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Time for a round of voluntary CC closures...

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Valued Contributor

Re: Time for a round of voluntary CC closures...


@UpperNwGuy wrote:

I plan to downgrade my $450 Chase Sapphire Reserve to a no-fee Freedom Unlimited in August because I won't be traveling until the COVID-19 crisis ends.  That won't happen until 2022.  The CFU won't see much use because it's a 1.5% card in a 2% world.

I plan to downgrade my $95 Chase United Explorer to a no-fee United card in August because I won't be traveling until the COVID-19 crisis ends.  That won't happen until 2022.  The downgraded card won't see much use.  Its only value will be additional award seat availability.

My 1.5% NFCU cashRewards hasn't seen any use since I got the 2% NFCU Flagship.

My no-rewards PenFed Promise hasn't seen any use for five years.  I no longer need a balance transfer card.

I should probably close all four of these cards, but that would mean giving up $95,000 of combined credit limits, so I won't do it.  Perhaps I will close one or two.  I'm realizing that most Chase credit cards have little value unless you travel.  I'm also learning that cards that once seemed important are no longer important.

In 2017 I closed 8 cards (3 general purpose cards and 5 store cards).  2020 won't be as draconian.


Suggestion, @UpperNwGuy, especially due to the $95K CL's involved.  I know that (officially) Navy FCU won't allow combination of limits but (unofficially) they are reported to do it left-and-right.  Send a secure message and roll your Cash Rewards over to your Flagship.  Only limits I know of are $50K or less per card except $80K on Flagship by itself or total.

 

Same for PenFed.  I believe they will allow reallocation of limits.  You have the Power Cash Rewards.  Move your PenFed Promise limit over. 

 

And ... if you don't want both those Chase cards, same thing.  You can downgrade the CSR to CFU and then combine the United credit limit with it to keep your Chase trade lines high.  Easy to do with a phone call or secure message to customer service.  I've done it multiple times with no issues.

 

Personally, one thing I love about my CSR is that I get great value out of it even when I don't travel.  DW and I double-income empty-nesters and we dine out a lot, since it can be just about as inexpensive to do that for two than for cooking.  (It's mostly not high-dollar restaurants.)  Plus I am still doing business travel even with the coronavirus and have the need to dine out on the road still.   While I'm accruing UR points that I may not use for awhile, I know I will use them.  I just took a domestic road trip for a week and used some of my travel points for hotel rooms. 



Updated 07/03/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (July 2020)
Total Open Credit Lines Over $510K. Utilization Less Than 1%. Inquiries until Nov 2020 (TU:2 -- EQ:4 -- EX:7)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 11 of 32
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Valued Contributor

Re: Time for a round of voluntary CC closures...

@Aim_High 

 

I might do some reallocating before closing, especially at Chase and NFCU.  PenFed is not so easy.  They did a hard pull the last time I reallocated credit limits between cards.  And that was after they told me that it was against their policy to reallocate.

 

I have the same problem with the dining feature of the CSR as I do with the travel feature:  COVID-19.  I am avoiding restaurants as long as the virus is widespread.  I think restaurants are high risk.  But even if I went full speed ahead on restaurants, I still would not hit my break-even point on the CSR.  I don't consider the CSR to break even until it earns more (after the fee has been subtracted out) than I could earn with the same spending on a no-fee 2% card, and that's slightly above $6,000 a year in the travel and dining categories.  I'm not going to spend $500 a month at restaurants even in a non-COVID era.

PenFed Power Cash • Promise • NFCU Flagship • More Rewards • cashRewards
Chase Sapphire Reserve • Freedom • United Explorer • UNFCU Azure
Message 12 of 32
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Super Contributor

Re: Time for a round of voluntary CC closures...

I was able to go from CSR straight to a second Freedom card. Occasional 5% may be better than yet another 1.5% card.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCP, EDP
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 13 of 32
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Valued Contributor

Re: Time for a round of voluntary CC closures...


