Close Capital One Secured Card?

[jl4]

I see folks around here from time to time closing out older cards they don't use. One of those cards in my deck is the CapOne Secured Platinum from before they were convertable to unsecured cards. It's had the same $500 limit since I opened it sometime in Q4 2013 and I can't say I've used it for more than a handful of purchases in the last few years. 

What do the experts think? Should I keep it open? Close it? Call them and be like "look..."?

[AverageJoesCredit]

Thats $500 you could be using to buy us drinks in the GC

Is it your oldest card?. Even if it is im of mind a secured card should be closed once you go unsecured or have unsecured cards. It defeats the purpose of having a secured card once you go unsecure. Just my humble( pie, hmmm ) opinion

[jl4]

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@AverageJoesCreditwrote:
Thats $500 you could be using to buy us drinks in the GC

Is it your oldest card?. Even if it is im of mind a secured card should be closed once you go unsecured or have unsecured cards. It defeats the purpose of having a secured card once you go unsecure. Just my humble( pie, hmmm ) opinion

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It is my second oldest card. My oldest is a CapOne QS (formerly QS1, formerly formerly Journey), circa October 2011. 

Also, $500 won't go very far for the number of people in that thread... just saying.

[Anonymous]

I'd close it.

[Adkins]

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@jl4wrote:

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@AverageJoesCreditwrote:
Thats $500 you could be using to buy us drinks in the GC

Is it your oldest card?. Even if it is im of mind a secured card should be closed once you go unsecured or have unsecured cards. It defeats the purpose of having a secured card once you go unsecure. Just my humble( pie, hmmm ) opinion

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It is my second oldest card. My oldest is a CapOne QS (formerly QS1, formerly formerly Journey), circa October 2011. 

Also, $500 won't go very far for the number of people in that thread... just saying.

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We like cheap drinks!

In all seriousness, I'd close the card. 

[jl4]

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@Adkinswrote:

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@jl4wrote:

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@AverageJoesCreditwrote:
Thats $500 you could be using to buy us drinks in the GC

Is it your oldest card?. Even if it is im of mind a secured card should be closed once you go unsecured or have unsecured cards. It defeats the purpose of having a secured card once you go unsecure. Just my humble( pie, hmmm ) opinion

---

It is my second oldest card. My oldest is a CapOne QS (formerly QS1, formerly formerly Journey), circa October 2011. 

Also, $500 won't go very far for the number of people in that thread... just saying.

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We like cheap drinks!

In all seriousness, I'd close the card. 

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That's what I'm leaning toward, too. Thanks all! 

[Anonymous]

I have a Cap 1 secured Platinum too. It was the first card I got after BK (a few months after I went back to work) at the end of 2015. With ten unsecured cards now, including a couple of $10K+, I really don't need this one anymore. I have a payoff scheduled for tomorrow and I'll be closing it to get my $500 back once I make sure any remaining interest has been paid.

[jl4]

Makes sense. I think I had only put $51 dollars toward mine. It started at $201 then rose to $501 and stuck there. 

[Anonymous]

If it doesn’t have a annual fee and it’s your oldest the only reason to keep it is for the age. But if you have other cards that have aged you probably could close it, after all it’s like you loaning the $500 to co interest free

[jl4]

It has a $29 fee. If it didn’t I wouldn’t be considering closing it 😂