cancel
Showing results for 
Search instead for 
Did you mean: 

I need to simplify my life, need some guidance.

omarinho10
New Contributor

I need to simplify my life, need some guidance.

I would like to keep ONLY six cards, and close the rest. I’m primarily in the Cash back scene.

So here they are:
1) Amex Everyday $2000 oldest account
2) Chase Amazon Prime $2000 (amazon only)
3) Discover it $3,500
4) Amex Magnet $2000
5) Amex Everyday $2000
6) Amex Gold (pink gold edition) high ANF
7) Venture $6000
8) Citi diamond $5,500 (got offer to pc it)
9) BOA Cash rewards $1,500
10) Uber visa $500 (wish it had higher limit)
11) PayPal Cash (not activated) $300
12) Fidelity Rewards $2000

That’s toooo many cards and I just want to simplify my life.
Must keep are Uber Visa since being a college student I eat out ALOT
and Chase Amazon Prime b/c well.... amazon. Lol.
I definitely would like to not pay an ANual fee so the gold and venture will probably geg cut but the venture is my highest limit.
Or I can PC the Citi to a Citi Rewards+ that’s the one I’m being offered.

So what do you guys recommend?
1: Chase Amazon
2: Uber Visa
3: Fidelity Rewards.
4:??????
5:?????
6:?????

I will appreciate any feedback.

Message 1 of 14
13 REPLIES 13
coldfusion
Community Leader
Mega Contributor

Re: I need to simplify my life, need some guidance.


@omarinho10 wrote:
I would like to keep ONLY six cards, and close the rest. I’m primarily in the Cash back scene.

So here they are:
1) Amex Everyday $2000 oldest account
2) Chase Amazon Prime $2000 (amazon only)
3) Discover it $3,500
4) Amex Magnet $2000
5) Amex Everyday $2000
6) Amex Gold (pink gold edition) high ANF
7) Venture $6000
8) Citi diamond $5,500 (got offer to pc it)
9) BOA Cash rewards $1,500
10) Uber visa $500 (wish it had higher limit)
11) PayPal Cash (not activated) $300
12) Fidelity Rewards $2000

That’s toooo many cards and I just want to simplify my life.
Must keep are Uber Visa since being a college student I eat out ALOT
and Chase Amazon Prime b/c well.... amazon. Lol.
I definitely would like to not pay an ANual fee so the gold and venture will probably geg cut but the venture is my highest limit.
Or I can PC the Citi to a Citi Rewards+ that’s the one I’m being offered.

So what do you guys recommend?
1: Chase Amazon
2: Uber Visa
3: Fidelity Rewards.
4:??????
5:?????
6:?????

I will appreciate any feedback.


Keep in mind that it's bad form to close a card that is less than a year old, for those cards with an AR (AMEX Gold, Venture) wait until the AR posts and then close the card within 30 days.    Off the top of my head I'd probably look to do something like keeping these cards:

 

Chase Amazon (Amazon spend)

Uber Visa (restaurant spend)

BoA Cash Rewards (3% category spend, update monthly as desired)

Discover IT (rotating 5% category spend)

PC the Citi Diamond to a DoubleCash, else close it.  If you close it, keep the Paypal Cashback and plan to regularly request SP CLIs.  The goal is to have a 2% cashback card for unstructured spend.

AMEX Magnet.  You could argue the Fidelity card instead but IMO AMEX >> Elan.

 

Close the Gold Card, the Venture, and the Fidelity card.  You'd also either close the Diamond or the Paypal Cashback.

 

 

 

(8/2022)
FICO 8 (EX) 830 (TU) 834 (EQ) 831
FICO 9 (EX) 839 (TU) 848 (EQ) 846

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 2 of 14
WarEagle1
Frequent Contributor

Re: I need to simplify my life, need some guidance.

Well, if you want to keep the Venture since it has the highest CL, I would see about a PC to Savor. You get 4% back on dining and entertainment. It has a $95 AF, which you could justify depending on how much CB you earn. The SavorOne has no AF with 3% back on those categories, as well.

You could also see about consolidating your Amex cards by moving your CL’s to one (either the oldest or the the one that gets the most CB/rewards), not 100% sure you can do that though. I’m not a fan of the charge cards, just my personal preference.

For sure would PC the Citi and I would keep the Disco. Disco has been good to me lately. Ask me again about them in 3mo though. Lol.

I am by no means an expert, I just read a lot. Others will have more helpful advice and hopefully correct me if I’m wrong. Hope this helps a little. Good luck!




Life’s a garden...Dig it!
Dangit.
Message 3 of 14
kdm31091
Super Contributor

Re: I need to simplify my life, need some guidance.

Do the Amex MR points do you any good? If not, the Everyday and Gold cards can definitely go. That said, if the Gold is new (being the pink version I assume it is new) I would let it sit for a year before actually closing it. MR points aren't really cash back so if you want cash back I think those cards are easy pickings to get rid of.

 

PC the Citi Diamond to a Double Cash. That makes the Paypal Cash useless, and so you can close the Paypal. The Fidelity is also redundant. The Cash Magnet has little purpose too for you unless you want to keep an Amex long term for some reason.

Message 4 of 14
UpperNwGuy
Valued Contributor

Re: I need to simplify my life, need some guidance.

Keep Fidelity and Uber.  Maybe keep BoA Cash Rewards.  Maybe keep Chase Amazon.  Close all the other cards.

Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom
Sock Drawer: PenFed Promise • NFCU cashRewards • Chase Sapphire Preferred • Chase Freedom Unlimited • United Explorer • UNFCU Azure
Message 5 of 14
NRB525
Super Contributor

Re: I need to simplify my life, need some guidance.


