Closed 4 accounts today left with 1.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I love Capital One which most people don't. They there my first credit card ever then I burned them in my BK. They gave me second chance with $10,000 CL and 14.49% APR. I am not worried about .50% difference between Double and QS. Sallie Mae is a good card but again Capital one always treated me good so I it's payback time lol. All others APR was 22.99% which was a rip off.

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Well..

I guess if you don't care about maximizing rewards..

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The rewards on that sort of spend are pretty small.  Assuming he could put $1000 on the two Sallie Mae, and the remaining $1000 on DC, OP would get $70 a month.

With the QS, the reward is $30.      The difference of $40 is probably way too high (too much given to SM) but even so $40 a month for most people won't change anything, and OP may well feel that simplicity is worth more than that.

The real truth is that normal spending, unless it is very high, isn't gaining a whole lot.  For that, you need sign up bonuses and the other thing.

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$40 stinky extra bucks a month, who cares?!?  Yep, lots of people say that and think that.  BUT, when, for example, October comes and Apple announces their brand new iPad Air 3... ,many of those same people would love to have one, but would wince at the price...  "I want it, but look at that price... do I really need it?  But, it is a beauty...."   

And yet, if they had accumulated those same stinky $40 a month in rewards, a brand new iPad would be essentially free for them... every year....

Every little thing accumulates.  For good (rewards), or for evil (interest).  Don't just think on the immediate one-month impact.  EVERYTHING ADDS UP.  Just saying...

[Anonymous]

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@Anonymous wrote:

I closed four credit cards today and feel good about it. I know I am going to get criticized here but I did not need them. I spend average $2,000 a month and $10,000 CL is enough for me. Now I only have to worry about 1 account.

Closed accounts 

1. Citi Double Cash $18,000 CL

2. Sallie Mae $10,000 CL

3. Salle Mae $10,000 CL

4. BOA Cash $2,000 CL

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Congratulations on your decision. Do what works for you. And don't worry about the judgmental forum members. Just skip over their comments. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I love Capital One which most people don't. They there my first credit card ever then I burned them in my BK. They gave me second chance with $10,000 CL and 14.49% APR. I am not worried about .50% difference between Double and QS. Sallie Mae is a good card but again Capital one always treated me good so I it's payback time lol. All others APR was 22.99% which was a rip off.

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Well..

I guess if you don't care about maximizing rewards..

---

The rewards on that sort of spend are pretty small.  Assuming he could put $1000 on the two Sallie Mae, and the remaining $1000 on DC, OP would get $70 a month.

With the QS, the reward is $30.      The difference of $40 is probably way too high (too much given to SM) but even so $40 a month for most people won't change anything, and OP may well feel that simplicity is worth more than that.

The real truth is that normal spending, unless it is very high, isn't gaining a whole lot.  For that, you need sign up bonuses and the other thing.

---

$40 stinky extra bucks a month, who cares?!?  Yep, lots of people say that and think that.  BUT, when, for example, October comes and Apple announces their brand new iPad Air 3... ,many of those same people would love to have one, but would wince at the price...  "I want it, but look at that price... do I really need it?  But, it is a beauty...."   

And yet, if they had accumulated those same stinky $40 a month in rewards, a brand new iPad would be essentially free for them... every year....

Every little thing accumulates.  For good (rewards), or for evil (interest).  Don't just think on the immediate one-month impact.  EVERYTHING ADDS UP.  Just saying...

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Sure, everything adds up.   And probably everyone could do a lot more to get little gains (clip coupons, cut down on extras, shop at different stores).  The question is what each individual thinks is worth it.  Hence my comment in the post OP may well feel that simplicity is worth more than that.

Those maximizing bonuses will have a different view.  Others may be willing to give $100s a month for simplicity.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I love Capital One which most people don't. They there my first credit card ever then I burned them in my BK. They gave me second chance with $10,000 CL and 14.49% APR. I am not worried about .50% difference between Double and QS. Sallie Mae is a good card but again Capital one always treated me good so I it's payback time lol. All others APR was 22.99% which was a rip off.

---

Well..

I guess if you don't care about maximizing rewards..

---

The rewards on that sort of spend are pretty small.  Assuming he could put $1000 on the two Sallie Mae, and the remaining $1000 on DC, OP would get $70 a month.

With the QS, the reward is $30.      The difference of $40 is probably way too high (too much given to SM) but even so $40 a month for most people won't change anything, and OP may well feel that simplicity is worth more than that.

The real truth is that normal spending, unless it is very high, isn't gaining a whole lot.  For that, you need sign up bonuses and the other thing.

---

$40 stinky extra bucks a month, who cares?!?  Yep, lots of people say that and think that.  BUT, when, for example, October comes and Apple announces their brand new iPad Air 3... ,many of those same people would love to have one, but would wince at the price...  "I want it, but look at that price... do I really need it?  But, it is a beauty...."   

And yet, if they had accumulated those same stinky $40 a month in rewards, a brand new iPad would be essentially free for them... every year....

Every little thing accumulates.  For good (rewards), or for evil (interest).  Don't just think on the immediate one-month impact.  EVERYTHING ADDS UP.  Just saying...