@wasCB14 wrote:

I was able to go from CSR straight to a second Freedom card. Occasional 5% may be better than yet another 1.5% card.


Yes, I have thought about that option, but I live alone, and my spending levels in the Freedom's quarterly bonus categories are well within the $1500 quarterly limit, so I wouldn't get any value out of a second card. And I don't do gift cards.

PenFed Power Cash • Promise • NFCU Flagship • More Rewards • cashRewards
Chase Sapphire Reserve • Freedom • United Explorer • UNFCU Azure
Message 14 of 32
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Established Contributor

Re: Time for a round of voluntary CC closures...


@wasCB14 wrote:

So what's on the possible chopping block for everyone?

 

CFU and DC for me. Neither serves a purpose. But I've kept them as I figured I'd be logging into Citi and Chase, anyway.


5/3 trio card (4K limit) - I got this card for the SUB. Literally haven't used it since. I really had no business getting it. Got an offer in the mail n took it smh.

 

CareCredit (6k) - Haven't used this in over a year. My dentist accepts Apple Pay so I just use my Altitude Reserve to pay there now.

 

Cap 1 QS (15k) - I PCed to it from the Venture. Since im at the 2 card limit for Cap, I'm going to close this soon. Then I'll be able to go for the Venture down the road for the SUB. I just hate to lose this 15k limit which is why I haven't closed it yet.

 

Amex Marriott Bonvoy (1k) - only have this for the free night which I am starting to find that it's very hard to use to get maximum value. I'm also at the 4 card limit for AMEX as well so no more Amex cards until I drop one.


Amex Business Cash (6k) - I got this card recently for a balance transfer. It is also a plus that it doesn't report to my personal reports either. I'll likely close this after the balance is paid off

 

Citi AA (5.5k) - I got the biz version of the card earlier this year so no need to pay 2 fees. I haven't decided whether to outright close this or PC it to the MileUp card which i won't use either. Maybe I should just close it to avoid another useless card.


PayPal (4K) - I have the DC and Fidelity so no need for this really. Granted the no foreign transaction fee is a plus, I don't travel internationally nearly as much to keep it around for that purpose. Also I hate the interface when trying to pay the bill. Lastly, I prefer Citi over synchrony.

 

Citi Rewards+ (4.4k) - This one is interesting. I feel it pairs well with the DC for TY points. However, I just don't have a use for them besides portal redemptions. So this one may go as well.

 

Flexperks Biz (3k) - I will be closing this as soon as my year is up. I got this card for the SUB in which I transferred over to my Altitude Reserve. 

Wells Fargo Cash Wise (5k) - got this card for the SUB and 15 month 0% apr. I'll prob close this after it is paid off 

 

I believe my total credit line for all of my personal cards is at around 163k with around 9% utilization. Ultimately I need to decide whether im comfortable with getting rid of 50k of credit.

 

As you can see, I have accumulated a good bit of cards that are now useless to me lol

Amex Green NPSL, Amex Hilton Surpass 5k, Amex Marriott Bonvoy 1k, AMEX BBP 1k, AMEX Biz Cash 6k, BOA Cash Rewards 5k, BOA Better Balance Rewards 2k, Care Credit 15k, Chase Amazon Visa 19.825k, Discover 11.8k, Discover 12.5k, Nordstrom Store 4.5k , Fidelity Visa 10k, Cap 1 QS 15k, Cap 1 Savor 10.5k, Citi Rewards+ 4.4k, Citi DC 8k, Citi Advantage Platinum 5.5k, US Cash+ 3.5k, Altitude Reserve 12.5k, Paypal Mastercard 4k, Apple Card 6.5k, Wells Fargo Cash Wise 5k, BOA Premium Rewards 8k, Citi AA Biz 1.5k, Flexperks Biz 3k
Message 15 of 32
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Frequent Contributor

Re: Time for a round of voluntary CC closures...

I might close my Citi DC and Apple Card.

