Benefits of QS?

[irunfromcredit]

Hi all:

So I'm considering closing my QS card in the next few months. I am still looking at benefits of this card, and weighing it against benfits on other cards in my deck.  Anyhow, just wondering if I am missing anything.  I know the card is a 1.5% cash back card, I have my NFCU cash rewards card to cover that. I also know that the card can be used for UTI padding.  In the past two years of having the card, I have never had a major issue with UTI and when my UTI was high, I paid it off balances within 3 months.  The only real benefit I can see for myself is the BT offers.  I rec'd a BT offer for no BT fee and 0% for 18 months.  I have other cards that give BT transfer promos, but all come with a fee.  The QS came with no fee.  I actually took advantage of the offer, but wound up paying it off in about 2-3 months.  So am I missing any other benefits to this card?  Oh, I should note, it is not my oldest card.  It's my only capital one card and has an APR of 23%. I know I can sock drawer it, but I'd rather just close it if I'm not actually using it.  

Thanks in advance for any input.  

[SouthJamaica]

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@irunfromcredit wrote:

Hi all:

So I'm considering closing my QS card in the next few months. I am still looking at benefits of this card, and weighing it against benfits on other cards in my deck.  Anyhow, just wondering if I am missing anything.  I know the card is a 1.5% cash back card, I have my NFCU cash rewards card to cover that. I also know that the card can be used for UTI padding.  In the past two years of having the card, I have never had a major issue with UTI and when my UTI was high, I paid it off balances within 3 months.  The only real benefit I can see for myself is the BT offers.  I rec'd a BT offer for no BT fee and 0% for 18 months.  I have other cards that give BT transfer promos, but all come with a fee.  The QS came with no fee.  I actually took advantage of the offer, but wound up paying it off in about 2-3 months.  So am I missing any other benefits to this card?  Oh, I should note, it is not my oldest card.  It's my only capital one card and has an APR of 23%. I know I can sock drawer it, but I'd rather just close it if I'm not actually using it.  

Thanks in advance for any input.  

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I personally like the card. The balance transfer offers, either no-fee, or no-interest, are one of the reasons. Others are (a) the immediacy of getting my cash rewards, (b) the absence of foreign transaction fees, (c) the absence of an annual fee, (d) the soft pull CLI's. They were a pioneer of the 1.5% cash back on everything policy, and all the others are imitators.

Intangible reasons I will never give up my QS card, which may or may not have meaning to others, are that Capital One (a) is a no-hassle lender which doesn't take adverse action against people who are paying their bills on time (i.e. it honors its agreement, period), and (b) was there for me when most other lenders would not have been.

[deltatee]

Though my QS doesn't get a ton of use anymore, I love it and it makes a good backup card in case one of the other cards gets compromised.  It doesn't have a FTF, which is nice.  It also runs super great Uber promotions, which saves me a lot of money.  

[Anonymous]

It used to be a top-notch daily driver. These days, it has been equalled or passed by a bunch of cards. Its good if it fits your use, but it is hardly unique.

[Anonymous]

I want this card! Actually, it's going to be my next card. I can see how someone would just see it as a cash back card, or that it pales in comparison to thier other cards...but it's definitely for me. I'm not really into cash back cards, travel rewards is what I benefit much more from. But the QS has a lot going for it. Capital One for being a no hassle lender as mentioned, zero APR period + bonus offer, no FTF, ability to redeem cash back for any amount, and their partnership for Uber.

Definitely seems like the least complicated cash back card to me. And as someone who gets more from travel/points than cash back, that's what I want. Don't want to have to wait until I have $25 in cash back rewards. But only you can decide if it's worth it to have in your wallet...different people will get different things out of it.

[Anonymous]

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@irunfromcredit wrote:

Hi all:

So I'm considering closing my QS card in the next few months. I am still looking at benefits of this card, and weighing it against benfits on other cards in my deck.  Anyhow, just wondering if I am missing anything.  I know the card is a 1.5% cash back card, I have my NFCU cash rewards card to cover that. I also know that the card can be used for UTI padding.  In the past two years of having the card, I have never had a major issue with UTI and when my UTI was high, I paid it off balances within 3 months.  The only real benefit I can see for myself is the BT offers.  I rec'd a BT offer for no BT fee and 0% for 18 months.  I have other cards that give BT transfer promos, but all come with a fee.  The QS came with no fee.  I actually took advantage of the offer, but wound up paying it off in about 2-3 months.  So am I missing any other benefits to this card?  Oh, I should note, it is not my oldest card.  It's my only capital one card and has an APR of 23%. I know I can sock drawer it, but I'd rather just close it if I'm not actually using it.  

Thanks in advance for any input.  

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No FTF, no AF and Capital One historically leaves people alone meaning very few AA's, CLD's or closing from inactivity. It is a good card to have around and was really the original 1.5% cash back card that everybody has copied. Just use it once or twice a year to keep it active.  Maybe I am biased, but Capital One was my first credit card when I was a teenager. They have been very good to me so I keep them around. 

[Anonymous]

+1 you can park debt with Capital One all day long if you have to.
Without the military angle there are less FTF plus af free cards around

[DeeBee78]

I don't see why you would close it. You yourself mentioned the BT offers and utilization padding, and that Captial One didn't freak out when you had high utilization (ahem, Barclays),

One thing worth mentioning is Capital One (for the most part) doesn't AA or close inactive accounts like other lenders do. You could leave the card in a drawer for 3-4 years, and the credit line would remain intact. 

Personally, I love my QS because it's an easy card to use. I can redeem as many or as few rewards as I want to, I get discounts on Uber all the time, and the credit limit continues to grow. Hover your mouse over my card to see how it's gone from $300 to $6500. Then hover your mouse over My Barclay's card to see how they treat their customers.

[AverageJoesCredit]

A card that offers 0 fee for BTs and 0 for 18 months sounds fantastic to me and for that reason alone would i not mind having it in my arsenal. However your last sentence really seems to sum up how you feel so sometimes its best to go with your gut than what others will tell you( we all have different views lol). Best of luck with your decision!!

[Anonymous]

The main reason I like this card and probably will keep it open is the no fee Bt offer. I use this a lot to consolidate cards until payday so I don't have multiple cards report balances even if they are all small. I try to only have 1-2 report balances. The CapOne Card is my only No fee BT card so without that I would not be able to do that anymore since I wouldn't if it had a fee. It's a nice benefit IMO.

That being said.... it is the ONLY reason I would keep it open. The 1.5 is norhing to me.... the other benefits are meh.... and the CLI policy is kind of weak. Small increases for me and only 2 per year sucks.

At the end of the day it is your decision. I am really on the "if you don't use it close it" bandwagon lately. I am now down to 6 cards plus 2 store cards. (And the 2 store cards will be going eventually as well)