Capital One Platinum w/ Fee = Keep?

[CraigHwk]

Short history.  With bad credit, I got an HSBC card in 2011 with a $59 annual fee.   Now that Capital One took over, this product has a $19 annual fee according to their website, but my account has kept the fee at $59.  I called them today and they were able to give me a $30 credit, but the fee will remain unchanged going forward.  They say I have to either call back next year and try to get another account credit, or I should close the account.

My oldest credit accounts are from 2011.  I have this card, a Dell Credit, and a Care Credit which has been unused for almost 2 years now.  Probably in danger of closing.  I also have a Springleaf loan I opened in May '14, a Barclay's MC Card in October '14, Eddie Bauer store card in November '14, and the rest of my accounts you see in my sig were opened within the past 2 weeks.   It's also the second highest limit card I have at $3300.  My highest is the Quicksilver at 5k.  

So my question is, do I keep it?  Is it worth having the annual fee for a card with this limit and history?  $59 seems steep for a crap card with no features, no hope of upgrade, and has a lower annual for others.  Curious how bad it would hurt my credit in its rebuilding stage given the idea that I will manage what I have correctly in the years to come.  

Appreciate any thoughts on this matter.

[Anonymous]

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@CraigHwk wrote:

Short history.  With bad credit, I got an HSBC card in 2011 with a $59 annual fee.   Now that Capital One took over, this product has a $19 annual fee according to their website, but my account has kept the fee at $59.  I called them today and they were able to give me a $30 credit, but the fee will remain unchanged going forward.  They say I have to either call back next year and try to get another account credit, or I should close the account.

My oldest credit accounts are from 2011.  I have this card, a Dell Credit, and a Care Credit which has been unused for almost 2 years now.  Probably in danger of closing.  I also have a Springleaf loan I opened in May '14, a Barclay's MC Card in October '14, Eddie Bauer store card in November '14, and the rest of my accounts you see in my sig were opened within the past 2 weeks.   It's also the second highest limit card I have at $3300.  My highest is the Quicksilver at 5k.  

So my question is, do I keep it?  Is it worth having the annual fee for a card with this limit and history?  $59 seems steep for a crap card with no features, no hope of upgrade, and has a lower annual for others.  Curious how bad it would hurt my credit in its rebuilding stage given the idea that I will manage what I have correctly in the years to come.  

Appreciate any thoughts on this matter.

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No. Shred that thing and cancel it if they won't waive it permanently.

[Anonymous]

I still have my crappy First Premier cards!  I'm afraid to close them.  Not sure what your score does when you close accounts?  I need to close 4 of them but too chicken.  Your age of accounts matters quite a bit.  But getting stuck with the AF sucks.  

[Anonymous]

Not sure how PC work in HSBC, but I am pretty sure you can blow up their phone and ask them to work thing out. Just PC to a normal Non-AF version credit card and SD it. As for the CapOne Platinum, I would say go for it. They would let you PC to QS without AF if you PIF after a few months.

[Anonymous]

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@Anonymous wrote:

I still have my crappy First Premier cards!  I'm afraid to close them.  Not sure what your score does when you close accounts?  I need to close 4 of them but too chicken.  Your age of accounts matters quite a bit.  But getting stuck with the AF sucks.  

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Close those pieces of garbage! Your score will be fine.

[Anonymous]

I did the visa Cap One to a QS.  Have a regular M/C but would like to change it to Venture.  Waiting until June when I go for my final 3XCL on Amex.

[CraigHwk]

Perhaps I need to be more persistent.  I called them 2 weeks ago for a PC but was told there were no offers.  (I then applied and got the QS).  Today they made it seem like since it was an aquisition card, it is not eligible for any sort of PC or changes.  

And I am with you, Sandbeach. Worried to close it, but I am definitely leaning towards that, as per Nixon's recommendation.   It's really my AAoA that bothers me.

[Anonymous]

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@CraigHwk wrote:

Perhaps I need to be more persistent.  I called them 2 weeks ago for a PC but was told there were no offers.  (I then applied and got the QS).  Today they made it seem like since it was an aquisition card, it is not eligible for any sort of PC or changes.  

And I am with you, Sandbeach. Worried to close it, but I am definitely leaning towards that it, as per Nixon's recommendation.   It's really my AAoA that bothers me.

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AAoA will not drop. It won't grow as fast. But it won't drop!

[Anonymous]

Really?  Someone give me a kick............

[CraigHwk]

Good point.  Perhaps it is time to shred it.    Have plenty of time before another annual fee hits, so I can always create a little more buffer.

Thanks!