Re: Closing Cards

ToxikPH · ‎12-06-2020

Currently I have 17 cards but find them very annoying to manage and have grown tired of keeping up on them. I want to get down to 10 or less (would love 5) but am not sure the best way to do this. Slowly or all at once?

Here's the current list with ages:

Amex:

Cash Magnet (11/2018)

Delta Plat. (2/2020)

Everyday (2/2020)

Gold (4/2019)

Platinum (8/2019)

Hilton Aspire (5/2020)

BCP (9/2020)

BECU Visa (12/2019)

Chase Freedom Unlimited (2/2019)

Citi:

AA MileUp (10/2019)

Double Cash (7/2019)

Premier (7/2019)

Best Buy (10/2020)

Disco IT (4/2019)

Apple (8/2019)

Car Care (12/2019)

Marvel (4/2020)

Thinking of closing all of my Citi cards besides Best Buy as that one is used for financing. The other Citi cards rarely get any use thanks to all of my spend going to Amex. My marvel card has been used maybe 3 times since I got it. My Discover rarely gets any use either but for some reason I feel compelled to keep it. Which would you close and why/how fast? Everyday, Gold, and Platinum are 100% keepers.

K-in-Boston · ‎12-06-2020

Never hurts to have a low APR CU card with no BT fees; life happens. Maybe keep the BECU? Discover can be good for the 5% categories; perhaps consider PCing the Freedom Unlimited to Freedom for the same reason?

Everything else you could certainly close. I would certainly not do it all at once. Maybe 1 a month?

If you are all in on MRs, perhaps consider adding the Rakuten card to earn extra MRs on online purchases and instead of EveryDay in the rare cases Amex is not accepted?

ToxikPH · ‎12-06-2020

@K-in-Boston wrote:
Never hurts to have a low APR CU card with no BT fees; life happens. Maybe keep the BECU? Discover can be good for the 5% categories; perhaps consider PCing the Freedom Unlimited to Freedom for the same reason?

Everything else you could certainly close. I would certainly not do it all at once. Maybe 1 a month?

If you are all in on MRs, perhaps consider adding the Rakuten card to earn extra MRs on online purchases and instead of EveryDay in the rare cases Amex is not accepted?

I actually PC'd my Freedom card to the Unlimited because I found myself only using the gas quarter so now my F.U. is my backup card. I've only ever run into someone not accepting Amex once and that was while traveling so the unlimited would be a fine backup. I'll keep BECU just because I like them and think keeping that just in case is a good idea like you suggested.

Is there a reason to space out the closures?

Anonymous · ‎12-06-2020

Without knowing exactly where the majority or preference of your spending is, generally I would pick the best grocery card, best dining card, best gas card, best online card, best 5% category card, and best standard low APR card and go from there. I'd make sure you have at least one Amex, Visa, Mastercard, and maybe even keep the Discover, which is nice for cash over use out of town at the very least and gives you one of each of the major 4 cards.

Then decide from there which of the remaining are necessary and maybe even keep one you like that might not get heavy use.

Remedios · ‎12-06-2020

@ToxikPH wrote:
@K-in-Boston wrote:
Never hurts to have a low APR CU card with no BT fees; life happens. Maybe keep the BECU? Discover can be good for the 5% categories; perhaps consider PCing the Freedom Unlimited to Freedom for the same reason?

Everything else you could certainly close. I would certainly not do it all at once. Maybe 1 a month?

If you are all in on MRs, perhaps consider adding the Rakuten card to earn extra MRs on online purchases and instead of EveryDay in the rare cases Amex is not accepted?
I actually PC'd my Freedom card to the Unlimited because I found myself only using the gas quarter so now my F.U. is my backup card. I've only ever run into someone not accepting Amex once and that was while traveling so the unlimited would be a fine backup. I'll keep BECU just because I like them and think keeping that just in case is a good idea like you suggested.
Is there a reason to space out the closures?

There is a reason..kinda

While there is an annotation that card was closed per consumer request, that's something that's only visible during manual review. To a computer,closed account is just that, closed account.

If you go ahead and close seven in one month, it might make it appear as if you were a subject to serious AA, prompting other lenders to take a look, or jump on bandwagon.

wasCB14 · ‎12-06-2020

What would your ideal 5-10 card lineup look like?

You have 17, and in your recent posts you talk about wanting to add Chase and BofA cards. So to get to 5-10 you're going to need a machete, not a scalpel.

I'd think ED and BCP would be a bit superfluous next to the Gold. I get the desire to have a no-AF MR card, but if you're really determined to simply and keep Gold and Platinum you might not need one. Not sure what happened to your BBP.

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select

ToxikPH · ‎12-06-2020

@wasCB14 wrote:
What would your ideal 5-10 card lineup look like?

You have 17, and in your recent posts you talk about wanting to add Chase and BofA cards. So to get to 5-10 you're going to need a machete, not a scalpel.

I'd think ED and BCP would be a bit superfluous next to the Gold. I get the desire to have a no-AF MR card, but if you're really determined to simply and keep Gold and Platinum you might not need one. Not sure what happened to your BBP.

Honestly ED, Gold, Plat, Chase FU, and Apple would be the five card line up. Not sure I really want to add Chase and BofA cards anymore as I'm realising the three Amex cards cover all my spending. I don't think I want to close BECU so might have to stick to six. I closed my BBP a while ago as I stopped doing business and didn't want to push Amex for non business spend as they are my main lender.

kdm31091 · ‎12-06-2020

I think it is fine to close a few of the accounts. I would not close too many at once, but honestly, I cannot say I've heard of anyone having AA or any issue after voluntarily closing accounts. Doesn't mean it could not happen though.

If you want to be "safe", Close 1-2 a month and just do it slowly and go from there. That way, you won't have any regret and your credit report can adjust slowly.

wasCB14 · ‎12-06-2020

What's the appeal of CFU over DC...Citi's customer service?

*And you might also keep a spot designated for a SUB chasing card. I just don't see the appeal of steering so many transactions to ED for a 1.2x earn rate.

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select

SouthJamaica · ‎12-06-2020

@ToxikPH wrote:
Currently I have 17 cards but find them very annoying to manage and have grown tired of keeping up on them. I want to get down to 10 or less (would love 5) but am not sure the best way to do this. Slowly or all at once?
Here's the current list with ages:
Amex:
Cash Magnet (11/2018)
Delta Plat. (2/2020)
Everyday (2/2020)
Gold (4/2019)
Platinum (8/2019)
Hilton Aspire (5/2020)
BCP (9/2020)

BECU Visa (12/2019)

Chase Freedom Unlimited (2/2019)

Citi:
AA MileUp (10/2019)
Double Cash (7/2019)
Premier (7/2019)
Best Buy (10/2020)

Disco IT (4/2019)

Apple (8/2019)

Car Care (12/2019)
Marvel (4/2020)

Thinking of closing all of my Citi cards besides Best Buy as that one is used for financing. The other Citi cards rarely get any use thanks to all of my spend going to Amex. My marvel card has been used maybe 3 times since I got it. My Discover rarely gets any use either but for some reason I feel compelled to keep it. Which would you close and why/how fast? Everyday, Gold, and Platinum are 100% keepers.