What to do with my cards?

RyGuy46901 · ‎12-15-2015

Hello all! Looking for some suggestions on how to combine/get rid off, etc. of all of my accounts? Please let me know your feedback!!

	Outstanding Balance	Credit Line	Interest Rate
American Express Premier Rewards Gold Card	$0.00	NPSL	N/A
American Express Gold Delta SkyMiles 61007	$0.00	$4,100.00	13.24%
American Express Starwood Preferred Guest Card 31006	$0.00	$2,000.00	16.24%
American Airlines AAdvantage Master Card by Barclays Bank	$0.00	$10,000.00	12.99%
Bank of America Cash Rewards Signature Visa	$3,000.00	$10,000.00	16.99%
Discover It Card	$0.00	$11,400.00	14.24%
Chase Sapphire Visa Signature	$0.00	$10,000.00	12.24%
Chase Southwest Premier Visa Signature	$0.00	$5,000.00	15.99%
Chase Marriott Rewards Premier Visa Signature	$0.00	$6,500.00	15.99%
Chase United Airlines MileagePlus Explorer Visa Signature	$0.00	$5,000.00	15.99%
Citi Dividend World MasterCard	$3,885.51	$10,100.00	11.24%
Capital One Venture Visa Signature	$0.00	$10,000.00	20.90%
Capital One Quicksilver Visa Signature	$0.00	$10,000.00	17.90%
Best Buy store card	$0.00	$10,000.00
Macy's store card	$0.00	$10,000.00

Anonymous · ‎12-15-2015

I'm not sure if the cards with balances are daily drivers that you pay in full or something that you're paying over time, but if it's the later the first thing I'd do is check your Discover for a 0% offer if you're not paying them off in a few months. (I know, not what you asked, but since you went through the trouble to post balances, that's what jumped out at me).

RyGuy46901 · ‎12-15-2015

@Anonymous wrote:
I'm not sure if the cards with balances are daily drivers that you pay in full or something that you're paying over time, but if it's the later the first thing I'd do is check your Discover for a 0% offer if you're not paying them off in a few months. (I know, not what you asked, but since you went through the trouble to post balances, that's what jumped out at me).

The Citi and Bank of America have 0% for a year or more I belive its actually 18 months. So I will be paying them off within that time.

Daily drivers right now basically is the AMEX gold and thats it.

Anonymous · ‎12-15-2015

Very good (and not apparent from the original post).

kdong1996 · ‎12-15-2015

First I'd request a CLI on the Venture and Quicksilver. Then combine the Venture into the Quicksilver.(Lower APR, No annual fee, backup no FTF rewards card)

Convert Citi Dividend into the DoubleCash for a 2% card (Kinda overlaps with Discover It as it is now)

For the Chase cards do you use any of the benefits the cards provide? You can freely combine/move limits with them so I would move the CLs and close 2 or 3 depending on which ones you actually use.

I'd leave the BoA and Discover It alone for gas/groceries and rotating categories.

Depending on if which cards you actually have use for I'd maybe move the limit of one Revolving Amex card and close the other

Maybe close the AA Advantage depending on if you use the benefits

I'd close the store cards if you have no use for them.

Edit: Do you care for rewards? Did you want to maintain a relation with the banks or just want to minimize number of cards?

RyGuy46901 · ‎12-15-2015

@kdong1996 wrote:
First I'd request a CLI on the Venture and Quicksilver. Then combine the Venture into the Quicksilver.(Lower APR, No annual fee, backup no FTF rewards card)
Convert Citi Dividend into the DoubleCash for a 2% card (Kinda overlaps with Discover It as it is now)

The open date on the Quicksilver is too new for it to be combined and I tried doing a CLI on both but they wouldnt do it saying the usage has not been high enough compared to the CL. Once it does pass the 6 month mark I should try again combineing the Venture into the QS.

I forgot to put in that the Dividend is actually being converted into the Thank You Prefered card and I am just paying the Citi card down and not even using it. Citi is my oldest account opened in 2008.

For the Chase cards do you use any of the benefits the cards provide? You can freely combine/move limits with them so I would move the CLs and close 2 or 3 depending on which ones you actually use.
I'd leave the BoA and Discover It alone for gas/groceries and rotating categories.
Depending on if which cards you actually have use for I'd maybe move the limit of one Revolving Amex card and close the other
Maybe close the AA Advantage depending on if you use the benefits

I have been with Chase from the Saphaire since 2010, the APR is low and the CL is great. United has been reducing air service from my home airport and I do not really fly them much. Have a bunch of bonus miles still left. SWA is a good card to have because they have good service and like the bonus miles every year. I stay in Marriotts most often and like the free night per year.

BoA and Discover are good, I agree.. I am paying both down from a 0% offer.

I'd close the store cards if you have no use for them.

