When Should I Cancel CO?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
5 posts
ncosky290
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When Should I Cancel CO?

Postby ncosky290 » Thu Oct 31, 2013 9:13 am

I have had my Capital One Card since 2010. Since then I have got some good other cards as you can see in my sig below. My question is that it has an annual fee of 39.00 a year and only gets rewards of 1 mile per dollar spent. The limit is 2500 and currently has been at 0 balance for about 7 months. The apr is fixed at 10.9% variable. Should I cancel this card before the annual fee charges again in April 2014 or pay the AF and keep it?

Thoughts?

Thanks,
Nick*
-AMERICAN EXPRESS DELTA GOLD SKYMILES - AMERICAN EXPRESS EVERYDAY -AMERICAN EXPRESS PLATINUM - CITI DOUBLE CASH - CITI PLATINUM AADVANTAGE - CITI THANK YOU PREFERRED - BARCLAYCARD ARRIVAL PLUS - DISCOVER IT - CHASE SAPPHIRE PREFERRED-


MemberSince99
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Postby MemberSince99 » Thu Oct 31, 2013 10:18 am

Today. Right now. And don't ever go back. You don't need it anymore.

If you really are on the fence or doubtful wait for the annual fee and cancel before then but dump it. Seriously. Don't let the garden fanatics convince you that life is over without it.

takeshi
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Postby takeshi » Thu Oct 31, 2013 1:17 pm

You could also see if they'll convert it to non-AF though it seems like the successful ones have had to go through the EO.

whit
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Postby whit » Thu Oct 31, 2013 3:03 pm

I agree with member99 on this

you have quite a few number of cards already

you don't need it and quite frankly I think anyone who doesn't need capital one should just axe it

it may hurt you initially but your credit will go back up, plus as it builds (history of your other cards and points as well) you can open other lines of credit

Kripler68
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Postby Kripler68 » Thu Oct 31, 2013 11:20 pm

Since you have had the card for 3+ years, I would maybe do a product change to a Quicksilver with no AF and keep the AAOA.
Just a thought if you don't want to cancel the card entirely.



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