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Closing High APR Cards - Advice Needed

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Established Member

Re: Closing High APR Cards - Advice Needed


@joesbrat67 wrote:

Thank for the feedback.  Any suggestions on possible card(s) to add?  Right now, I don't have a travel-specific rewards card and was considering the Barclay Arrival + WEMC.  Otherwise, I would apply for the new Amazon Prime Rewards Visg Sig, which I know would get plenty of use.


Based on the cards you currently have I suggest getting Chase Sapphire Prefered. The annual fee is waived the first year and you can easily PC it to a non-AF card like a Freedom Unlimited. If you fly alot then take a look at Sapphire Reserve ($450 AF). You get lounge access through Priority Pass. IMO, Chase Ultimate rewards are the most rewarding points currently on the market. Since you already have a Freedom card it's easy for you to rack up points with their 5% categories. 

Message 11 of 15
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Valued Contributor

Re: Closing High APR Cards - Advice Needed

OP, I wouldn't close those cards but join Penfed and NFCU and get approved for their low interest cards.  With your scores you should be able to get interest nearly 1/3 of the Capital One and Chase Cards.  

Message 12 of 15
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Valued Contributor

Re: Closing High APR Cards - Advice Needed


@AverageJoesCredit wrote:
Why not go for those super low apr cards offered by the top Credit Unions?. Galahad could make some great suggestions lol, but doesnt Unify, i think this was Western Cu, offer a really low apr card. Im sure you could aldo try Penfed or Navy. Just a thoughtSmiley Happy

Yup Joe, you have a very good memory there my friend, lol  Smiley Happy

 

To the OP:  please see my recent posts linked below, for more info on CUs that have extremely low interest rates, that you would probably easily qualify for, based on your scores.  To the best of my knowledge and understanding, none of these credit unions are geographically-restricted, and/or have workarounds to geo restrictions so that anyone can hypothetically apply for their cards.

 

(1)  http://ficoforums.myfico.com/t5/Credit-Cards/What-APR-should-I-expect-on-a-credit-card-with-a-801-Sc...

(2)  http://ficoforums.myfico.com/t5/Credit-Cards/Ring-APR-went-way-up/m-p/4862034#M1418738

 

ETA:  corrected accidental typos

Message 13 of 15
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Super Contributor

Re: Closing High APR Cards - Advice Needed


@joesbrat67 wrote:

I've been considering closing out one of my high APR cards and replacing it with a card with a lower APR.  My Capital One QS has an APR of 23% and is almost 4 years aged.  I don't use very often (1) because they won't increase my CL beyond $6.5 k (2) I've tried calling to have my APR reduced, and the answer is always no.

 

Given my current FICO scores, I'm thinking that I may have some flexibility in closing it, even though it is the 2nd most aged card that I own.  I'd like to get some feedback from others who may have gone through this same effort.

 

FYI - my Chase Freedom is the next oldest, also with a 23% APR; however, with the rotating categories point process, I tend to use it more often and wind up either PIF each month or keep the balance low enough where there is little risk of interest charge.  They, too, have told me "No" once before in APR reduction, but could use some advice on other approaches to get it reduced.


I would sock drawer it, or use it sparingly, rather than close it.

 

 


Total revolving limits 649500 (568000 reporting)
FICO 8's EQ 710 TU 733 EX 717



Message 14 of 15
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Super Contributor

Re: Closing High APR Cards - Advice Needed


@joesbrat67 wrote:

Thank for the feedback.  Any suggestions on possible card(s) to add?  Right now, I don't have a travel-specific rewards card and was considering the Barclay Arrival + WEMC.  Otherwise, I would apply for the new Amazon Prime Rewards Visg Sig, which I know would get plenty of use.


If you're interested in lower interest rates, the non-rewards card, Barclay Ring, is a great card.

 

The Amazon Prime card and the AARP card are both nice cash cards, but not especially low interest.


Total revolving limits 649500 (568000 reporting)
FICO 8's EQ 710 TU 733 EX 717



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