Close my Sears credit card account & replace with AMEX?

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Vandalized2
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Close my Sears credit card account & replace with AMEX?

Postby Vandalized2 » Sat Apr 13, 2013 1:03 am

I am thinking about closing out my Sears credit card and opening up an AMEX Everyday Blue card.

My limit on my Sears card is $3000 and APR 17.24%.

I have had the Sears for a while but the rewards aren't great unless you shop there often (I have only shopped there twice since getting the card a long time ago). So, I am thinking about applying for a AMEX card with no annual fee and basic rewards structure.

Is this a good trade off? Advise please.....


MemberSince99
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Postby MemberSince99 » Sat Apr 13, 2013 8:58 pm

Why do you want to close the account? If Amex works for you I could see getting it but not sure why you are thinking of closing it?

Vandalized2
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Postby Vandalized2 » Sat Apr 13, 2013 9:50 pm

I was thinking about closing it do in fact to non-use and high revolving limits. And the rewards are aweful for me for this retail credit card.

MemberSince99
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Postby MemberSince99 » Sun Apr 14, 2013 7:58 am

Yeah if you have other things already with high limits and don't need it for AAoA or anything and aren't going to use it, I say close it. You will get people who will say don't close a non-fee card, but if you really don't want it and aren't going to use it I wouldn't leave it open. Better to get and keep cards you want for the long haul.

Dman316
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Postby Dman316 » Thu Apr 18, 2013 12:10 pm

How old is the account?
My Cards

Chase Freedom Visa Signature: $5.2K
Capital One Quicksilver Visa: $7.5K
Discover IT: $5.5K
Huntington Voice World Mastercard: $1.6K

In the garden indefinitely.

Sevenfeet
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Postby Sevenfeet » Thu Apr 18, 2013 3:01 pm

There's little danger in just sock drawering an old credit card that has no annual fee. The credit line and average age of account usually works in your favor. If Sears closes it for you for not using it in two years, no harm done.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

Vandalized2
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Postby Vandalized2 » Fri Apr 19, 2013 12:28 am

The account has been opened since 11/11, 3k limit. I may just sock drawer it and keep it open and use it once a month for a small charge and pay it off.

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Z06Biker
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Postby Z06Biker » Fri Apr 19, 2013 1:42 pm

Another vote for sock drawer-ing it. Maybe run a tiny charge through it once a year (at Sears?) to keep it active, since the full available credit line and age of the account will do a heck of a lot more for your score than closing it.
AMEX: PRG Gold, Business Simply Cash, Business Costco, BCE.
Chase: United MileagePlus Club, Sapphire Preferred, Amazon Rewards
Barclaycard Arrival World Mastercard
HSBC Cash or Fly World Mastercard
USAA World Mastercard, USAA Platinum Mastercard
Wells Fargo Business Platinum
USC Credit Union Mastercard

Vandalized2
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Postby Vandalized2 » Fri Apr 19, 2013 5:52 pm

Well, just called Sears and asked for 1k CLI and was approved instantly with a soft inquiry. Now it is a 4k limit! Thanks Sears, one last Hurrah!!!!!! Now to the sock drawer you go. (Except once every few months for something small)



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