My Cards:



Future Cards:

Currently Gardening…(3/6, 7/12, 9/24) May 2021-[1/2][US Bank 1/12 Rule]
September 2021-[4/24][Chase 5/24 Rule], December 2021-[2/12][Bank of America 3/12 Rule].
Message 16 of 32
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Valued Contributor

Re: Time for a round of voluntary CC closures...


@mr_suave wrote:

@wasCB14 wrote:

So what's on the possible chopping block for everyone?


5/3 trio card (4K limit) - I got this card for the SUB. Literally haven't used it since. I really had no business getting it. Got an offer in the mail n took it smh.

 

CareCredit (6k) - Haven't used this in over a year. My dentist accepts Apple Pay so I just use my Altitude Reserve to pay there now.

 

Cap 1 QS (15k) - I PCed to it from the Venture. Since im at the 2 card limit for Cap, I'm going to close this soon. Then I'll be able to go for the Venture down the road for the SUB. I just hate to lose this 15k limit which is why I haven't closed it yet.

 

Amex Marriott Bonvoy (1k) - only have this for the free night which I am starting to find that it's very hard to use to get maximum value. I'm also at the 4 card limit for AMEX as well so no more Amex cards until I drop one.


Amex Business Cash (6k) - I got this card recently for a balance transfer. It is also a plus that it doesn't report to my personal reports either. I'll likely close this after the balance is paid off

 

Citi AA (5.5k) - I got the biz version of the card earlier this year so no need to pay 2 fees. I haven't decided whether to outright close this or PC it to the MileUp card which i won't use either. Maybe I should just close it to avoid another useless card.


PayPal (4K) - I have the DC and Fidelity so no need for this really. Granted the no foreign transaction fee is a plus, I don't travel internationally nearly as much to keep it around for that purpose. Also I hate the interface when trying to pay the bill. Lastly, I prefer Citi over synchrony.

 

Citi Rewards+ (4.4k) - This one is interesting. I feel it pairs well with the DC for TY points. However, I just don't have a use for them besides portal redemptions. So this one may go as well.

 

Flexperks Biz (3k) - I will be closing this as soon as my year is up. I got this card for the SUB in which I transferred over to my Altitude Reserve. 

Wells Fargo Cash Wise (5k) - got this card for the SUB and 15 month 0% apr. I'll prob close this after it is paid off 

 

I believe my total credit line for all of my personal cards is at around 163k with around 9% utilization. Ultimately I need to decide whether im comfortable with getting rid of 50k of credit.

 

As you can see, I have accumulated a good bit of cards that are now useless to me lol


Sounds like a good plan overall, @mr_suave.   If your utilization is at 9%, I would rethink closing any cards where you cannot save the credit line by transferring limits to another card until the balances are paid down somewhat.

 

Regarding accumulating useless cards, this is why I never get a card simply for the SUB, although I know there are others with a different viewpoint.  I like SUBs but I try to target those cards that have a higher purpose for me beyond the SUB.  I guess for those who use SUBs as a key part of their program, closing cards more frequently is just part of the complications.  Smiley Sad

 

I'm not even close, but I thought Capital One's max cards was 3 (not 2) and that AMEX recently lowered theirs to 5 (not 4.)  Is this correct? 

 

I've looked at both the AMEX Marriott and the Flexperks cards with some interest.

 

Is the AMEX Marriott Card the Brilliant with $450 AF?  If you stay at Marriotts enough to get the $300 credit, the AF is lowered to $150 which gives you not only that free night (easily worth $150 at many properties even if you don't get maximum value) plus you attain instant GOLD status.  Depending on travel and Marriott spend, that might be a keeper although I know many aren't traveling at all right now.

 

The US Bank FlexPerks card, while it has an $85 AF, does reimburse TSA Global Entry for you or a family member and it also has complimentary Boingo internet access, which would cost $180 as a stand-alone benefit.   The 5x on hotels and car rentals offers a good return also. 

 

The others ... yeah, sounds like you don't need them and would be better off without them for the long haul. 



