- Platinum Member
- Posts: 93
- Joined: Thu Nov 06, 2014 11:53 am
- Location: United States
I stumbled on this site in my search one type of credit card... and signed up and stayed because I was utterly shocked to see what an art, sport, and science managing one's credit has become. Reading some of your signatures (most of which are written in a code language I have yet to understand) is truely eyeopening. I had no idea. NO IDEA.
I had to re-read Vittane's post 10 times over and over again before I understood it. Count me as one of Nixon's nemesis... "if I don't need it, why have it?".
So I really appreciate this thread, and this site. I'm going to stick around until I learn how to manage this credit card system. Before reading around here, I too, would have closed any unused accounts. But now, I get it. It is better to have a ton of credit cards, with high limits, that are un utilized. Is that right?
So to the OP... it sounds like you should try to transfer balance to a better rate card, but still keep the other credit card line open, and unused, due to it's unfavorable terms and lack of benefits.
Experts... would you agree? Is this the gist of what you recommend.
AmEx Platinum Charge: NPSL, $450 AF
AmEx Reserve Credit: $30K limit, $450 AF
Chase Slate Visa Credit: $32K limit, No AF
Near Term: Need a good MasterCard for places that won't accept AmEx or Visa
Long Term: Will downsize out of one or both current AmEx cards to reduce AFs