Planning to close my CSP

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MemberSince99
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Planning to close my CSP

Postby MemberSince99 » Tue Jan 14, 2014 10:04 pm

After I get the dividend - that's too much money to throw away to not take it.


But the card doesn't really fit what I'm looking for at this time and I would prefer to put the spend on others that will grow with me. It's just that simple not a hate fest on Chase. We have to go with the companies that offer products that best suit us, just as they prefer to approve and do business with the most profitable customers. It's called the free market for those who want to scream what a vile terrorist I am not to grovel at their feet grateful for whatever I get. I am grateful they let me back in - I just have what I feel are other cards that better suit me and my needs. I guess we have a pretty loose definition of what makes one evil these days but whatever.


That's the plan. I would like to replace it with a BofA card with growth potential and no annual fee. But I really don't want to step out of the garden right now given I plan to go for a mortgage soon. I'm on the fence about app'ing for the BofA, I mean I'd be fine with only 5 cards instead of 6. What I'm not on the fence about is closing the CSP. It's just a matter of do I replace it or just go with 5 cards.


And if you are wondering I did consider trying to PC it, but with no growth potential, I'll pass. I mean if there isn't even a snowball's chance in hell it can ever grow I'm just not interested in it.


TheLethargicAge
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Postby TheLethargicAge » Tue Jan 14, 2014 10:28 pm

Well, it was only a matter of time, but I can see why you'd want to close it. It's a nice card, I love whipping it out (and the compliments I get on it), but at the end of the day I'm not sure it's worth keeping. The rewards rate is nothing special, especially for a non-traveler.
Blue Cash Preferred ($24K), Costco TrueEarnings ($8K), Better Balance Rewards ($6K), CashForward ($15K), Sallie Mae Rewards ($10K), Quicksilver ($17K), AARP Rewards ($15K), Freedom ($15K), Double Cash ($16.5K), It ($28.5K), Fidelity Investment Rewards ($18K), Cash+ ($11K)

TheLethargicAge
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Postby TheLethargicAge » Tue Jan 14, 2014 10:29 pm

Just out of curiosity, what kind of limits do you expect your cards to grow to? $40K-$50K?
Blue Cash Preferred ($24K), Costco TrueEarnings ($8K), Better Balance Rewards ($6K), CashForward ($15K), Sallie Mae Rewards ($10K), Quicksilver ($17K), AARP Rewards ($15K), Freedom ($15K), Double Cash ($16.5K), It ($28.5K), Fidelity Investment Rewards ($18K), Cash+ ($11K)

wiivile
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Postby wiivile » Tue Jan 14, 2014 11:03 pm

I don't understand why you're all about the garden now when you always were mocking the MyFICO people and their gardening seedlings etc.
    Chase Sapphire Preferred Visa Signature: 11/2013, $15,000 CL
    Chase Freedom Visa: 11/2009, $4,700 CL
    U.S. Bank Cash+ Visa Signature: 11/2013, $11,200 CL

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djrez4
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Postby djrez4 » Tue Jan 14, 2014 11:35 pm

Member's not in the garden. He has a chia-wallet.

How much could the dividend possibly be worth? 7% of 5,000 points? 10,000? You never spend on it and you don't get a dividend on the bonus. We're talking less than $10, aren't we?
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

AMEXPlatino86
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Postby AMEXPlatino86 » Wed Jan 15, 2014 6:02 am

djrez4 wrote:Member's not in the garden. He has a chia-wallet.


Lol.

wiivile wrote:I don't understand why you're all about the garden now when you always were mocking the MyFICO people and their gardening seedlings etc.


He's kidding. People on the myFICO forum take themselves a little too serious with the seedlings/spades and "I can't control myself because I have to fill out an application daily." type of attitude. It's all about self control.

As far as the CSP, I don't see the hype in the card. If anything, considering that I've gotten numerous invitations from Chase, none of their cards catch my attention (except the BA Visa which I want to get as a birthday present for myself). I say if it doesn't fit, chuck it.
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: 762
TU: 752

MemberSince99
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Postby MemberSince99 » Wed Jan 15, 2014 6:48 am

I'd love to whip it out too, but that would get me into a lot of trouble.


