Just Approved for Chase Freedom - Close Cap One Cash Rewards?

[Anonymous]

Last summer (early July) I got a Capital One Cash Rewards card. It was/is my first credit card.  I also have 70k in student loans that I pay regularly on-time. My Cap One CL was recently increased to 2500 and my CreditKarma score is 706.

Today I received a invite to apply for Chase Freedom. I did and was approved. Since the rewards are better than the Cap One card, I cannot envision using the Cap One card anymore. Plus, it has an annual fee, which the Freedom card doesn't.

I figure since I have only had the Cap One card for 7 months it won't hurt too much to close it.  Fair assessment? Or is it worth paying the $39 a year to have the extra line of credit?

Thanks in advance and I hope this isn't too basic/redundant of a question!

[Anonymous]

Congrats on the approval!

I would call Customer Service and have them downgrade the card to one that doesn't have any annual fee. It's always good to have an extra TL reporting even if you don't use it , IMO.

Good luck!

[Anonymous]

---

@Anonymous wrote:

Congrats on the approval!

I would call Customer Service and have them downgrade the card to one that doesn't have any annual fee. It's always good to have an extra TL reporting even if you don't use it , IMO.

Good luck!

---

I would contact the Executive Office and see if the annual fee can be dropped.  You haven't had it that long, so it might not work, but worth a try.   If they won't, either try to downgrade as Bobert22 suggests, or just close it.

If you can get it without annual fee, aren't the rewards on the non-5% better than freedom?  Doesn't this give 1.5% (with the bonus) while Chase is 1%?  Of course, if you go for the priceline visa, or Fidelity Amex, you can get 2% without an AF

[Anonymous]

+1

I just did a Cap One executive office thing a couple weeks ago for my wife and one of the things they gave up right away was waiving the AF on her Cap One card.

They also added Cash Rewards to her Platinum card.  (They could not do a straight out conversion).

Cancelling an open TL especially one with a decent limit (2500 for cap one is pretty good as far as I can tell) might not be the wisest choice.  Especially if you can get them to just waive off the AF, 

There are quite a few threads on the Cap One Exec office experience but in a nutshell:

1. Shoot an email to the Cap One CEO office (Google it cause we can't put email addys here)

2. Wait for them to call you (be sure to give them your phone number)

3. When they call tell then you love the card and the features but really need a higher limit and to do away with the AF

4. Pick a Increase amount that leaves them room to counter you.  IE: Ask for 7500 but settle for 5K

5. They will tell you it takes them a few days.

6. Confirm its a soft pull only.

7. Wait for call back in about three business days with good news.

Its really simple and Cap One is markedly different in their Executive offices versus what we get when we just call the regular customer service lines.  Much better about pleasing the customer in the exec office.

 This way you might just get a much nicer limit from Cap One, Get rid of the AF and keep the older positive TL reporting on your file.  All good things.

Its worth a try, yes?