closing my csp

[Anonymous]

having the amex premeir gold. im thinking of moving my csp limit of 10k to my freedom. should i do this ?

since my amex has the same benefits as the csp. 

any suggestions ?

[Anonymous]

yes you should transfer the limit there's no point in losing it

[mongstradamus]

what do you plan on using your UR points for once you close out your csp i am assuming just cash back ? If thats case then yeah i would transfer UR points to freedom and transfer limit over. 

[Anonymous]

i dont have to many UR points but i would def transfer them

[jawbrkr]

I just closed my freedom and xfered its CL to my CSP. I had to forfeit $500 so be prepared to do that. They dont let you move the entire limit.

[Anonymous]

They do let you move the entire limit if there have been no transactions in the last 30 days on the card your closing. Unless something has changed since April.

[Anonymous]

Personally I wouldn't close the card. Chase Sapphire Preferred is about as close as you might get to having one of Chase's top tier credit cards. Palladium is Chase top tier credit card and I believe CSP or the Ritz Carlton is right underneath. I would most certainly down grade to a Chase Sapphire not Preferred if you don't want to continue paying the annual fee which I believe is $95, but I woudn't close the card. I would get the annual fee removed by downgrading the card to a regular Chase Sapphire and after that I would just use the card maybe once or twice a year so the account can remain open. As far as the limits are concerned no matter if 10K is on one card or on two cards it's still going to equal $10k on your total amount of credit allowed on your credit profile. You want get to much of a boost on your credit score from doing this method either.

Moving credit over to one card to maximize a limit is really useful when you're applying for new credit and you want your new credit limit on your new card to be instantly approved for "around" the price of your combined limits card (which is not guaranteed), but when the card is just sitting in your wallet this method of combining limits is not really useful unless you actually spend that combined limit monthly.

[Anonymous]

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@jawbrkr wrote:

I just closed my freedom and xfered its CL to my CSP. I had to forfeit $500 so be prepared to do that. They dont let you move the entire limit.

Can you help me understand why you would close a freedom?  I don't have CSP but I thought the idea was to get UR points with 5% on freedom and then xfer to CSP?  Why close the no AF freedom card?

[takeshi74]

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@Anonymous wrote:

having the amex premeir gold. im thinking of moving my csp limit of 10k to my freedom. should i do this ?

since my amex has the same benefits as the csp. 

any suggestions ?

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You have to make the call based on your needs/wants.  If the CSP serves no purpose for you since you have a PRG then you may want to reallocate and close.  For me, they're not equivalent as the transfer partners are not the same and the UR partners are significantly more useful to me.  YMMV.

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@Anonymous wrote:

Personally I wouldn't close the card. Chase Sapphire Preferred is about as close as you might get to having one of Chase's top tier credit cards.

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Your call but IMO "top tier" really isn't reason in and of itself to retain a card.  The CSP isn't like the Palladium, Centurion, etc and anyone can apply for a CSP at any time.  The OP will need to determine if this reason is relevant to the OP.

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@Anonymous wrote:

Moving credit over to one card to maximize a limit is really useful when you're applying for new credit and you want your new credit limit on your new card to be instantly approved for "around" the price of your combined limits card (which is not guaranteed)

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Creditors do not simply match limits.  All reallocating does is help to mitigiate the imact to revolving utilization when closing a card.

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@Anonymous wrote:

Can you help me understand why you would close a freedom?  I don't have CSP but I thought the idea was to get UR points with 5% on freedom and then xfer to CSP?  Why close the no AF freedom card?

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While there are those that use the Freedom to earn 5x on the quarterly categories and transfer to the CSP it does not mean that this is a good fit everyone.  Cards are not a one-size-fits-all matter.  If you intend to do this and you've looked at the Freedom's calender to get an idea of whether or not you could make use ofr the quarterly categories then why one would close a Freedom probably isn't relevant to you.

Additionally, AF is not the only consideration when it comes to closing a card.  Nor is it a top priority for everyone.

[jawbrkr]

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@Anonymous wrote:

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@jawbrkr wrote:

I just closed my freedom and xfered its CL to my CSP. I had to forfeit $500 so be prepared to do that. They dont let you move the entire limit.

Can you help me understand why you would close a freedom?  I don't have CSP but I thought the idea was to get UR points with 5% on freedom and then xfer to CSP?  Why close the no AF freedom card?

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I closed my Freedom and kept the CSP because I have the Discover IT card and they offer pretty much the exact same benefits during the same quarters. Sure I cant traxfer rewards from the Discover to the CSP but thats fine by me. I use the CSP as my main card so I earn plenty on that by itself. The cards were redundant so I decided to keep the Discover just to have a different card instead of the Freedom.