Ok that was lame sorry I just couldn't resist! As far as what they can grow to I'm totally open. I would like cards that are at least 10k or can grow to 10k in time. This suits my personal needs. A 500 limit cap one card does me absolutely no good at this stage, and a 2k Discover or Amex that will never grow is slightly better and more useful but will never be the "go to" card as I really can't fully use it as I could with a higher limit card. That's what I'm looking for. My Associated card really doesn't need to grow any further at this point I'm happy with the limit and will be for quite some time.


So basically if it has no hope of ever getting to 10k, it's not something I want for the long haul as it doesn't suit my situation and my needs.


djrez I'm not sure what you mean about the Dividend I only just got the card, I've still spend on it but I just got it. It has quarterly 5% categories and 1% for everything else. You're right it does not have a 7% annual dividend. But the potential for growing healthy tradelines is more important to me right now than the overall rewards on a card. I want life simple and I want multiple healthy tradelines in that they can at some point have a hope of getting to 10k if they are not now 10k. It's up to the lender if for whatever reason they prefer not to do this, and likewise, it's up to me if I choose to do business elsewhere, that's just the free market at work, despite the screaming from certain members that I'm a communist and a terrorist for not groveling at the feet of anyone who gives me a card.


And about the garden it really is just humor. I laugh when I replace my garden avatar here. Though seriously, I am kind of in the garden to get ready for a mortgage. I guess to be totally honest I wouldn't say I'm in the garden just I need to be careful about what I app for this year - no wasted pulls whatever, and not too many in any case. That's why I'm on the fence about BofA - I tried their prequalify tool but there was nothing for me there, and creditcards.com recommended their cards as a potential match but not sure I trust that. I really don't want to waste hard pulls, I know nothing is guaranteed, but in the end owning a place is more important to me than getting another credit card.

samhradh
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Postby samhradh » Wed Jan 15, 2014 7:42 am

I'm pretty sure DJ is talking about the CSP dividend
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

wiivile
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Postby wiivile » Wed Jan 15, 2014 8:28 am

The CSP is a really good card for big spenders who can take advantage of transferring to frequent flyer programs, but if you don't spend enough then it's just not worth it. I got the CSP because I had 110,000 UR points from my Freedom after four years (+40,000 bonus points signup) so I'm able to take a lot of free flights now with it. Maybe I should just transfer all 150,000 points to Southwest or British Airways Avios and close the card by transferring the credit line to Freedom?

Otherwise, there are better earnings cards for an average spender (around $1k/mo) like me, even without an annual fee. And no, I'm not talking about the Freedom, because their categories are getting lamer and lamer every year. I'm talking about the Cash+ (5% on categories of my choice) or a flat 2% card (if they still exist with no annual fee).
    Chase Sapphire Preferred Visa Signature: 11/2013, $15,000 CL
    Chase Freedom Visa: 11/2009, $4,700 CL
    U.S. Bank Cash+ Visa Signature: 11/2013, $11,200 CL

takeshi
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Postby takeshi » Wed Jan 15, 2014 8:59 am

MemberSince99 wrote:So basically if it has no hope of ever getting to 10k, it's not something I want for the long haul as it doesn't suit my situation and my needs.

CSP certainly can. Mine was at 25K but I had to drop it due to hitting my internal limit with Chase. My UMPE was also at 25K (also had to reallocate). None of my 4 Chase cards are under 10K even after reallocation.

However, the card is just part of the equation. As you indicate, your situation factors in as well.

wiivile wrote:I'm talking about the Cash+ (5% on categories of my choice)

Are they paying you to market that card? Or are you hoping they'll give you one for spreading the word? ;)

wiivile wrote:Otherwise, there are better earnings cards for an average spender (around $1k/mo) like me

How did you determine that your spend is average? Just asking as people always tend to assume that they're average. The only stat I've found so far with a quick search indicates that you're above the average but the stat is several years old.



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