I know it has been said already but definitely keep spend requirements in mind when planning your apps.
smorcerer wrote:So my question is, should I cancel one of them (I’m leaning towards the Chase Sapphire Preferred, although it offers me a higher line of credit), or does it make my credit history look good, having a larger line of total credit? (I do know, however, that is decreases my average age of credit, though.)
You've already done the damage and might as well make the most of it. It's too late to worry about such things after you've apped.
smorcerer wrote:since it doesn’t make sense to have two cards with annual fees
Are you saying that based on just the AF's or have you actually run the numbers? Consider your spend and total cost/benefit -- not just the AF itself. That said, the CSP generally benefits those with more spend.
Did you sign up for the CSP under the no AF first year offer? If so, take it for a spin since you already have it and see if it's useful or not.
mrow wrote:Haven't read your whole post yet but just wanted to point out the the CSP is not 1x on everything but travel. It's also 2x on restaurants and an unadvertised 3x on restaurants the first Friday of every month.
...and don't overlook the other bonuses via the UR Mall.
CSP and Freedom can also be useful paired since the Freedom has rotating 5x categories and points can be combined with the CSP and transferred to travel partners for generally better rewards rates. I also have an Ink for its 5% categories and combine its points as well.
smorcerer wrote:The issue is would it be pointless to have two annual fee credit cards that essentially do the same thing?
The point is subjective. One's spend and specific needs/wants/preferences/priorities/goals all factor in and we really don't have enough info from you that would help us to answer your question for you. There isn't one answer to your question that would apply to everyone. Some might find the pair too redundant while others might find them both useful. mrow's post just prior to yours listed one possible reason for having both.
smorcerer wrote:"The Barclays Arrival card earns 2x points on ALL purchases. That’s easy and pretty dang convenient.
The Sapphire Preferred earns 2x points on travel and dining (3x on the first Friday of every month) and one point on everything else. Boo to 1x earning. Ok, earning 1x is better than nothing.
I give the nod here to the Arrival card for simplicity, and 2x on all credit card swipes."
Consider the entire picture and not just the earn rate. It can be tricky to calculate but working out value per point might help you to compare. Something else to consider is the CSP's 7% annual dividend.
The recurring theme here is that all of this should have been included in your research prior to apping. Like MemberSince99 I've made mistakes myself so I'm not on a high horse as I've had to learn from my mistakes -- just pointing out that there is a lot that you want to consider before apping. If in doubt, ask around. People here and even on other credit sites are willing to help with your research if you don't fully understand.