Should I close a card?

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MrMosby
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Should I close a card?

Postby MrMosby » Thu Jan 23, 2014 5:13 pm

Thinking about closing a card or two to reduce my vector for identity theft. Right now I have the following:

American Express BCP - $350 in rewards I earned in 2013 less the annual fee, so $275 in rewards. I think I want to keep this one open in case I ever decide to get an Amex Platinum again if they fix the reward program.

Chase Freedom - Used to be my primary card, but now I use it for the rotating categories mainly.

Chase Sapphire Preferred - This is really my primary card now because of the 7% points dividend, if I don't keep this around its not work keeping the Freedom around because its the only way I can transfer points out to other rewards programs. $95 annual fee though.

Ritz Carlton Preferred - Just opened it to rack up Marriott points bonus and get a lot of the perks back that I used to have with my platinum Amex. $395 fee though, combined with the Sapphire to take advantage of transferring UR to Marriott points its $490 which is slightly more than the platinum (but potentially more benefits between the 3 cards).

Discover More - I only use this in Oct-Dec to get the online 5% cash back bonus, so no annual fee but I get $75.

City Freedom Preferred - I just plain never use this card, it has no perks, no nothing really, but it is the only non-Chase branded Visa/MC - I thought about keeping it around in case of a pinch, but Amex and Discover are accepted most places domestically. I would just hate to be abroad and have my chase cards stop working for some reason (although unlikely).

So thoughts anyone? Is it worth closing any? Limits are below as well.
Everyday Preferred $45K | Amex Platinum NPSL | Delta Platinum $30K | Chase Sapphire Reserve $74.5K | Discover IT $42K


MemberSince99
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Postby MemberSince99 » Thu Jan 23, 2014 6:43 pm

I can't see why you would want to close any of them. If the Citi card isn't working for you as is, PC it to something that does. They are all high limit and a couple have been open a lot of years. 11k from Discover is like twice that from anyone else.


I wouldn't close a single one of them. I would probably just PC the Citi to something that would better serve your needs.

DONx3
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Postby DONx3 » Thu Jan 23, 2014 7:36 pm

PC it to another Citi card. From the looks of it, you could get any card that you want. But think of the Citi as the first time you got laid, ya it wasn't all that great but it's history.......I love history. Maybe it's a part of history you can't look in the face any longer, so if that is the case, close it like any other relationship in life and find the next hot piece of ass (card).
Amex Blue Cash Everyday 7/01
Amex SPG Business 4/17
BOA Cash Rewards Visa Sig 6/07
Chase Freedom Visa Sig 12/13
Chase Freedom Unlimited Visa Sig 7/13
Chase Ink Plus Visa Sig 5/16
Chase Sapphire Reserve Visa Inf 2/17
Discover It 1/14
IHG RC World MC 12/14
Southwest RR Plus Visa Sig 8/16

MrMosby
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Postby MrMosby » Thu Jan 23, 2014 8:15 pm

It's probably in reality the best one of their cards to keep for "emergencies" since its chipped and has no annual fee. I thought about the Hilton card just to get extra points for when I stay Hilton (Marriott being my primary), but there's no chip unless I upgrade, and I already have 3 cards with an AF.

Guess I'll just keep them all.
Everyday Preferred $45K | Amex Platinum NPSL | Delta Platinum $30K | Chase Sapphire Reserve $74.5K | Discover IT $42K

JoDa
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Postby JoDa » Fri Jan 24, 2014 4:22 am

Be careful about your Chase cards working overseas - or even domestically. I've occasionally had Chase's fraud detection go schitzo on me and not having a different brand of card would have been at least a major pain. I now notify them every time I travel, but if something unexpected happens, sometimes the card doesn't work. Like, say, getting bumped to a different flight with a layover in a country you didn't tell them you'd be in. NO CHANCE are they letting you buy a coffee...and forbid if something happened and you needed to overnight in a country you didn't intend on staying in. Sure, a phone call can fix that, but when you're halfway around the world, tired, and dealing with changed plans, that's not a hassle you want to add to your plate.
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

takeshi
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Postby takeshi » Fri Jan 24, 2014 9:14 am

MrMosby wrote:So thoughts anyone? Is it worth closing any? Limits are below as well.

That's really your call. Consider any potential impact to utilization.

MrMosby
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Postby MrMosby » Fri Jan 24, 2014 5:21 pm

takeshi wrote:That's really your call. Consider any potential impact to utilization.




Well it may be the CSP, the only partner I'd transfer to is Marriot, and the same 2% categories are on the Ritz Carlton card. I called Chase and they'll let me transfer the full credit line from the CSP to the Ritz Carlton when I close it, so that will prevent any impact to utilization.
Everyday Preferred $45K | Amex Platinum NPSL | Delta Platinum $30K | Chase Sapphire Reserve $74.5K | Discover IT $42K

MrMosby
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Postby MrMosby » Sat Jan 25, 2014 5:13 am

And that's mainly because it gets rid of one AF that is unnecessary.
Everyday Preferred $45K | Amex Platinum NPSL | Delta Platinum $30K | Chase Sapphire Reserve $74.5K | Discover IT $42K

MemberSince99
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Postby MemberSince99 » Sat Jan 25, 2014 9:18 am

I agree, you saved the line and only eliminated a card and annual fee you don't use, so I'd say you did well.


And by the way if pay in full before the statement date on your cards utilization doesn't matter, and with you limits assuming you allow a small amount to post and are a PIF kind of guy, it doesn't matter either. I'm guessing with your limits, that worry is probably about as overblown as worry about an inquiry would be.

MrMosby
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Postby MrMosby » Sat Jan 25, 2014 11:58 am

Typically pay in full, I carried a small balance through November/December for Christmas but back to PIF

In college I managed to rack up 25K in debt when preditory lending gave college students way more credit than they could handle. Eventually payed it all down with no missed payments, so I guess it made me look more responsible than I actually was.

Now I manage it very closely.
Everyday Preferred $45K | Amex Platinum NPSL | Delta Platinum $30K | Chase Sapphire Reserve $74.5K | Discover IT $42K



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