Should I cancel my Citi Forward card and switch to Freedom?

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Should I cancel my Citi Forward card and switch to Freedom?

Postby ckkiw8 » Sat Nov 02, 2013 1:17 pm

I received my Citi Forward card last year but am not impressed with their Thank You rewards. I think I am going to claim the Chase Freedom promotion that came in the mail for the $200.00 cash back after $500.00 in purchases but am not sure if I should keep the Citi Forward or not since they are very similar. I feel like I have a lot of "young" cards (and other accounts) and didn't know if it would help to cancel it since it is not that old. What would you do?
Amex BCE (25K), Amex Costco (7K), Citi Forward (12K), Chase Disney (15k), Chase Freedom (18K), Chase Sapphire (8K), GE Capital Gap Visa (8K), US Bank Cash+ Visa (13K), Business: Chase Ink (17k), Not Used: BofA Royal Carib Visa (11K), Home Depot Store Card (5K)
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Postby luvbullmarkets » Sun Nov 03, 2013 10:37 pm

I really can't see how Citi Forward and Chase Freedom "are very similar." One is a points program while the other is 5% rotating categories cash back.

Also this $200.00 bonus is for applying for a new account?
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Postby RewardHop » Mon Nov 04, 2013 1:01 am

No point in cancelling the Forward since it has no annual fee. I would just sock drawer it if you have no use for it.

Like the above poster, I agree the two cards aren't very similar. I have both cards. The Forward is good for 5% back on dinning (restaurants, fast food, coffee shops), entertainment (movie theaters, etc), and book stores (includes items sold by amazon) whereas the Freedom is rotating 5%.
Amex BCE: 3% grocery, 2% gas
Bank of America Better Balance Rewards MC: $25/quarter bonus
Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
Capital One Quicksilver Visa Signature: 1.5% everything
Chase Freedom Visa Signature: 5% rotating
Citi Forward Visa: 5% restaurants/fastfood, movie theaters,
Discover It: 5% rotating
SallieMae MC: 5% Groceries, Gas, Amazon
US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
Sock Drawered: Chase Sapphire, Chase Amazon[/size]

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Postby Midori » Mon Nov 04, 2013 11:20 am

You got your Citi Forward card in 2012. Suppose you cancel it at its 2-year anniversary in 2014. The card continues to influence your average age of accounts for the next 10 years. Then, in 2025, you'll lose a 12-year-old card, versus just keeping it around and putting the occasional purchase on it.

They probably feel very similar right now, between all the Starbucks, Kohl's, restaurants, and movie theaters in previous 2013 quarters. It doesn't help that the Freedom's current 5% category is Amazon-and-Department-Stores, and the Forward is good for bookstores-including-Amazon. But when the Freedom rotates into its 2014 categories, it will have other uses... this year, we had two quarters for 5% on gas; one quarter for drugstores. Last year, we had quarters with groceries, hotels, and airlines. The previous year, we had home improvement, furniture, lawn & garden, and charity.

Whether or not you use your Citi Forward for dining and entertainment in a quarter when Chase is doing something completely different is up to you, and how you want to collect your rewards. But I'd keep both cards active.

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Postby MemberSince99 » Mon Nov 04, 2013 2:34 pm

I don't think you HAVE to cancel the Citi card, unless you just don't see yourself ever using it again and don't want it for whatever reason, but you can certainly keep it with a new Freedom card if you want to. If not, well I certainly won't be one to tell you to never close a card I've closed plenty of them.

Be aware that Chase pretty much as a rule requires hard pulls for CLIs and they pulled 2 bureaus for me recently (and declined me but that's another story) where I've read Citi seems to be more generous. But Chase's rewards seem to be better so just something to be aware of, in that you might want to keep the Citi card if for no other reason than to give Chase some competition

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Postby FutureBillionaire » Mon Nov 04, 2013 5:00 pm

Absolutely not. Keep that card because it's the last of a dining breed. You don't want to get rid of something that isn't capped and doesn't have an annual fee.
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 takeshi » Wed Nov 06, 2013 7:00 pm

ckkiw8 wrote:I feel like I have a lot of "young" cards (and other accounts) and didn't know if it would help to cancel it since it is not that old.

Closing it won't improve your AAoA. It won't hurt it either as closed accounts in good standing are reported for 10 years. Closing it will, however, increase your utilization.

ckkiw8 wrote: What would you do?

I wouldn't have applied for it in the first place so what I'd do is irrelevant. You need to decided based on your needs, priorities and preferences.

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