What should I do with my 2 new Citi credit cards?

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Dylan1982
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What should I do with my 2 new Citi credit cards?

Postby Dylan1982 » Mon Jul 02, 2012 8:53 pm

Now that I got approved for the Citibank Thank You Preferred and Diamond Preferred...

As some of you may know (CC Deville and Ratfacedude) I have a GM card that has a CL of $7,700 and have a high balance of $7,200 on the card. Last week Friday I applied for both the Citibank TY Preferred and Diamond Preferred cards and got a CL of $4,600 on each card.

I signed up for these cards bc I was going to do a BT from the GM card and split the balance and put them on the 2 new Citi cards.

Well I fell into some money, and what I mean is I sold my prize possession car and now I have enough to pay off my GM Card balance off in full...

Ok so here's my question.. What should I do with the 2 Citi cards? Should I cancel one (which one?) and ask to transfer the CL from one card to the other? So I have 1 Citi card with a high CL?

As for the GM card, should I call them and tell them to basically effff off for being sooo shiity to me over the years for being a GREAT customer of a Decade?

What would you guys do? Thanks!
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)


Ratfacedudeguy
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Postby Ratfacedudeguy » Mon Jul 02, 2012 11:21 pm

I would pay off the GM card and just keep both citi cards open. Nothing wrong with more open lines on your report. That is, unless of course you need to use the money to buy a new car, in which case that would take top priority. I'm hoping you didn't sell the car just to pay off the debts. If it had a free and clear title you could have taken out a low interest loan against it, paid off your credit cards and kept your car. Then again I really don't know the whole situation surrounding that decision so I will reserve further commentary.
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PlatinumAMEX94
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Postby PlatinumAMEX94 » Tue Jul 03, 2012 9:55 am

You should do the 0% BT to both cards are originally planned. Pay them like you normally would and take that capital gain and invest it in something, even if it is just a money market account.

Do you want to continuing working hard for your money or do you want your money to start working for you?
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Dylan1982
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Postby Dylan1982 » Tue Jul 03, 2012 10:07 am

PlatinumAMEX94 wrote:You should do the 0% BT to both cards are originally planned. Pay them like you normally would and take that capital gain and invest it in something, even if it is just a money market account.

Do you want to continuing working hard for your money or do you want your money to start working for you?

Well like CC Deville said I would need to do 2 BT, or see if Citi can take the line of credit from one card and transfer it to another card.

I don't have any money market accts, I have an ING savings acct, that's about it
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

CC Deville
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Postby CC Deville » Tue Jul 03, 2012 4:33 pm

I would keep both Citibank cards....you already took the AAOA hit by opening both and it wouldn't hurt to have two solid major cards.

Along the lines of what PlatinumAmex said...I would transfer half of the GM card balance to Citibank since it is 0%- just be sure to pay it off as you had already planned. Then put the other half into a high rate CD or money market account.

As for the GM Card I would keep it open. It has a valuable credit line that if closed will certainly lower your score. Others will tell you that even closed it would stay on your credit report for 10 years so your AAOA won't be effected. Well, sure, but what after the 10 years? What if they remove it sooner? I closed a First National Bank of Omaha account January 2007. It was removed by them on all three of my bureaus by March 2009.....MBNA removed an account WAY earlier than 10 years as well. Also, if you do plan on buying another GM car or truck then you can use the account for its true purpose-use it for gas, groceries, utilities-anything that you would have written a check for or used your debit card for-and earn the rebate. Pay in full and you get the reward for free.

agp
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Postby agp » Tue Jul 03, 2012 5:36 pm

If you can't manage your money and have to close cards so you don't get yourself in debt then: If you want less than stellar concierge, then keep the Diamond. If you want less than stellar points, then keep the Thank You. Keep the GM card open in case you buy a GM car in the future.

Otherwise keep all three cards open. They won't hurt.

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hjamespyun
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Postby hjamespyun » Tue Jul 03, 2012 6:33 pm

I can't speak for the GM card, but as for the two Citi cards:
1. Before it got converted to a TY Preferred, I had a Diamond Preferred Rewards from Citi. What I remember most about the card is how the APR kept going down and has stayed put at mid-single digits for the past four years. Yeah, the card isn't all that spectacular, but I do remember seeing reports of Diamond Preferred [Rewards] cardholders getting similar results.

2. If anything, keep the TY Preferred you have in the event you want to convert to something like a TY Premier [which is possible after 13 months or so]. Heck, the Diamond Preferred could be used as "leverage" if you feel like getting a different Citi credit card product.

Hope this helps.
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Dylan1982
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Postby Dylan1982 » Tue Jul 03, 2012 7:31 pm

Sorry for the confusion guys, I wasn't planning on closing my GM card. I definitely was gonna keep it open to help with my overall credit utilization.

Without doing any research, who has a high interest rate CD?
Chase Freedom - $12,500 (2/2013)
GM Card - $7,700 (7/2002)
CitiBank (Thank You Preferred) - $6,400 (6/2012)
CitiBank (Diamond Preferred) - $4,600 (6/2012)
Rogers & Hollands - $3,300 (3/2006)
Target REDcard - $3,000 (11/2014)
BestBuy - $1,600 (9/2003)
Discount Tires - $1,000 (2/2004)
Kohl's - $300 (4/2012)

agp
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Postby agp » Wed Jul 04, 2012 6:20 am

Dylan1982 wrote:Without doing any research, who has a high interest rate CD?


There's no such thing. Fail-proof investments always have low rate of return. I think money is better kept in checking/savings than locked up in a CD.

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For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

Ratfacedudeguy
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Postby Ratfacedudeguy » Wed Jul 04, 2012 9:48 am

agp wrote:There's no such thing. Fail-proof investments always have low rate of return. I think money is better kept in checking/savings than locked up in a CD.


True story. As far as liquid savings accounts go, Amex's online savings account is doing pretty well at 0.85% apy with no minimum balance or opening deposit last I checked. CDs are just not the way to go right now with the rates being so low.
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13



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