Gave it some thought

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MemberSince99
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Gave it some thought

Postby MemberSince99 » Wed Nov 06, 2013 9:21 am

And realized some interesting things.

First, in the end, I don't really much care about the rewards. They are nice, but I've given up as many as I've gotten when I've closed cards because I really don't care that much about the rewards. I know some people would literally have a stroke at the thought of not getitng a penny by using one card over the other, but to me life is too short to sweat it.

I also don't care about "prestige". At one time I thought wow having an Amex Plat would really impress the chicks, now I couldn't care less, I use the cards at the grocery store where I swipe and no one sees it, at the gas pump where I swipe and no one sees it, and when I go to lunch, where they do see it but I honestly don't care what they think anymore. I'd be fine with swiping a Cap One just so long as it works, though I sure wouldn't want to go back to them but I'm just saying, doesn't matter to me anymore.

I do care about the limit, in so far as it's sufficient. Once it gets to 10, 15, 20 or more k, I mean how much more do I seriously NEED I don't mean WANT I mean NEED. And I don't even need over 20k, even for utilization, on a single card. I'll take it of course, but I don't need a CLI on my Associated card ever, nor do I plan to ask for one. I just hope when the economy totally crashes as our debt spirals out of control they don't do a decrease but who knows. Anyway I have sufficient limit. 5k is the bare minimum I want on a card these days, 10 or 15, well 20 k is optimal, in terms of utilization - meaning I can put the entire month's expenses on a card and not worry about having to pay it before the statement cuts.

Customer service is one I also care about. I don't want to call some bozo reading from a script who has no clue which end is up, that's just a frustrating waste of time and I might as well ask my Magic 8 ball. Long wait times to speak with a CSR is also a bad thing in my view. If I'm trying several times in a day due to fraud or something similar waiting 20 plus minutes and can't reach someone, yeah that's bad (I've had this happen).

And last but not least, annual fee plays a part. No fee is best of course, but I'm ok with a fee IF I feel I'm getting value for it. If I'm just padding their profits, well you know.

So what I'm strongly considering is, due to the fact that my CSP and Amex revolvers are not going to grow and basically have little future, and the fact they also have annual fees, and due to the fact I just want to simplify and I would ideally like only 2 or 3 cards, I am strongly giving consideration to axing those cards. They aren't going to grow, that's been made crystal clear. The Amex Gold has grown last I checked the internal limit is over 10k. I really don't need more than that. But the point is it will grow and has. It's sufficient. It does have an annual fee but I'd like to keep an Amex charge.

I'm not asking people to go all MyFICO and jump in and scream "NEVER EVER close a credit card or you will ruin your whole life you may as well crank the Metallica and put the gun to your head man!!!!!!" Ok then I guess it's Metallica time. I don't care. Thanks for your input it will be filed in the appropriate place. I'm not looking for input just thinking aloud here with the thought process I see pruning things as something you should weigh and consider and then do whatever you feel is overall best and only you can decide that. I haven't rushed on closing them I've just thought about it, and that's what I'm thinking.

I also do not care about my score. I've seen it from a low of 727 to a high of 788 in the last just over 3 years and frankly I don't give a damn where in that range it is anymore. I would hate to see it drop to under 700, but you know what, I really don't give a damn, it makes no real practical different in my life at all since I'm not going for a mortgage. So I don't even care if that drops 20 points. I mean who cares?

I care about simplifying life. I'm actually thinking I will just use the cards I keep, let the balance post, pay in full as soon as the bill is due, and live life. I'm too fanatical and stressed with paying immediately as soon as charges post, why be that way. Just pay when the bill is due and don't pay interest and it's all the same to them.

That's really where I'm seeing things going. With keeping the Associated and Duck cards and the Amex charge I could simply do that - just live, not live for my score or my cards or any of this nonsense which in the end isn't all that important anyway.


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Snowman
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Postby Snowman » Wed Nov 06, 2013 10:14 am

Member, the only thing I would say is to Keep Amex and Chase or at least downgrade. Those 2 are pretty good creditors IMO, and you did well by getting in with them again. Not to send like a myficoer, but still downgrade them or keep them. Just my .02
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

MemberSince99
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Postby MemberSince99 » Wed Nov 06, 2013 10:37 am

I'd do that with the CSP, maybe they would downgrade to Freedom to avoid the annual fee I don't know, but I had considered that, but even if so, it's still a tradeline that won't grow with me and since rewards aren't that important to me, I probably wouldn't make much use of it.

The BSP, honestly, a travel card with a 2k limit that won't grow, is just useless to me. The ONLY thing it gives me is backdating. But I cant' really honestly even make use of that it's too limiting for its intended purpose. I could live with that IF it could grow but I've seen that it's not going to be soon if ever (with them you just can't predice when or if it will ever change). So that's a no brainer, all it gives me is backdating but I don't much care about that really.

And BCP I could downgrade. Honestly for my spending pattern it would make sense to keep it even with the fee though. It's really just that if it's not going to grow, I'd rather put the spend on a lender who doesn't see me as a pariah (and with reason I'm not arguing that I completely understand) and I can keep things good with. I'd like to continue to cultivate the relationship with those I haven't burned is my thought.

It certainly is debatable though and there are good arguments against it. I think in the end it will come down to simplifying things and working on keeping bridges intact that I haven't burned before.

