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:
Blue Cash Everyday
Blue Business Plus
Guitar Center (Paying off then holding for age)
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?
I think before we can make recommendations, it would be good to know:
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.
^ 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.
I’m amazed you got approved for all those at your age & income, lol Amex Platinum.
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.
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.
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?