I’d keep it for just one reason: Balance Transfers. Cap One runs offers all the time with probably the lowest BT fees. I get offers for either 2% BT fee for 12 or 18 months. While it’s not something I do a lot, it can be very useful for some large purchase situations. For instance, I’ve bought things on a credit card earning 4.5% or 5%, then BT for a 2% fee and I still come out ahead. You never know when you’ll need to make a large or emergency purchase (medical, house project/repair, etc.)
Also, if you’re good with investments, you could use the card to earn you some money. Pay a 2% fee to get some cash and invest for a much higher return. That’s more risky but it’s another way to put your CL to good use. You could even find a high yield savings account or short term CD that pays better than 2%.
I have a grandfathered Savor with a $41k CL and those are the only ways I use it nowadays. Plus the occasional purchase when I haven’t had any activity on it for some time.
You can make your dormant CL work for you.
That would be a great usage but of course Cap1 doesnt send me any BT offers
The last bt offer I got from cap1 was in April last year when I had my 1st QS as well which has now been PCed to the Savor. I literally made the cut just in time to get grandfathered. My Savor will actually get tons of use as i will be canceling my Gold come October so that wouldnt be a problem.
If you really don’t use or want it, close it. I would. Even if it WAS my oldest account. That’s a nice limit, though!
I hardly ever disagree with you but on this one, well...
Here's the thing: s*** happens; Cap One rarely outright closes cards from what I've seen, sure they've been pruning their limits but that ain't a big deal for the vast majority of us.
What is a bigger deal is when I start racking up debt, or start taking lates, or a collection or basically everything up to a BK, I'm pretty confident of that Cap 1 tradeline still being around. Sure, do I use it? Not really other than some expenses which are seriously awkward that I don't want showing up on my Chase transaction record, and I also have a both a Fidelity Visa and Citi DC in addition to the current Chase FU so really 1.5% is a big w/e from a default spender...
But I'm not a perfect person and my credit isn't perfect either, just knowing me there's a good chance I might screw up again sometime in the next 40ish years, and so far Cap One has apparently not given a crap, and so for a $0 AF card that helps with lender diversity... absolutely keeping it.