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Redundancy

ToxikPH
Established Contributor

Redundancy

I have way too many cards for my income level and age and was wanting to cancel a few in order to get down to only using two on a daily basis. I'm only 20 y/o and make about 31k before taxes.

These are all my cards:

American Express

Platinum

Gold

Delta Gold

Hilton Honors

Hilton Surpass

Blue Cash Everyday

Blue Business Plus

 

Others

Citi DC

Chase Freedom

Citi Rewards+

Guitar Center (Paying off then holding for age)

Apple Card

Discover It

Capital One Venture

 

I was thinking that a lot of these are redundant especially for my income level. I'm just worried that if I cancel a lot of the Amex cards in the terms of simplicity and saving AFs that it would ruin my relationship with them in the future for when I do get a high paying job (going into finance). I also planned on the two cards that I would use on a daily basis be the Hilton Aspire card (either upgrade or apply and cancel the other two) and the Citi DC for when Amex isn't accepted. 

 

Would canceling that many Amex cards hurt that relationship or should I just downgrade the ones with no-AF paths and cancel the platinum/gold? Should I keep all the no-AF ones just for the age and relationships with the other banks? What should I do about the other banks that may seem redundant?

Message 1 of 25
24 REPLIES 24
CreditInspired
Super Contributor

Re: Redundancy

I think before we can make recommendations, it would be good to know:

  • age of each card
  • CLs and UT on each one
  • your spend and categories
  • what's most useful to you--CB, points, etc.

 


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K || BOA CashRewards $6K
Message 2 of 25
ToxikPH
Established Contributor

Re: Redundancy

Discover - 4 months 2k 28%

Guitar - 17 months 3.8k 14%

Gold - 4 months 

HH - 4 months 1k 0%

Surpass - 1 month 5k 0%

Citi DC - 1 month 3.5k 0%

Citi Rewards + - 1 month 2.2k 45%

Chase - 7 months 2k 0%

Delta - 2 months 2k 0%

BCE - 9 months 1k 0%

BBP - 5 months 2k 50%

Capital One - 2 months 5k 0%

Platinum - < 1 month

Apple - < 1 month 5k 0%

 

I spend mostly on food and travel. That's why I was thinking the Hilton Aspire as most of my Amex points go to Hilton and the gold card is only earning 8x Hilton points while the HA earns 7x anyway. With the HA I could cancel both my Gold and Platinum as it would cover both of those categories for a lower AF. I keep fighting with myself on CB vs points and I feel like points is the better value but I'm also not sure my income is high enough to make up the AF on points cards.

 

Message 3 of 25
RSX
Established Contributor

Re: Redundancy

^ as above more info is needed

 

but I can’t see paying the AF on a Platinum and/Or Gold with a $31k income

i make more than that and just canceled a Green card because I wasn’t going to break even on the $95 AF

 

post up the full info and people will help out more.  

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Sept 9/2021 EX. 734 EQ. 737 TU 746
Inq. EX 5 EQ 2 TU 5 - - CC 4x24, 3x12, 0x6
Amex BCP $32k - Apple GS $17k - BMW/Elan $9k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $23k - HSBC Gold - $10.5k - Penfed Gold - $12.5k - USBank Cash+ -$24k - HSBC LOC - $13.5k - PenFed LOC - $20k
Message 4 of 25
solway
Contributor

Re: Redundancy

I’m amazed you got approved for all those at your age & income, lol Amex Platinum.

Discover It - 19.1K
Citi Double Cash - 16K
AMEX BCP - 35K
Elan Financial - 24.2K
Uber - 25K
Amazon Prime Visa Sig - 9.6K
Fort Knox Platinum - 2.5K
US Bank Cash+ - 14K
Citi AAdvantage PSWE - 21.5K
Message 5 of 25
ToxikPH
Established Contributor

Re: Redundancy

Added info:

I also have no problem breaking even on my gold card as I can totally use the food/airline credit to bring the EF down to $30. I'm just not sure it's worth it as the Hilton cards only earn one point less than the gold and have lower AF.

Message 6 of 25
RSX
Established Contributor

Re: Redundancy

Ok. Do the math on each and if you will break even, then keep it

if you don’t break even, drop it

 

i would suggest waiting until they are all 24 months old before getting any new ones, regardless of whether you drop any or not. 

 

All the best to you.  Keep reading on this forum, lots of good info on here. I wish I had found it when I was 20.  

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Sept 9/2021 EX. 734 EQ. 737 TU 746
Inq. EX 5 EQ 2 TU 5 - - CC 4x24, 3x12, 0x6
Amex BCP $32k - Apple GS $17k - BMW/Elan $9k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $23k - HSBC Gold - $10.5k - Penfed Gold - $12.5k - USBank Cash+ -$24k - HSBC LOC - $13.5k - PenFed LOC - $20k
Message 7 of 25
ImTheDevil
Community Leader
Super Contributor

Re: Redundancy

I would also strongly caution you to wait until after a full year with an Amex card before canceling it. You don’t want to get on their bad side and lose SUBs you’ve earned by having them clawed back, or be barred from earning future SUBs. Amex doesn’t like card closures for cards open less than a year.


Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | FNBO Evergreen | PenFed PCR | Navy cashRewards | Navy Platinum | Apple | Wells Fargo Active Cash | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





Message 8 of 25
ToxikPH
Established Contributor

Re: Redundancy

A lot of them still do seem to have the same earning as other cards. If you had all these cards which ones would you use and why?

Message 9 of 25
AverageJoesCredit
Mega Contributor

Re: Redundancy

You can do alot on that income. $250 can be afforded on 31k lol, if not you are doing something wrong. Because you are so young, use the cards you need and let go the ones you dont. You have a lifetime to build your profile or get more. Good luckSmiley Happy
Message 10 of 25
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