for $1500 spend. I jsut met that spend so I'll be using it for some Christmas gifts.

If you did get the sign up bonus, use it! Otherwise probably should PC to DC down the line. I'm pretty sure you have to wait to PC though...

[SunriseEarth]

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@Creditaddict wrote:

id see about a product change to Citi Double Cash.

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I thought you had to have a Citi product for at least a year before you PC...or is this YMMV?

OP, there's no harm in asking to PC.  If you can't, SD the card and PC when enough time has elapsed.  

[FinStar]

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@SunriseEarth wrote:

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@Creditaddict wrote:

id see about a product change to Citi Double Cash.

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I thought you had to have a Citi product for at least a year before you PC...or is this YMMV?

OP, there's no harm in asking to PC.  If you can't, SD the card and PC when enough time has elapsed.  

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Correct.  Citi won't PC until after the account has been opened for 12+ months and/or any promotional intro offers expire.  The worse thing they can say is no.  As someone already mentioned, if the TYP had a sign up bonus when you applied, then make sure you at least get that and then see about PC'ing down the road.