Updated 07/03/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (July 2020)
Total Open Credit Lines Over $510K. Utilization Less Than 1%. Inquiries until Nov 2020 (TU:2 -- EQ:4 -- EX:7)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 17 of 32
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Valued Contributor

Re: Time for a round of voluntary CC closures...


@Carmy03 wrote:

I might close my Citi DC and Apple Card.


Apple Card is not high value to me either.  I think many of us wish we had not applied.  I got it before I had any other 2% or 3% cash back cards and was drawn to the novelty of the SP approval and experiencing management of the card through the Apple wallet.  

 

I also hesitate to close it because Goldman might realize they could improve it and I could reap the benefits of an overhaul, so for that reason, I tend to hang onto it.  All four of my oldest credit cards were eventually product-changed or improved over the years and I've been able to keep them somewhat useful throughout the changes while maintaining those old accounts which help anchor my average age of accounts. 



Updated 07/03/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (July 2020)
Total Open Credit Lines Over $510K. Utilization Less Than 1%. Inquiries until Nov 2020 (TU:2 -- EQ:4 -- EX:7)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 18 of 32
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Valued Contributor

Re: Time for a round of voluntary CC closures...

I'm in no rush to close any cards, especially if it would lower my credit limits.  That said, there were two Chase cards I got for two reasons:  the SUBs were exceptionally high (contrary to my last posting ... lol)  but also to transfer credit limits to my other cards for high utilization padding (so I did have a secondary motive.)   Part of both CL has already been transferred over to other Chase cards and I just kept a minimal $10K on each card. 

 

  • Chase Marriott Boundless (100K SUB worth about $800)
  • Chase World of Hyatt (50K SUB worth about $850)

However, I've considered keeping one or both of these and I still waffle about it.  Honestly, I had originally planned to keep my travel spending all concentrated on my CSR and not worry about hotel perks and status.  But I see more value in hotel status than I once did.  I also considered PCing the Marriott to the Ritz Carlton card ($450AF), only available now by PC from Marriott, but I doubt I'd get enough value from that on my lifestyle and spend.  Lately, I've eyed the AMEX Bonvoy Brilliant as maybe a better Marriott keeper card but I have to wait until 24 months have passed from my other Marriott SUB to get the AMEX SUB.  (The Chase Ritz Carlton card and the AMEX Bonvoy Brilliant are very similar in many ways, including automatic GOLD elite status with Bonvoy.)   I like that the AMEX $300 credit applies to Marriott spend while the Ritz $300 credit only applies to airline incidental spend.  And my CSR already gives me the same Visa Infinite perks that the Ritz card would give me.

 

I could do without the following cards in terms of value-added, perks, or credit age:

 

