I have already closed my Citi Simplicty (had an APR near 25% V) and one of my Citi DPs (had a rate around 15% V), and am currently now debating on whether to close out my Chase Freedom and Slate cards (APRs are ~25% V for each). I simply have no practical use for cards with APRs that high -- I apped for and was approved for them 2-3 years ago when my FICOs were in the 600s, but I am now 800+ across all 3 bureaus. Chase also happens to be one of my least-favorite cc lenders, but if I find that I am missing having the cards for whatever reason (unlikely), I may consider possibly reapplying in the future, when eligible and specifically for a lower APR, since Chase does not grant any APR reductions on existing cards. I also have no interest at all in the CSR, CSP, or CFU, so I don't anticipate ever wanting to PC to those card products either. Thoughts? Are there any other reasons anyone can think of why I should consider keeping the 2 Chase cards? Thank you
The only reason i could think of is lender diversity but from seeing your other posts, i think you are pretty much covered on diversity. Great think of being in control of YOUR credit is you can decide when eniugh is enough and whether you want/ need a card. If you feel you have covered what those cards can offer and closing them wont affect your overall profile, i day go for it. Like you said, you could always apply in the future if needed. Im sure if i had multiple low apr cards and im seeing 25% everyday thst would probably drive me nuts
Lol. Good luck on your decision G
Lol. Good luck on your decision G
Why not apply for another card then move your existing credit lines to it and close them? Do you not use the 5% cash back categories on Freedom? With the new hike in rates, the Amazon Rewards VS is now the lowest APR personal card Chase offers at 14.74% if it's solely APR you are looking at. Or if the Freedom would be useful to you and you just hate the APR, go for the Freedom Unlimited (now only down to 15.49%) and PC back to Freedom after combining all of your limits. Fortunately, my Freedom is about 10 years old so my original Prime+ APR is lower than the minimum they are offering now.
@K-in-Boston wrote:Why not apply for another card then move your existing credit lines to it and close them? Do you not use the 5% cash back categories on Freedom? With the new hike in rates, the Amazon Rewards VS is now the lowest APR personal card Chase offers at 14.74% if it's solely APR you are looking at. Or if the Freedom would be useful to you and you just hate the APR, go for the Freedom Unlimited (now only down to 15.49%) and PC back to Freedom after combining all of your limits.
Thanks for your valuable suggestions. I don't think I would realistically qualify for being approved for a new card by Chase, just b/c I am already way over 5/24? I don't really use the Chase Freedom card much at all with a few exceptions, although I did kind of like the fact that they had a quarterly 5% spend category for pharmacies, which I thought was a unique feature. I also don't really use my other cards with 5% rotating categories much either, with the exception of my Cash+, since with the Cash+, you can keep your categories perpetually each quarter. Most of my spend goes on my cashback cards with 2% and 1.5% on all purchases.
@Anonymous wrote:If the cards don't benefit you, close them. Just know APR is not important if you PIF like you should each month. You could always call or SM them and ask for a reduction. It doesn't hurt. And you don't find the Freedom valuable? Wow. You know that groceries are 5% next quarter right? It doesn't hurt to keep a card that you rarely use if you can find a benefit for it. And know you can't get signup bonuses for 2 years after closing the card (assuming they don't change their policy like AMEX did).
Most of my cards are PIF each month, with only a few exceptions where the interest rates are low into the single digits. Good to know about the 5% category on groceries next month, thank you for sharing. The main reason I guess I never got into using the Freedom was b/c it can sometimes be challenging to juggle or micromanage the card each time the quarters change. Plus, since the APR will be close to 30% V soon with the Fed raising rates gradually, I don't feel that Chase values my business relationship that much with an interest rate that high; tbh, I would rather give my business to my cards with the lowest interest rates, just as a matter of general principle.
ETA: sign-up bonuses are nice, but I rarely if ever apply for a card just for the bonuses alone, mainly b/c almost 100% of the time, I am looking for getting cards for long-term usage purposes, rather than for short-term use.
After doing some research on the forum, it looks like the Chase Amazon Prime and Chase AARP are not subject to the 5/24 rule, just checking is this definitively still the case? Also if so, can the Amazon Prime or AARP cards be PC'd into a Freedom, or does Chase not allow that kind of a PC?
