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Any reason to hold onto my QS despite not having a fee?

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Re: Any reason to hold onto my QS despite not having a fee?


@imaximous wrote:

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 Smiley Sad

 

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.

Amex Gold NPSL, Amex Hilton Aspire 3k, Amex Marriott Bonvoy 1k, AMEX BBP 3.5k, AMEX Hilton Surpass 4.5k, BOA Cash Rewards 8.2k, BOA Better Balance Rewards 2k, Care Credit 15k, Chase Amazon Visa 19.825k, Discover 11.8k, Discover 12.5k, Nordstrom Store 4.5k , Fidelity Visa 10k, Cap 1 QS 15k, Cap 1 Savor 10.5k, Citi Rewards+ 4.4k, Citi DC 7.5k, Citi Advantage Platinum 5.5k, US Cash+ 3.5k, Altitude Reserve 9k, Paypal Mastercard 4k, Apple Card 6.5k
Message 21 of 22
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Re: Any reason to hold onto my QS despite not having a fee?


@pinkandgrey wrote:

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... Smiley Happy

 

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. 




        
Message 22 of 22
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