---

Sure, everything adds up.   And probably everyone could do a lot more to get little gains (clip coupons, cut down on extras, shop at different stores).  The question is what each individual thinks is worth it.  Hence my comment in the post OP may well feel that simplicity is worth more than that.

Those maximizing bonuses will have a different view.  Others may be willing to give $100s a month for simplicity.

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Oh, I wasn't referring to you.  I was speaking to people in general.  I know you get it, at least the MS part of your brain, gets this very well, I don't know if the vegetarian part of your brain gets it, or gets anything for that matter....

As for the OP, I belong to the More-And-More-Now-Is-Not-Necessarily-Better School of Thought... and although he belongs to my school of thought, he's more part of a radical wing that we keep locked in a basement....

I don't understand his APR criteria for choosing "the card."  The only optimal use of credit is PIF, why use an irrelevant criteria to that for making "the" decision, unless beyond caring about simplicity, you are into careless financial  inefficiency...  there is a reason why we keep them in the basement...

[Imhotrodcrazy]

Kudos to you for doing what you feel is best for you.  I commend you on your decision.  I only use 3 and that is more than enough for me too.  Congrats again.

[BluePoodle]

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@Anonymous wrote:

I closed four credit cards today and feel good about it. I know I am going to get criticized here but I did not need them. I spend average $2,000 a month and $10,000 CL is enough for me. Now I only have to worry about 1 account.

Closed accounts 

1. Citi Double Cash $18,000 CL

2. Sallie Mae $10,000 CL

3. Salle Mae $10,000 CL

4. BOA Cash $2,000 CL

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I seem to be lost! I was looking for MyFico....

This is a most unusual post.

Congrats to the OP...if it works for you, great!  So you're gonna make your wife juggle her cards while you live the simple life? LOL

I don't see similicity in what you have done (basing your decision on APR) but I do like Cap1.  Not to menion all the effort to call in to three banks to close accounts. Still if I wanted simplicy or just to be lazy, I would SD the cards or cut them but keep the accounts open. I like free FICO scores and you could always request replacement cards later if you changed your mind.   

I am curious, how long ago did you ap for each card?  

[Anonymous]

It's great that you want simplicity.  Congrats for doing so.  I was the same way & the simplicity is what made my fico score drop!  America wants us in debt or at least the possibility of going in debt.  I always paid for everything & never wanted the cards.  And yes, 1 Cap One card for me was enough!  My score always hovered in the 600's.  So when my daughter jokingly told me "what, you don't have cc's with high cl's"?  "One of mine is 15k".  That kind of nailed it for me!  I had to go out & get my ducks in a row!  With auto pay I never have to worry about anything being late & now have 51K in cl's.  But a lot of serious gardening ahead of me!  I do understand your reasoning for it.  

[kdm31091]

Yes, the "optimal use" of credit is to PIF. However, we all know life is not always optimal. Stuff happens. emergencies come up. Pipes burst, roofs leak. Sometimes you are going to carry a small balance unless you make so much money than you can pay anything off.

So I think APR should always be a consideration in your card choices. While you hope you never have to care what the APR is, you never know and it is much better to be prepared (in this case be prepared by seeking low APRs).

[Anonymous]

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@kdm31091 wrote:

Yes, the "optimal use" of credit is to PIF. However, we all know life is not always optimal. Stuff happens. emergencies come up. Pipes burst, roofs leak. Sometimes you are going to carry a small balance unless you make so much money than you can pay anything off.

So I think APR should always be a consideration in your card choices. While you hope you never have to care what the APR is, you never know and it is much better to be prepared (in this case be prepared by seeking low APRs).

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Two things:  One there is such thing as an "emergency fund," anybody can create one just by funding it a little each month (even $50 a month give you $600 at the end of the year, that you didn't have for emergencies... and you can keep going or increase the monthly amount...).

2--  Let's just say that while you grow your fund you want a card for emergencies, then why Quicksilver?  Makes no sense.  If that is the need you want to take care of, you should go for a CU card which you can get with a large CL and APR under 10%.  

From every angle this is a non-optical decision, but in OP's defense, I am suspecting it's NOT his fault, he's just following instructions, it's the wife, coincidentally the one with plenty of credit cards left, who told him what was "optimal" for him to do or else...  just a little theory of mine...

[kdm31091]

Of course you would opt to pay off whatever emergency comes up using a savings fund whenever possible. I would never intentionally carry a large balance unless it was unavoidable - yes I have an emergency fund. And I am looking into, at some point adding a low APR card to my lineup for emergency purposes. Those of us who do not make six figure incomes can't always afford to pay off everything to may come up right away. It's a fact of life. I know it's so taboo around here to say anything other than "PIF", but stuff happens!

I'm not suggesting people don't PIF, I'm just saying, sooner or later you may end up carrying a small balance for whatever reason and you'd be happier with a lower APR. I mean, there's no downside to seeking the lowest APR, so you may as well consider it when looking into cards. There's no downside to having a card with a lower APR!

As for OP, I can't really tell him how to live his life. I applaud the decision of simplicity and I hope that it was made on his own behalf, but considering he previously had 5 cards (I think), dropping down to 1 is a bit drastic all at once unless it was instructed by someone i.e. wife. But again, that's none of my business