I do shop at Macys and Best Buy from time to time and the CL's are huge I would say for a store card.

Edit: Do you care for rewards? Did you want to maintain a relation with the banks or just want to minimize number of cards?

I really like rewards. I am just trying to maxamize rewards and get the most out of the cards. Most of these cards were opened due to sign up bonuses. I want to maintain a relation with the banks, I do not want to have a whole bunch of cards just sitting around either...

kdong1996 · ‎12-15-2015

You can move the United limit into your other Chase cards when you don't need it anymore.

How do you feel about the Barclay card and Amex cards?

Is there a reason for converting it into the Thank You Preferred? It seems to have lackluster rewards. (Unless you value TY points)

I think the first thing that should be done is to assess which cards have benefits that outweigh the monetary annual fee. Then move limits/close cards from there. Cards with no annual fees can just be sockdrawered unless you absolutely don't want any excessive cards

Anonymous · ‎12-16-2015

@RyGuy46901 wrote:
Hello all! Looking for some suggestions on how to combine/get rid off, etc. of all of my accounts? Please let me know your feedback!!

Outstanding Balance Credit Line Interest Rate American Express Premier Rewards Gold Card $0.00 NPSL N/A American Express Gold Delta SkyMiles 61007 $0.00 $4,100.00 13.24% American Express Starwood Preferred Guest Card 31006 $0.00 $2,000.00 16.24% American Airlines AAdvantage Master Card by Barclays Bank $0.00 $10,000.00 12.99% Bank of America Cash Rewards Signature Visa $3,000.00 $10,000.00 16.99% Discover It Card $0.00 $11,400.00 14.24% Chase Sapphire Visa Signature $0.00 $10,000.00 12.24% Chase Southwest Premier Visa Signature $0.00 $5,000.00 15.99% Chase Marriott Rewards Premier Visa Signature $0.00 $6,500.00 15.99% Chase United Airlines MileagePlus Explorer Visa Signature $0.00 $5,000.00 15.99% Citi Dividend World MasterCard $3,885.51 $10,100.00 11.24% Capital One Venture Visa Signature $0.00 $10,000.00 20.90% Capital One Quicksilver Visa Signature $0.00 $10,000.00 17.90% Best Buy store card $0.00 $10,000.00 Macy's store card $0.00 $10,000.00

Guess the first question is which card offer rewards that you are interested in? How fast do you plan on paying those balances off? I would move those balances to the lowest interest cards and pay them off then look at which cards charge a annual fee that you don't use and get rid of those. I would try to keep your oldest account open and your higher limit cards to keep your over all utilization low. Hard question to really answer without knowing more info.

tntexans72 · ‎12-16-2015

I personally don't like to pay AF for cards I don't use. It brings no value. The AF when they are due are pretty $$$$ if you add them all up annually. It makes the card worthless, unless you need the CL for score padding IMO. Doesn't look like you do!

RyGuy46901 · ‎12-18-2015

@Anonymous wrote:
@RyGuy46901 wrote:
Hello all! Looking for some suggestions on how to combine/get rid off, etc. of all of my accounts? Please let me know your feedback!!

Outstanding Balance Credit Line Interest Rate American Express Premier Rewards Gold Card $0.00 NPSL N/A American Express Gold Delta SkyMiles 61007 $0.00 $4,100.00 13.24% American Express Starwood Preferred Guest Card 31006 $0.00 $2,000.00 16.24% American Airlines AAdvantage Master Card by Barclays Bank $0.00 $10,000.00 12.99% Bank of America Cash Rewards Signature Visa $3,000.00 $10,000.00 16.99% Discover It Card $0.00 $11,400.00 14.24% Chase Sapphire Visa Signature $0.00 $10,000.00 12.24% Chase Southwest Premier Visa Signature $0.00 $5,000.00 15.99% Chase Marriott Rewards Premier Visa Signature $0.00 $6,500.00 15.99% Chase United Airlines MileagePlus Explorer Visa Signature $0.00 $5,000.00 15.99% Citi Dividend World MasterCard $3,885.51 $10,100.00 11.24% Capital One Venture Visa Signature $0.00 $10,000.00 20.90% Capital One Quicksilver Visa Signature $0.00 $10,000.00 17.90% Best Buy store card $0.00 $10,000.00 Macy's store card $0.00 $10,000.00
Guess the first question is which card offer rewards that you are interested in? How fast do you plan on paying those balances off? I would move those balances to the lowest interest cards and pay them off then look at which cards charge a annual fee that you don't use and get rid of those. I would try to keep your oldest account open and your higher limit cards to keep your over all utilization low. Hard question to really answer without knowing more info.

Oldest accounts are AMEX gold, Discover IT, Citi card,

Plan on paying them off within 18 months or so.