What do you do with your sock drawer cards?

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What do you do with your sock drawer cards?

Postby FutureBillionaire » Tue Mar 12, 2013 10:43 am

The cards I don't carry are locked up in a safe. One of them, I use for balance transfers. I get extended periods of 0% interest with a 3% up front fee. I let the balance sit there for 12 months and then pay it off. You really can't beat that deal.

I have two Bank of America cards that really don't offer the best rewards. I wil try to use the add it up and the bank america deals periodically. Those cards also have some pretty good balance transfer offers that I have used. This helps me keep the cards active.

What do you do with your sock drawer cards?
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

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Postby s.jessica » Tue Mar 12, 2013 12:03 pm

I've never been clear on if by sock drawer it means put away, forgotten about and never used or just left at home. I have a U.S. Bank card that isn't a very good card, no rewards or nothing. I started with a very low limit and was always over utilising because I would have to get gas or something the day before the card reported. Now I leave it at home in my desk drawer in this little metal box with my antique checkbook. Now I use it mostly to pay for my cell phone and internet, so at most I only use 30% of my available credit on that card. The only real benefit is I don't have to run to the post office to mail a letter and with the cost of postage it saves me a stamp to pay online. USPS won't deliver to my street address, so I have to go 5 blocks to the Post Office to pick up my mail and mail letters.

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Postby swipe_masta » Wed Mar 13, 2013 2:08 pm

I don't have a sock drawer. I make sure that Im never going to use that card again and just shred the physical card without closing the acct. I check on the card online periodically. But then again I only have one card I don't use and it's my student card from BofA that is my second oldest card. A huge misconception is that if you close an acct that it's always bad, but the good history is on your report for ten years. Only the bad ones fall off in a few. I've closed three accts and have no remorse.

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Postby cc789 » Thu Mar 14, 2013 6:59 am

I cut them up, and use for occasional online purchases to prevent inactivity cancels.

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Postby fantasy86dj » Sat May 25, 2013 6:57 am

I have placed a card into my sock drawer today. I am just going to charge $10 a month onto it to show some activity.

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Postby FastSRT8 » Sat May 25, 2013 1:18 pm

Shred and let the accounts die a natural death.....

Eventually with no activity, the account is closed.

Easy and no effort on my part.
Carpe diem quam minimum credula postero!

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Postby MemberSince99 » Sat May 25, 2013 8:58 pm

I close them. I don't want an account left open out there I don't plan to use, for fear of fraud. I'd rather be safe and close it if I'm never going to use it.

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Postby AMEXPlatino86 » Sun May 26, 2013 9:10 am

Upon reading all these posts I'm probably going to sock my Wells Fargo since I really have no use for it. When I get my Delta Gold, I'm just going to put that one away and use the other 3 cards.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 776
TU: 774

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