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Transfer a balance and close Credit One accounts?

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Transfer a balance and close Credit One accounts?

Hello all! Majority of the people on this site give great advice. Especially when you are on the right track but you need some reassurance. I want to transfer a $750 balance to a lower interest card with a $4,500 CL. It also has a 0 balance. Would it be smart to close the $1300 Credit One Visa after? I’ve had it for 4 years but my overall credit is the complete opposite of what it was 4 years ago. I am currently at 6% utilization out of about $100k total credit. I’m grateful for them giving me a chance but the 2 Credit one cards are the only cards I have with an annual fee and I don’t want them. Overall, not a bank I want to do business with. The fees are ridiculous. The $1500 MC has never been used. Let me know what you think!
Message 1 of 10
9 REPLIES 9
Valued Contributor

Re: Transfer a balance and close Credit One accounts?

Think?

 

Should have been done long ago.  Whatever the BT fee is less than it's costing you to hold onto C1.

500K+ TCL / 800+ FCOs
Message 2 of 10
Established Contributor

Re: Transfer a balance and close Credit One accounts?


@AaVJo wrote:
Would it be smart to close the $1300 Credit One Visa after? I’ve had it for 4 years but my overall credit is the complete opposite of what it was 4 years ago. I am currently at 6% utilization out of about $100k total credit. 

 

With a 100k in available credit, you obviously have better cards now. There is absolutely no need for that Predator One card. 











Current

Goal Cards

Message 3 of 10
Valued Contributor

Re: Transfer a balance and close Credit One accounts?

I agree. Say good riddance to Credit One and the fees. You've moved on to bigger and better things. 

"Hover mouse over cards to see CL and APR info"


Message 4 of 10
Community Leader
Super Contributor

Re: Transfer a balance and close Credit One accounts?

I say close all your cards and keep the two Credit One cardsSmiley Happy. Your profile will thank youSmiley Wink

Just kidding, burn the cards and sing a melodySmiley Wink
#ChaseCreditCardHobby Enthusiast
2022
!
Message 5 of 10
Member

Re: Transfer a balance and close Credit One accounts?

Thank you! I completed the balance transfer this morning and I already feel better. I think I will have to wait for it to fully process before closing. Something is telling me they will find a way for me to have a balance after the $750 is paid. I will just pay it with my checking account and close it out. The $22 for the transfer see is way less than the interest and $99(monthly increments....absolutely ridiculous) for this card. Like I said, I usually have good judgment but it’s always nice to get the backing from experienced card holders. Side note: Cap One just gave my an increase of $3,700 so that makes up for the credit being lost with Credit One! That card is my oldest bank card. SP and instant approval on the mobile app.
Message 6 of 10
Member

Re: Transfer a balance and close Credit One accounts?

“Predator One” made me spit a little coffee out lol. Thank you for that!
Message 7 of 10
Regular Contributor

Re: Transfer a balance and close Credit One accounts?


@AaVJo wrote:
“Predator One” made me spit a little coffee out lol. Thank you for that!

It made me giggle too lol.

Message 8 of 10
Regular Contributor

Re: Transfer a balance and close Credit One accounts?


@AaVJo wrote:
Thank you! I completed the balance transfer this morning and I already feel better. I think I will have to wait for it to fully process before closing. Something is telling me they will find a way for me to have a balance after the $750 is paid. I will just pay it with my checking account and close it out. The $22 for the transfer see is way less than the interest and $99(monthly increments....absolutely ridiculous) for this card. Like I said, I usually have good judgment but it’s always nice to get the backing from experienced card holders. Side note: Cap One just gave my an increase of $3,700 so that makes up for the credit being lost with Credit One! That card is my oldest bank card. SP and instant approval on the mobile app.

Good job. I have a "Predator One" card too and once I started getting serious about my credit (thanks to this forum) I realized how I was screwing my self over with that card (although I was grateful they gave me a $1050 limit). But I am counting down the days until I get a CSP and a Platinum Skymiles and then I'm going to send the Predator One card to the guillotine. I too am incensed by the $99 AF billed monthly (for some reason I never paid attention to it until I discovered this forum).

Message 9 of 10
Senior Contributor

Re: Transfer a balance and close Credit One accounts?

Jumping on the bandwagon. 

 

BT AND CLOSE THE CREDIT ONE ACCOUNT!

American Express: Platinum Charge, Optima, Business Gold
Barclays: Arrival+ WEMC
Capital One: Savor WMC, Venture VS
Chase: Freedom U VS, CSR VI
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity VS
Credit Union: Rewards Visa
FICO 08: (9.3.19) EX: 824 / EQ: 834 / TU: 832
Message 10 of 10
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