changing up cc lineup

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drmoo
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changing up cc lineup

Postby drmoo » Sat Jan 16, 2016 10:39 pm

Hi

So I got Chase Sapphire Preferred, SPG Amex, BoA 1-2-3, Southwest CC Prefered and a Citi card (carry over from college, oldest card in deck with a 15 yr history).

Not thrilled with Southwest CC or BoA 1-2-3 card. Thinking of dropping the southwest CC. Maybe getting a cash back rewards card like the Amex blue preferred.

I think the point redemption options are pretty good with CSP and Amex SPG for travel.

I think I signed up for the southwest card over the summer. Just missed the companion pass by like 1000 points...


kdm31091
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Re: changing up cc lineup

Postby kdm31091 » Sun Jan 17, 2016 11:10 am

drmoo wrote:Hi

So I got Chase Sapphire Preferred, SPG Amex, BoA 1-2-3, Southwest CC Prefered and a Citi card (carry over from college, oldest card in deck with a 15 yr history).

Not thrilled with Southwest CC or BoA 1-2-3 card. Thinking of dropping the southwest CC. Maybe getting a cash back rewards card like the Amex blue preferred.

I think the point redemption options are pretty good with CSP and Amex SPG for travel.

I think I signed up for the southwest card over the summer. Just missed the companion pass by like 1000 points...


This is somewhat off topic, but don't be paralyzed in fear of closing your oldest card - if the Citi card doesn't benefit you, you are not indebted to keep it forever just because it's old. Closed accounts remain on one's report for 10 years, at which time your existing accounts will be far older. I won't lie to you and say there will be zero impact, but the impact is often overstated (and AAOA is only 15% of your score, so keeping useless accounts forever due to it is probably not necessary). Now if you get use out of it, disregard what I said, but your statement implies you keep it simply because it's old.

If you are trying to pare down, it makes sense to concentrate spending on CSP and SPG if that's what you prefer. Spreading too thin, be it with cash or travel rewards, can leave you with tiny bits of rewards scattered across many cards which most people don't find useful.

BOA 123 is an okay card but that's about it (at least IMO). If you can justify the fee, the BCP will provide more rewards in many cases. The one thing BOA has going for it are the Amerideals. Some people report getting decent recurring deals. Of course, only you know if the deals are useful for you or not.

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CarefulBuilder14
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Re: changing up cc lineup

Postby CarefulBuilder14 » Sun Jan 17, 2016 11:38 am

If you spend enough on groceries to merit a BCP, and if you find MRs not too inferior to URs or Starpoints, you might consider Amex EDP.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

drmoo
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Re: changing up cc lineup

Postby drmoo » Sun Jan 17, 2016 12:37 pm

Thanks.

I don't get much benefit from the citi card. I've just put our ATT bill on it so that it gets a little use.

With my wife's spending at the grocery store, the Blue cash preferred would be of value to us (applied and received card today).

the BoA is of little use to us. Its connected to our itunes account (again, high usage because of wife). Received it when BoA purchased the Schwab 2% back card (loved that card).

I figured the cash back was better than going after the rewards stuff with Amex. I do feel like we spread ourselves thin between SPG and UR already.

Only concern I got is if I close both cards (Southwest CC and BoA) and I doubt the new Amex card will match my credit limits on either, that credit limit and utilization rate would be negatively impacted. CL on Southwest is 35k and BoA is 11k.

Was thinking (if Chase allows this) to maybe transfer to a different chase card without an annual fee? and then close the BoA card?

Edit: Will get a CL of 15k on the new Amex card.

So if I closed both cards, I'd be losing about 31k of CL. Close only the BoA, then I'd get a net gain of 4k CL. Close Southwest, loss of 20k CL.

Tubpbs
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Re: changing up cc lineup

Postby Tubpbs » Sun Jan 17, 2016 2:50 pm

Also, in terms of the Citi card, you can always try to convert it to a product that they offer that makes more sense for you.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

kdm31091
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Re: changing up cc lineup

Postby kdm31091 » Sun Jan 17, 2016 7:13 pm

Tubpbs wrote:Also, in terms of the Citi card, you can always try to convert it to a product that they offer that makes more sense for you.


Very good point that I forgot about. You can definitely see about PCing the card, though Citi is known to be somewhat finicky with PCs but there's nothing to lose by asking.

drmoo
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Re: changing up cc lineup

Postby drmoo » Sun Jan 17, 2016 8:06 pm

Thanks for the advice. Will call and see if possible.

If I traveled more, the citi prestige would be enticing.

Tubpbs
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Re: changing up cc lineup

Postby Tubpbs » Sun Jan 17, 2016 8:52 pm

drmoo wrote:Thanks for the advice. Will call and see if possible.

If I traveled more, the citi prestige would be enticing.


What product do you have now?

I PCed to the Double Cash from an older card right when it first came out and my fiancé did like a month ago. It's possible. Don't know about prestige but I'd be surprised if they said no to that also...but who knows.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

drmoo
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Re: changing up cc lineup

Postby drmoo » Mon Jan 18, 2016 9:02 am

Currently have a Thank you Preffered card. Used to be the thank you prefered card for college students way back when.

Tubpbs
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Re: changing up cc lineup

Postby Tubpbs » Mon Jan 18, 2016 2:35 pm

drmoo wrote:Currently have a Thank you Preffered card. Used to be the thank you prefered card for college students way back when.


I would say if you want to PC to Prestige you have a chance since its in the Thank You line of products, but you can also likely change to DC.

Give them a call. Ask for what you want, but maybe have some backups in mind.

Also, the card you currently have isn't bad either depending on your spending, but it seems you're looking for something more useful if you can get it done. Good luck. Let us know.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It



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