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BuyPower Card Cancel or Not?

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Anonymous
Not applicable

BuyPower Card Cancel or Not?

So like many others I received the mailer a few months ago and thought great, sounds like a good card. But when I applied I was granted the $300 CL @ 20% that some people get.  Then after 5 statements it went up to $500. And there it stays. Since then my credit has grown considerably and I have big boy cards now. 

 

So I'm seriously considering closing this one. It  was opened mid AAOA so I don't think it sould have any effect. Willing to lose the $500 in available credit and one less card to babysit. I'm at the point of wanting to weed out duds and consolidating a couple cards that are complacent.

 

Am I right that this won't affect my AAOA? Better to close or let it sit unused till they close?

 

Please Advise, oh mighty ones

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: BuyPower Card Cancel or Not?

You are correct. It will not effect your AAoA until it falls off after (up to) 10 years. 

 

GM needs to get a new partner for their card. At one time the GM card was extremely popular when Household Bank issued it; but Capital One is doing a poor job with it. I would say drop the card like 1st period gym class. 

Message 2 of 7
Anonymous
Not applicable

Re: BuyPower Card Cancel or Not?

That's exactly what I'm planning to do! Thanks
Message 3 of 7
Anonymous
Not applicable

Re: BuyPower Card Cancel or Not?

Yeah I'd just close it.  You don't need it.

Message 4 of 7
Blackswizz750
Established Contributor

Re: BuyPower Card Cancel or Not?

CO_NATIVE is correct on this. The card is lackluster and HSBC was a better partner. When I had it then, it grew like a weed. I plan on dropping this one. I hate I got mine so early in my rebuild or 6 months after my first two Cap One cards.
Message 5 of 7
JayTee1
Frequent Contributor

Re: BuyPower Card Cancel or Not?

I also got a preapproval (one of the first non-subprime preapprovals I had ever received) and applied with excitement, only to be disappointed by the $500 line.  It was bumped up to $750 after credit steps kicked in.

 

I opened that card over a year ago, and my credit has improved substantially since then.  I stopped using it after the first month since I had other cards that were just easier to use with higher limits.  

 

But after about a year I was surprised to log in to that account one day and find they had, without my asking, nudged the CL up to $2500.  It's still one of my lowest CLs, but I'm keeping it around.  YMMV, but maybe they'll up the CL at some point for you.

 

If I do buy another GM car after my current lease is up, I'll put whatever rewards I've gained towards it.

 

It's not hurting me to have it, and maybe they'll bump it again at some point.

March 2014: Abysmal, low 500s


April 2015: TU 607 | EQ 599 | EX 608
March 2019: TU 717 | EQ 727 | EX 727
Message 6 of 7
Anonymous
Not applicable

Re: BuyPower Card Cancel or Not?

I'm glad I didn't apply for this card. I would cancel, especially if it won't affect your total credit line much.

Message 7 of 7
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