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Cap One Grandfathered Savor

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Regular Contributor

Cap One Grandfathered Savor

Hey, Guys.

 

I have a grandfathered Savor (free 4% dining for life) that I don't think that I am going to use. I don't dine out or do entertainment much (but I read a lot!!). This card has a $32,000 limit. The only product trades I can do is Quicksilver or Venture. I don't need Quicksilver because I already have Citi DC and my Chase Freedom coulkd be converted to CFU if necessary. 

 

What should I do with this card? I am very much tempted to cancel it. I am "old-school" and do not like unused accounts that I will likely not use again kept open. 

 

My wife and I are retired and in our late sixties and have plenty of credit, so it's not like I am 30 and might change my mind down the line.

 

We also have Costco Visa ($15000), BP Visa ($6000), Citi DC ($24,000), Chase Freedom ($56500), and AMEX BCP ($30,000).

 

Daily drivers and Citi DC and AMEX BCP.

Message 1 of 10
9 REPLIES 9
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Super Contributor

Re: Cap One Grandfathered Savor

You have plenty of credit available outside of the Savor, so there's nothing wrong with cancelling it. Obviously you are aware you won't be able to obtain it again without the AF, but it's not like it's a bad thing to not dine out much. I am trying to cut back too.

 

I would close away, I see no issue with closing it. You have ample wiggle room in your set of cards.

Message 2 of 10
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Community Leader
Senior Contributor

Re: Cap One Grandfathered Savor


@johnny50 wrote:

We also have Costco Visa ($15000), BP Visa ($6000), Citi DC ($24,000), Chase Freedom ($56500), and AMEX BCP ($30,000).


You say "we." How does your credit shape up individually?

Message 3 of 10
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Super Contributor

Re: Cap One Grandfathered Savor

I wouldn't PC. 4% on at least occasionally useful categories with no AF beats 2% restricted to travel redeptions with no bonus and an AF.

 

So I'd close it or keep it as it is.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC, ED
Upgrade/downgrade games: BCP
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 4 of 10
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Regular Contributor

Re: Cap One Grandfathered Savor

My wife and I have great credit, in the mid-800s.

 

The Costco Visa is totally hers, but I am main cardholder on all else but Chase Freedom, which is joint. She is AU on all but Chase Freedom and Costco Visa.

 

Does Cap One cancel for non-use? I could just not use it and let them cancel . . .

Message 5 of 10
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Mega Contributor

Re: Cap One Grandfathered Savor

"Does Cap One cancel for non-use? I could just not use it and let them cancel . . ."

 

I think you have your answerSmiley Wink

Message 6 of 10
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Valued Contributor

Re: Cap One Grandfathered Savor

I cant imagine closing a $32k card that has rewards, $0 AF, and no problems with the issuer.

 

Congrats for being in that position!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $375k unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything Else - Flagship             1% Cancer Charity - Fifth Third             0% Finance Promos - PenFed & Capital One






Message 7 of 10
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Super Contributor

Re: Cap One Grandfathered Savor

There’s nothing wrong with closing accounts that you aren’t getting benefit out of, even with large limits and no fee. It’s not like OP can never get a large limit no fee card again, besides already having several other cards.
Message 8 of 10
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Mega Contributor

Re: Cap One Grandfathered Savor


@kdm31091 wrote:
There’s nothing wrong with closing accounts that you aren’t getting benefit out of, even with large limits and no fee. It’s not like OP can never get a large limit no fee card again, besides already having several other cards.

+1

Message 9 of 10
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Valued Contributor

Re: Cap One Grandfathered Savor


@johnny50 wrote:

Hey, Guys.

 

I have a grandfathered Savor (free 4% dining for life) that I don't think that I am going to use. I don't dine out or do entertainment much (but I read a lot!!). This card has a $32,000 limit. The only product trades I can do is Quicksilver or Venture. I don't need Quicksilver because I already have Citi DC and my Chase Freedom coulkd be converted to CFU if necessary. 

 

What should I do with this card? I am very much tempted to cancel it. I am "old-school" and do not like unused accounts that I will likely not use again kept open. 

 

My wife and I are retired and in our late sixties and have plenty of credit, so it's not like I am 30 and might change my mind down the line.

 

We also have Costco Visa ($15000), BP Visa ($6000), Citi DC ($24,000), Chase Freedom ($56500), and AMEX BCP ($30,000).

 

Daily drivers and Citi DC and AMEX BCP.


I have one of those too. $41k CL on a grandfathered Savor that I don't use except for a small charge every month to have some activity. PC'ing the card would be pointless because the other cards aren't any better for me. 

I'm only keeping the card for the balance transfer offers now. I'm going to be using a 2% fee BT offer for some home improvement. I'm paying with card that earns me either 5% or 4.5%, and then transferring the balance to Cap One, so I'll still come ahead about 3%.

I don't have much use for it anymore, but this will allow me to carry a ~$10k balance for a year instead of having to pay it off right away.

AMEX | BofA | Barclays | Cap One | Chase | Citi | Discover | GS | PenFed | SYNCB (PP MC, Lowe's, Amazon, PP Credit) | US Bank
Message 10 of 10
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