Housekeeping: Cancelled 8 cards

[youdontkillmoney]

A few weeks ago I cancelled Black Card since the value I received for the exhorbotant annual fee of close to $500 was not justified. A few days later after that I cancelled the Diners Carte Blanche (Professional) Mastercard since the value I got for the annual fee of $300 was also not justified. That brought me down to 21 cards.

The only two credit cards I have now that have annual fees are Amex Platinum and Citi Prestige.

Tonight just now, I closed/cancelled 6 more credit cards even though there is no annual fee, I just do not use them and I am in a mood of simplifying / cleaning house sort to speak, the cards I cancelled are:

1. Citi diamond ($20K)

2. Citi simplicity ($20K)

3. Juniper biz card (Barclays) ($5K)

4. Barclays arrival world mastercard (no annual fee version) ($13K)

5. Amex simply cash business ($9K)

6. Discover card ($3K)

That's a total of 8 so far.

Now I have 15 active cc and 5 PLOC for a total of 20 revolving accounts. I am not closing any PLOC, they were hard to get with W2's and all.

I have the following 15 CC's left:

1. Amex platinum

2. Bank of america visa

3. Cap one plat.

4. Cap one quicksilver

5. Japan credit bureau (JCB)

6. Merrill + Visa

7. US Bank cash rewards

8. Wells fargo visa

9. LA Financial credit union visa

10. PenFed promise visa

11. Chase freedom signature

12. Citi prestige

13. HSBC ( I was going to cancel this too but customer service was closed, I'll cancel this one tomorrow and that's it for now, only $3K line on this one)

14. Iberiabank

15. Simmons First

My available credit will drop but I am not worried about utilization %, I just have a total of $200 or so across all cc's as I pay in full each month. In the short term I expect a hit but in a few months it'll rebound.

[Anonymous]

Wow you were housecleaning!

[jamesdwi]

Wow you were paying $1300 a year in AF's thats over $100 a month, thats crazy.... 

I can see why you canceled the first two AF cards... pretty hard to justify those kind of AF's these days with cards cutting benefits all the time. 

[youdontkillmoney]

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@jamesdwi wrote:

Wow you were paying $1300 a year in AF's thats over $100 a month, thats crazy.... 

I can see why you canceled the first two AF cards... pretty hard to justify those kind of AF's these days with cards cutting benefits all the time. 

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^^^^^^^

It was more like $1,875 a year since amex plat had AU's so total annual fee was $625; now it's $450 for prestige and $625 for amex plat (with auth users) for $1,075 a year total.

[jamesdwi]

Hope you take full advantage of all the benefits and hope your AU's travel alot as well... I would just get them regular green charge cards. 

[youdontkillmoney]

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@jamesdwi wrote:

Hope you take full advantage of all the benefits and hope your AU's travel alot as well... I would just get them regular green charge cards. 

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^^^

yes for amex the Au's and I as well have used the centurion lounges, TSA pre check $100 app reimbursement, prem car rental insurance, airline credits, etc.

[skorpyo3]

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@youdontkillmoney wrote:

A few weeks ago I cancelled Black Card since the value I received for the exhorbotant annual fee of close to $500 was not justified. A few days later after that I cancelled the Diners Carte Blanche (Professional) Mastercard since the value I got for the annual fee of $300 was also not justified. That brought me down to 21 cards.

The only two credit cards I have now that have annual fees are Amex Platinum and Citi Prestige.

Tonight just now, I closed/cancelled 6 more credit cards even though there is no annual fee, I just do not use them and I am in a mood of simplifying / cleaning house sort to speak, the cards I cancelled are:

1. Citi diamond ($20K)

2. Citi simplicity ($20K)

3. Juniper biz card (Barclays) ($5K)

4. Barclays arrival world mastercard (no annual fee version) ($13K)

5. Amex simply cash business ($9K)

6. Discover card ($3K)

That's a total of 8 so far.

Now I have 15 active cc and 5 PLOC for a total of 20 revolving accounts. I am not closing any PLOC, they were hard to get with W2's and all.

I have the following 15 CC's left:

1. Amex platinum

2. Bank of america visa

3. Cap one plat.

4. Cap one quicksilver

5. Japan credit bureau (JCB)

6. Merrill + Visa

7. US Bank cash rewards

8. Wells fargo visa

9. LA Financial credit union visa

10. PenFed promise visa

11. Chase freedom signature

12. Citi prestige

13. HSBC ( I was going to cancel this too but customer service was closed, I'll cancel this one tomorrow and that's it for now, only $3K line on this one)

14. Iberiabank

15. Simmons First

My available credit will drop but I am not worried about utilization %, I just have a total of $200 or so across all cc's as I pay in full each month. In the short term I expect a hit but in a few months it'll rebound.

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I would have glady paid you a small fee for some of those closed cards.

[Anonymous]

Those are good limits on the 2 Citi cards. Did you consolidate those limits to your Prestige using a HP before closing?

[taxi818]

That's good stuff op. But geez. Carte blance. Would have to keep that for old times sake. 300 AF 😄

[SEBanker]

Why would you keep CapOne over Citibank?!?!