  • Apple Card, as stated above.  A young account and duplication of rewards.  Meh.  Definitely a wasted pull last year.
  • USAA "Rate Advantage" Visa.  Ironically, even with that $35K credit limit, not really a useful card.  I never use it but since I'm a banking and insurance customer they never cancel it.  I got it when my credit score was not as high and so my APR is not as low as several other cards I have.  And the low APR is the whole reason for the card, since there are no rewards!  USAA will not adjust APRs.  You're stuck with what you get at approval.  I've considered closing it and then opening another one to get the low rate.  But meanwhile, I have Navy FCU Platinum's 5.99% APR that beats the best rate I'd ever get on USAA. 
  • Capital One Quicksilver.  I have enjoyed my Quicksilver and worked hard to grow the limits to $25K, which I finally did recently.  However, rewards on it are only fair compared to other options I have.  (Until a year ago or less, my only uncapped, uncategorized cards were 1.5% cards.)  It does have no-FTF but so do some of my other cards.  The APR is pretty decent for a rewards card but not my best.  I mainly like the lender-diversity and keeping Capital One since they are a larger credit lender.  Capital One was also good to me with BT offers when I needed them and I like keeping that option open.
  • Platinum Rewards Visa from my local credit union.  It was my first $25K limit card, at initial SL.  APR is pretty good (lower than my USAA) but not great.  It has the "CU Rewards" program but the rewards are sub-par since it normally only pays out about 1%, sometimes even less.  Like my USAA Visa, I don't use it and they don't close it since I do a lot of banking and business there.  
  • AFBA Visa (Five Star Bank/UMB Bank/ Simply Rewards program.)   I will probably keep it, since it has decent rewards on its' current evolution and it's my second oldest card.  Pays effectively 3% on all dining out (restaurants and fast food), gas, discount stores and groceries, all uncapped.  However, it's a points, not cash-back card and I've found that getting maximum value of the points usually leads me to redeeming for gift cards when I accrue enough points.  This card was available to me as a member of Armed Forces Benefits Association (AFBA) though Five-Star Bank in Colorado. After the card was issued, Five-Star transferred their card services over to UMB (United Missouri Bank).   The original card had no rewards; then it added a simple 1% back type rewards similar to CU Rewards; and then I was able to convert the rewards to UMB's Simply Rewards.  Perhaps the Simply Rewards card management is better if you're a UMB Banking customer.   As far as I'm aware, since I don't bank with UMB, I have to access my card through a third-party website (card services) and there is no mobile phone app.  I have a shortcut saved on my phone to login.  The website looks like it was designed in 1998 and transactions are very slow to post (DAYS to show up as pending!) whereas my other banking apps update immediately after I use their cards.   Geez, I think I'm about to talk myself into just closing this one!  Lol Smiley Tongue   ... BUT the 3% back on many categories with no-AF is great and if my AOD Visa is nerfed from the 3%, I won't have a 3% flat-rate grocery card. 

So if I was going to close any cards besides the two hotel cards, it would be one or more of those five above.   But those five carry $130K of credit utilization padding, so I imagine I'll just keep them around.

 

- - - - - - - - - - - - - - - - - - - - - - - - - - - -

*I'm also an AU on my DW's Discover-IT Miles which she got last November so we could get the 3% first-year match.  I don't bother to list it in my cards since I've always seen it as a temporary card. This was after I got approved for only $1K and she was approved the next day for a much more useful $9K!  But then later, I got the AOD FCU Visa that pays 3% also.  Long-term, I had planned for her to keep this card but I have no use as AU after the first year.  It's always been on my closure list.



Updated 07/03/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (July 2020)
Total Open Credit Lines Over $510K. Utilization Less Than 1%. Inquiries until Nov 2020 (TU:2 -- EQ:4 -- EX:7)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 19 of 32
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Established Contributor

Re: Time for a round of voluntary CC closures...


@Aim_High wrote:

@mr_suave wrote:

@wasCB14 wrote:

So what's on the possible chopping block for everyone?


5/3 trio card (4K limit) - I got this card for the SUB. Literally haven't used it since. I really had no business getting it. Got an offer in the mail n took it smh.

 

CareCredit (6k) - Haven't used this in over a year. My dentist accepts Apple Pay so I just use my Altitude Reserve to pay there now.

 

Cap 1 QS (15k) - I PCed to it from the Venture. Since im at the 2 card limit for Cap, I'm going to close this soon. Then I'll be able to go for the Venture down the road for the SUB. I just hate to lose this 15k limit which is why I haven't closed it yet.

 

Amex Marriott Bonvoy (1k) - only have this for the free night which I am starting to find that it's very hard to use to get maximum value. I'm also at the 4 card limit for AMEX as well so no more Amex cards until I drop one.


Amex Business Cash (6k) - I got this card recently for a balance transfer. It is also a plus that it doesn't report to my personal reports either. I'll likely close this after the balance is paid off

 

Citi AA (5.5k) - I got the biz version of the card earlier this year so no need to pay 2 fees. I haven't decided whether to outright close this or PC it to the MileUp card which i won't use either. Maybe I should just close it to avoid another useless card.


