Should I keep my Bank of America credit card or not?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
4 posts
chip12
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Should I keep my Bank of America credit card or not?

Postby chip12 » Sat Sep 08, 2012 9:25 pm

Hi Guys!

Looking for a little advice. When I graduated college two years ago BofA called me and told me I had to upgrade my student credit card because I was no longer a student.

I got the 1-2-3 Bank Americard Cash Rewards Visa, and they bumped my interest rate to the highest rate of 22.99%! I was shocked because I have great credit. But, I always have paid my balance in full so it was not the end of the world.

My other card is the Discover More which I got when I turned 18. I like this one, but mainly use it to charge whatever they are giving 5% back on. It only has an 11.99% APR, so if I ever had to charge anything big this would probably be my go to.

Last week, I applied for the Southwest Chase Signature Visa and just got my card in the mail today. The 50K points signup bonus was too good to pass up. I plan on making this my primary card except for what I can earn 5% back on with Discover.

Should I keep my BofA Cash Rewards? What would be the upside to keeping it besides getting 3% back on gas? That's pretty much the only thing better about it than the Southwest Chase card, but doesn't seem like enough of a reason to keep it. Credit limit is not an issue because my new card has an $8500 limit, which is much more than I really need.

Thanks for any replies!


CC Deville
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Postby CC Deville » Mon Sep 10, 2012 5:17 pm

If you feel that you will no longer get any use out of the BofA card, then go ahead and close it. The card will still be factored into your Average Age of Account despite being closed. Now, in 10 years it will fall off, but that gives you 10 years to allow the new Chase card to age and your Discover will still be old and reporting.

websteth
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Postby websteth » Mon Sep 10, 2012 7:54 pm

If it doesn't have an annual fee, there isn't any hurt in keeping it open but, it sounds like you have the other two cards open so closing it wouldn't hurt too bad. I just had several account drop at the end of the 10 year period after closing. Credit score took a little dip but then has started going up again.
American Express: Platinum, Zync, Platinum Delta SkyMiles, Blue, Starwood Preferred Guest
Barclaycard US: iTunes Reward Visa, US Airways Premier World MasterCard
Chase: Sapphire Preferred Visa Signature, Freedom Visa
Citi Bank: Hilton HHonors Visa Signature, AAdvantage Platinum Select World Elite MasterCard
Bank of America Virgin Atlantic World Elite MasterCard
Discover: Discover it
Other:Macy's Star Rewards, Target REDCard

Money card
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Postby Money card » Thu Sep 13, 2012 4:53 pm

I would have to agree 100% with webseth since your Bank of America cash back card DOESN"T have an annual fee it doesn't hurt keeping the card open.

now if you told us that you have a zales or Tornouea, a Hermes charge card, a card that you can only charge to 1 place
you have a Discover more, a southwest card then being the fact that your done going to these stores we would suggest you closing these cards. But being the fact that you have a credit card with Bank of America and no annual fee I agree with Webseth I would keep it open.



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