credit card advice

[darkfrosty]

Hello.

I have been thinking about my current cards and what I want to do with them. Just wondering what you guys think.

Current cards are:

Amex PRG - $175 fee

Amex SPG - $65 Fee 

Chase SP - $95 fee

Chase Freedom - No fee

Discover IT - No fee

Citi AA Executive - $450 fee ($250 after statement credit)

I was thinking maybe I should cancel my SPG because I only used it for sign up bonus and I can always get it again down the road for another sign up bonus. The Citi AA card I will keep for the year but close before the next annual fee. So I was thinking of applying for the original Blue Cash card from Amex because it is no fee and you get 5% cash back on everything after 6500 spend. Plus Amex backdates to 99 for me so losing the SPG wont be that bad. The only other cards that i really want are the Ink Bold and the Ink Plus for the 5x categories and also the 50k sign up bonuses. If I end up being approved for the Ink card I would downgrade the CSP to a normal Sapphire. What do you guys think?

[newmomnewme]

I am no pro, but it sounds like you have a plan that will get rid of a few of the cards with fees....so that has got to be a good thing right? Hey pros, any downsides to OP plan???

[-Wade-]

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@newmomnewme wrote:

I am no pro, but it sounds like you have a plan that will get rid of a few of the cards with fees....so that has got to be a good thing right? Hey pros, any downsides to OP plan???

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Sounds like a good plan to me also you did good newmom it will still be on your report 10 years after you close them

[darkfrosty]

I really just want a nice stable of cards. Really want an Ink card to permanently have and another ink just for the bonus. I currently have an AAoA of 8 years with my oldest account being 15 years. I don't want to kill that so that is why i keep my amexs around since they get backdated to 99. Going to see if I can PC my SPG to a no-fee card. So then the only cards I would apply for would be Ink

==Edit==

Just called Amex and I can PC it to either a BCE or the old BC. So it looks like if I spend less than 6500 at grocery stores then BCE is better or if I spend more than 6500 then BC is better.. AHHHHHH dunno what to do.

[H4LO]

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@darkfrosty wrote:

Hello.

I have been thinking about my current cards and what I want to do with them. Just wondering what you guys think.

Current cards are:

Amex PRG - $175 fee

Amex SPG - $65 Fee 

Chase SP - $95 fee

Chase Freedom - No fee

Discover IT - No fee

Citi AA Executive - $450 fee ($250 after statement credit)

I was thinking maybe I should cancel my SPG because I only used it for sign up bonus and I can always get it again down the road for another sign up bonus. The Citi AA card I will keep for the year but close before the next annual fee. So I was thinking of applying for the original Blue Cash card from Amex because it is no fee and you get 5% cash back on everything after 6500 spend. Plus Amex backdates to 99 for me so losing the SPG wont be that bad. The only other cards that i really want are the Ink Bold and the Ink Plus for the 5x categories and also the 50k sign up bonuses. If I end up being approved for the Ink card I would downgrade the CSP to a normal Sapphire. What do you guys think?

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I'd keep the Freedom and the IT. Unless you weren't thinking about cutting them?

To me, the CSP and SPG are valueable for transfering out points. 

The PRG... Meh. I'd cut that and the AA Exec whenever fee is due. 

[darkfrosty]

The freedom is staying. Discover IT i really used for BT .. once that is paid off I might cancel. I downgraded my Plat Amex to PRG. I can't cancel it because it backdates to 99. SPG i really took for the bonus. Now that I have the 30k I don't really need the card so I can technically PC it to a no fee card. Still have my points on my starwood account which I can transfer and I don't lose the 99 backdate and the 15.9 credit line. I can always reapply in a year and get another signup bonus.

Regarding CSP, If I get an Ink then the transfer options are the same and no FTF etc. Bonus being the signup bonus plus the 5x categories.

[H4LO]

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@darkfrosty wrote:
The freedom is staying. Discover IT i really used for BT .. once that is paid off I might cancel. I downgraded my Plat Amex to PRG. I can't cancel it because it backdates to 99. SPG i really took for the bonus. Now that I have the 30k I don't really need the card so I can technically PC it to a no fee card. Still have my points on my starwood account which I can transfer and I don't lose the 99 backdate and the 15.9 credit line. I can always reapply in a year and get another signup bonus.

Regarding CSP, If I get an Ink then the transfer options are the same and no FTF etc. Bonus being the signup bonus plus the 5x categories.

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Why cancel the IT?

5X catagories like the Freedom.

No AF. 

SP CLI's. 
TU FICO score. 

You can cancel the PRG and SPG and not loose backdating. You'll always keep the backdating regardless if you decided to open a card 10 years down the road.

If you're going to PC, try and PC to the Blue Cash Everyday if you can, the Blue Cash (Which is essentially the Blue Cash Preferred without AF.) 

I'd downgrade the CSP to CS or move it's CL over to the Freedom.

[SunriseEarth]

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@darkfrosty wrote:

I really just want a nice stable of cards. Really want an Ink card to permanently have and another ink just for the bonus. I currently have an AAoA of 8 years with my oldest account being 15 years. I don't want to kill that so that is why i keep my amexs around since they get backdated to 99. Going to see if I can PC my SPG to a no-fee card. So then the only cards I would apply for would be Ink

==Edit==

Just called Amex and I can PC it to either a BCE or the old BC. So it looks like if I spend less than 6500 at grocery stores then BCE is better or if I spend more than 6500 then BC is better.. AHHHHHH dunno what to do.

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Closed accounts are factored into your AAoA for as long as they report (~10 years after closure).  For example, I have an auto loan that was paid off in 2005 and it still reports and still boosts my AAoA.  There's no need to keep unnecessary CCs open to extend your AAoA.

[SunriseEarth]

Also, if your spend doesn't justify the AF on PRG, why not just PC to the Senior Green?

[darkfrosty]

if i close the SPG then I lose 15.9 credit line. I have PRG now cuz i downgraded from Platinum. I thought keeping an amex open would help with AAoA. I have around 70k MR that i dont want to lose either. I thought you should leave your oldest cards open? I guess I could cancel my CSP even though it was my first chase card (2-3 years). Freedom will be 1 year old this march. If i get ink then I guess I dont need CSP since I get all the same benefits really and then in a year I could reapply for another bonus.

Would close discover cuz the only thing I use it for is the balance transfer plus I guess the TU score now even though I try to put most of my spending on cards that will give me miles or points.