@omarinho10 wrote:
I would like to keep ONLY six cards, and close the rest. I’m primarily in the Cash back scene.

So here they are:
1) Amex Everyday $2000 oldest account
2) Chase Amazon Prime $2000 (amazon only)
3) Discover it $3,500
4) Amex Magnet $2000
5) Amex Everyday $2000
6) Amex Gold (pink gold edition) high ANF
7) Venture $6000
8) Citi diamond $5,500 (got offer to pc it)
9) BOA Cash rewards $1,500
10) Uber visa $500 (wish it had higher limit)
11) PayPal Cash (not activated) $300
12) Fidelity Rewards $2000

That’s toooo many cards and I just want to simplify my life.
Must keep are Uber Visa since being a college student I eat out ALOT
and Chase Amazon Prime b/c well.... amazon. Lol.
I definitely would like to not pay an ANual fee so the gold and venture will probably geg cut but the venture is my highest limit.
Or I can PC the Citi to a Citi Rewards+ that’s the one I’m being offered.

So what do you guys recommend?
1: Chase Amazon
2: Uber Visa
3: Fidelity Rewards.
4:??????
5:?????
6:?????

I will appreciate any feedback.


Several of these cards, the four AMEX specifically, came with recent sign-up bonuses, especially the Gold, correct?  

 

If you now want to shift gears to cash back, the AMEX cards are not really going to align well, and you may end up closing them. That is fine, but I would guess if you close 3 SUB AMEX cards quickly, you can forget about SUB for new AMEX cards, when your emphasis switches back to travel rewards after graduation.  

 

And FWIW, 4% on an Uber card is not quite the same thing as 4 MR on a Gold. The AF on the Gold comes with available credits to utilize that value in different ways. 

 

In the same way one needs to think carefully before an app, that same level of care is needed when closing non-Credit One cards.  Today’s card environment has many pitfalls. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 6 of 14
xaximus
Valued Contributor

Re: I need to simplify my life, need some guidance.


@omarinho10 wrote:
I would like to keep ONLY six cards, and close the rest. I’m primarily in the Cash back scene.

So here they are:
1) Amex Everyday $2000 oldest account - Combine 1 and 5
2) Chase Amazon Prime $2000 (amazon only) - Keep
3) Discover it $3,500 - Keep
4) Amex Magnet $2000 - SD
5) Amex Everyday $2000 - combine 1 and 5
6) Amex Gold (pink gold edition) high ANF- Close
7) Venture $6000 - PC to SavorOne
8) Citi diamond $5,500 (got offer to pc it) - PC to 2%
9) BOA Cash rewards $1,500 - Keep
10) Uber visa $500 (wish it had higher limit) - Keep 
11) PayPal Cash (not activated) $300 - SD
12) Fidelity Rewards $2000 - SD

That’s toooo many cards and I just want to simplify my life.
Must keep are Uber Visa since being a college student I eat out ALOT
and Chase Amazon Prime b/c well.... amazon. Lol.
I definitely would like to not pay an ANual fee so the gold and venture will probably geg cut but the venture is my highest limit.
Or I can PC the Citi to a Citi Rewards+ that’s the one I’m being offered.

So what do you guys recommend?
1: Chase Amazon
2: Uber Visa
3: Fidelity Rewards.
4:??????
5:?????
6:?????

I will appreciate any feedback.


Any card you've had for less then a year, I wouldn't close. PC the ones that have AFs down to non-AF cards. SD the ones that you don't want or need for now until they hit atleast 1 year. After that, it's upto you on if you wanna close or just keep then in SD. I would put a small recurring charge on the SD cards and pay off. I'm guessing your AAoA isn't long so closing cards this early isn't the best idea. Build on what you have and as it gets older, you can make more changes.



Scores - All bureaus 770 +
TCL - Est. $410K
Message 7 of 14
budugu
Regular Contributor

Re: I need to simplify my life, need some guidance.

I would say PC Citi dividend to double cash. And venture to venture 1 (some fee free one) and close the rest. If you are a student (spending 10-15k year?) that should cover you.

Ps: without getting black listed by Amex. Conventional Wisdom seems to be don’t close with in the year.
amex - plat + bcp, Apple Card, Citi Prestige (AU)
Message 8 of 14
Kforce
Valued Contributor

Re: I need to simplify my life, need some guidance.


@UpperNwGuy wrote:

Keep Fidelity and Uber.  Maybe keep BoA Cash Rewards.  Maybe keep Chase Amazon.  Close all the other cards.


+ 1

I would trim down, and keep only three.

My picks, Fidelity, Uber. and Chase Amazon.

Message 9 of 14
HeavenOhio
Senior Contributor

Re: I need to simplify my life, need some guidance.

@WarEagle1and @xaximus, Capital One hasn't offered Savor or SavorOne PCs since the cards were revamped last August. In the meantime, an offer to PC the Venture to a Quicksilver is probably available. Down the road, I'd bet that Savor and SavorOne PCs will likely be offered. The Quicksilver can be PC'ed again at that point.

 

@omarinho10, could you provide either your account ages or opening dates? It'd be good to see if AoOA (age of oldest account) should be considered. I agree with the posts above that cards on your list should be a year old before closing. If a card you'd like to close is less than a year old, simply put it on the chopping block until it ages.

 

For the record, I don't think the one-year rule needs to apply to every card. I think that store cards and starter cards can be closed whenever if they no longer serve a purpose. And predatory cards should be closed as soon as possible. Cards that earn sign-up bonuses should be held onto.

Message 10 of 14
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.