Should I consolidate my cards?

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Should I consolidate my cards?

Postby ENAHS » Wed Oct 16, 2013 9:03 am

Hi guys,

I currently have a AMEX Gold card, which I use all the time, and a Capital One Student CC (got ~3 years ago) that I never use. I've been thinking about consolidating these cards into one for a while now, and since the AF on the Gold is due next month it's now or never.

I still have a number of reward points so I'm not sure how that works. I can pay the AF if that's the best solution, but there's really no point in having the Capital One since I just use the AMEX and my debit everywhere I go. I'm also not really using the benefits for the Gold as I no longer travel as often as I did a year ago, so another reason to get rid of it and not pay the fee.


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Postby tigerowl06 » Wed Oct 16, 2013 9:59 pm

As far as Amex goes, your best bet is to apply for one of their top-end credit cards: either Blue Cash Everyday/Preferred or Blue Sky (Preferred or no). If you aren't familiar with these cards, check them out on the Amex website. We can answer any questions you have. You will have to apply with a pull to your credit report; they will not let you do a product change from a charge card to a credit card. However, the credit card will be backdated to the date on that Gold card (or your first Amex). You can then cancel the Gold after you've gotten the approval.

I don't know what the deal is with the rewards points. Is there no way you can cash out, i.e., redeem for statement credit / gift certificate / whatever? Maybe you can call the number on the back of your card and find out how long you have to use them if you cancel.

I hear few positive comments when it comes to Capital One. With any other company, I would ask to product change, and I would use the card. Their Quicksilver card looks solid. I would not get a new account with that company.
Chase Freedom ($2.5K, 10/2009)
Discover it ($6K; 03/2011)
Amex BCE ($19.5K; 02/2013 - 2011 BD)

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Postby takeshi » Sat Oct 19, 2013 1:14 pm

That's really your call to make. There's no one-size-fits-all answer to your question. Are these the only cards you have? How old are these accounts? How many other accounts do you have overall (i.e. how thick is your credit file)?

How do you intend to consolidate them? It doesn't sound like you intend to keep either one but several statements seem to conflict with regard to your intent.

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