PayPal (4K) - I have the DC and Fidelity so no need for this really. Granted the no foreign transaction fee is a plus, I don't travel internationally nearly as much to keep it around for that purpose. Also I hate the interface when trying to pay the bill. Lastly, I prefer Citi over synchrony.

 

Citi Rewards+ (4.4k) - This one is interesting. I feel it pairs well with the DC for TY points. However, I just don't have a use for them besides portal redemptions. So this one may go as well.

 

Flexperks Biz (3k) - I will be closing this as soon as my year is up. I got this card for the SUB in which I transferred over to my Altitude Reserve. 

Wells Fargo Cash Wise (5k) - got this card for the SUB and 15 month 0% apr. I'll prob close this after it is paid off 

 

I believe my total credit line for all of my personal cards is at around 163k with around 9% utilization. Ultimately I need to decide whether im comfortable with getting rid of 50k of credit.

 

As you can see, I have accumulated a good bit of cards that are now useless to me lol


Sounds like a good plan overall, @mr_suave.   If your utilization is at 9%, I would rethink closing any cards where you cannot save the credit line by transferring limits to another card until the balances are paid down somewhat.

 

Regarding accumulating useless cards, this is why I never get a card simply for the SUB, although I know there are many who use different methods.  I like SUBs but I try to target those cards that have a higher purpose for me beyond the SUB.  I guess for those who use SUBs as a key part of their program, closing cards more frequently is just part of the complications.  Smiley Sad

 

I'm not even close, but I thought Capital One's max cards was 3 (not 2) and that AMEX recently lowered theirs to 5 (not 4.)  Is this correct? 

 

I've looked at both the AMEX Marriott and the Flexperks cards with some interest.

 

Is the AMEX Marriott Card the Brilliant with $450 AF?  If you stay at Marriotts enough to get the $300 credit, the AF is lowered to $150 which gives you not only that free night (easily worth $150 at many properties even if you don't get maximum value) plus you attain instant GOLD status.  Depending on travel and Marriott spend, that might be a keeper although I know many aren't traveling at all right now.

 

The US Bank FlexPerks card, while it has an $85 AF, does reimburse TSA Global Entry for you or a family member and it also has complimentary Boingo internet access, which would cost $180 as a stand-alone benefit.   The 5x on hotels and car rentals offers a good return also. 

 

The others ... yeah, sounds like you don't need them and would be better off without them for the long haul. 


The Marriott card I have is the 95$ fee one. They no longer issue it I think. I don't really have any interest in the 450$ fee one mainly because I think the Aspire is much better.

I believe cap one limit on prime cards is 2. If you have a sub prime I believe it is higher. I wish Cap one allowed you to combine limits because I would combine the QS with the Savor.

 

I have the business FlexPerks card. I forget the exact name but it was discontinued recently. The fee is like 55$ but waived the 1st year. I just used the 25k points I got for it and moved it to my Altitude Reserve.

 

I wasn't planning on closing them all down now. I'm definitely going to wait a little so when I do that my utilization will remain 9% or lower. I should definitely be able to close them all by the end of the year though. After doing some calculations, my utilization would be at 10% by mid July if I was to close those cards.

 

 

Amex Green NPSL, Amex Hilton Surpass 5k, Amex Marriott Bonvoy 1k, AMEX BBP 1k, AMEX Biz Cash 6k, BOA Cash Rewards 5k, BOA Better Balance Rewards 2k, Care Credit 15k, Chase Amazon Visa 19.825k, Discover 11.8k, Discover 12.5k, Nordstrom Store 4.5k , Fidelity Visa 10k, Cap 1 QS 15k, Cap 1 Savor 10.5k, Citi Rewards+ 4.4k, Citi DC 8k, Citi Advantage Platinum 5.5k, US Cash+ 3.5k, Altitude Reserve 12.5k, Paypal Mastercard 4k, Apple Card 6.5k, Wells Fargo Cash Wise 5k, BOA Premium Rewards 8k, Citi AA Biz 1.5k, Flexperks Biz 3k
Message 20 of 32
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