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Postby DavidNY » Wed Nov 06, 2013 10:57 am

MemberSince99 wrote:I'd do that with the CSP, maybe they would downgrade to Freedom to avoid the annual fee


You could downgrade to the CS but I'd also choose the Freedom.

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Postby djrez4 » Wed Nov 06, 2013 11:49 am

Here I am, calling you out again -

The CSP has the best customer service of any card I have (and I have 18 right now). It even beats the Amex Platinum. The mere fact that I can call in from my cell phone and can get to a representative immediately without having to enter my card number puts it head and shoulders above.

CSP reps handle most issues start to finish. Amex Platinum CS transfers me around to various departments to get questions answered - some off shore.

The only company that comes close to matching CSP service is *gasp* Discover.

If customer service is your number one concern, cancelling the CSP is a big mistake.
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MemberSince99
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Postby MemberSince99 » Wed Nov 06, 2013 12:38 pm

Yes you make a good case and argument, I agree. Having called them twice, and gotten a human being each time (we Americans are just not used to that are we?) who knew what they were doing immediately, that is certainly a breath of fresh air and a model for others to copy.

My real concern is the card isn't going to grow. I'd certainly never be fool enough to risk two hard pulls on a card where they remember the past delinquencies I had ever again, and they are not big on auto CLI, so it's likely to be 5k 10 years from now assuming I keep it. Nothing is cast in stone I'm just saying what's likely or very possible here, given what I've learned.

It is food for thought and a good argument for keeping the card open, despite the fee. I noticed you had no thoughts on the Amex revolvers, so evidently you don't strongly disagree with my thought on those. Certainly as is the BSP isn't of that much value (I had hoped one day it would be when I got it) and who knows if it ever would be. The alternative would be to downgrade to avoid the annual fee which lets face it for the limit it isn't worth it, and just leave it alone and if they close it for lack of use they close it as I can't it being a heavy spend card despite the 1.33% return, thus it wouldn't be worth the fee to me and I'd be better off with the lower tier card which doesn't have a fee.

Good points guys. I'll take these points into consideration as I think about it. For SURE I can tell you this - if I'm locked into a 2k BSP, I'm going to downgrade at the least to get out of the fee. That makes sense. If it could ever grow, I could see putting spend on it. Hard to say if that ever happens so maybe I can downgrade it at least before the next fee date and see if it grows, and if it does, use it, otherwise, keep it in the sock drawer and don't worry about it. What makes no sense to me that I can see would be to keep paying a fee on it knowing it will never grow to a usable travel card. So that's about the one thing I'm certain of at this point, if I don't close, to at least downgrade it before the next fee is due. (Since I already paid the first year fee it makes sense to keep it as is to get max rewards until then, where if I hadn't paid it yet I'd probably want to do that right away).

I guess the thing is with this stuff (credit cards) you are always learning, and if there is one thing I've gotten out of this it's that it's always a case of YMMV. Some folks burn a lender and never get back in after 30 years, others get back in less than 10 years later. Some they will extend high limits to even if they get burned and let you back in, others they remind you of the past and say no way. You just never know until you actually pull the trigger what will happen.

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djrez4
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Postby djrez4 » Wed Nov 06, 2013 3:27 pm

MemberSince99 wrote: I noticed you had no thoughts on the Amex revolvers, so evidently you don't strongly disagree with my thought on those.


I like my Amex revolvers, but when I call Amex customer service, I call the Platinum line. So, no real basis for comparison there.

After 13 months on the BCP, you could transfer the limit to the BSP and then convert to a BCE. It would double your limit on the card. You may also be able to get a CLI by then. My first 3x was declined for lack of history with Amex. My second, six months later, was approved instantly. My third - just now - also approved instantly.

For the CSP, I received an auto-CLI. I asked for a soft-pull CLI in March and was offered a hard-pull instead. I declined and then went to Europe and spent $2500 or so on hotels and restaurants. After I paid it off and the next statement cycle ended, Chase decided to up my limit by $3000. Essentially, I showed them that I was the type of customer they wanted for the CSP.

If they were willing to give you a $5000 limit up front, I bet they'll be willing to let is grow. You've had the thing for six months. Give them some time to warm up to you.
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Postby FutureBillionaire » Wed Nov 06, 2013 3:52 pm

djrez4 wrote:Here I am, calling you out again -

The CSP has the best customer service of any card I have (and I have 18 right now). It even beats the Amex Platinum. The mere fact that I can call in from my cell phone and can get to a representative immediately without having to enter my card number puts it head and shoulders above.

CSP reps handle most issues start to finish. Amex Platinum CS transfers me around to various departments to get questions answered - some off shore.

The only company that comes close to matching CSP service is *gasp* Discover.

If customer service is your number one concern, cancelling the CSP is a big mistake.


I'm going to have to concur on this.
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 Gamma » Wed Nov 06, 2013 8:23 pm

djrez4 wrote:I like my Amex revolvers, but when I call Amex customer service, I call the Platinum line. So, no real basis for comparison there.

Do you do that with your other Chase cards too? I thought about doing that, but I would assume they just transfer you to the appropriate department (oversees csr)

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Postby amexisbad » Wed Nov 06, 2013 8:45 pm

This forum is sold out to American Express. I have had several platinum cards with terrible experience.



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