Should I keep both of my credit cards open?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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butac
 
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Should I keep both of my credit cards open?

Postby butac » Sat Dec 07, 2013 10:19 pm

Just got my Quicksilver today! Got approved with a 5k credit limit and I have fair credit. Right now I have Discover It and Quicksilver Visa Signature. Should I keep both? I just dislike how I use my Discover It and some stores don't even accept it. Any suggestions? ;)


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jumbo
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Postby jumbo » Sun Dec 08, 2013 5:51 pm

Why did you apply, if you doubt that you are gonna keep it?
BofA Cash Rewards | CapitalOne QuickSilver | Discover More
Gold Delta AMEX | Citi DoubleCash | Citi Simplicity
Chase Freedom | Kohls Charge Card

PhoenixDown
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Postby PhoenixDown » Sun Dec 08, 2013 6:21 pm

Discover has great customer service and the rotating categories are pretty good but the real benefit is the discounts through Shop Discover.

sj632
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Postby sj632 » Sun Dec 08, 2013 6:39 pm

I never had a discover, but never would either. Like stated before it isn't widely accepted. That's why I try to still with the majors and in my case mainly Visa.

If there are no fees, just keep it and use it when it makes sense to.

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otter
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Postby otter » Sun Dec 08, 2013 8:11 pm

sj632 wrote:I never had a discover, but never would either. Like stated before it isn't widely accepted. That's why I try to still with the majors and in my case mainly Visa.

If there are no fees, just keep it and use it when it makes sense to.


That was true maybe 7 years ago or more. Discover has actually surpassed Amex in acceptance rate. I've personally never been told "Sorry, we don't take Discover" although I have had that happen with Amex. Overseas is a different story though...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

MemberSince99
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Postby MemberSince99 » Sun Dec 08, 2013 8:23 pm

Agree with otter, there are more places around here that don't accept Amex, though I was in one last week that didn't take Discover or Amex. Amex really needs to focus on getting more merchants to accept their card.

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Postby Userofcards » Sun Dec 08, 2013 8:30 pm

butac wrote:Just got my Quicksilver today! Got approved with a 5k credit limit and I have fair credit. Right now I have Discover It and Quicksilver Visa Signature. Should I keep both? I just dislike how I use my Discover It and some stores don't even accept it. Any suggestions? ;)


I think its a matter of personal preference. In favor of closing it: perhaps leaving an unused credit card account open increases the chance of identity theft/fraud/unauthorized charges. I'm not sure how great this risk is. But the point is: if you leave it open you can't entirely forget about it -- now and then you have to check to make sure nothing funny is going on. You could probably set alerts to inform you of any charges though.

In favor of leaving it open: you might want to use it after all, perhaps for the 5% rotating categories or the online shopping discounts through "ShopDiscover." Also, if for any reason you have a problem with the CapOne card (lose it, et cetera) you will have a backup means of paying for things.

I say do whatever you prefer. There isn't a "right" or "wrong" on matters like this. Personal preference, really.

takeshi
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Postby takeshi » Mon Dec 09, 2013 9:06 am

butac wrote:Should I keep both? I just dislike how I use my Discover It and some stores don't even accept it. Any suggestions? ;)

Your call. Consider the fraud concern mentioned above. Also consider the impact to utilization (and your score) from closure. IIRC, 3+ revolving tradelines are generally recommended for optimal scoring but, again, you need to make the call based on your needs/wants/goals/priorities/preferences, etc so you can't just poll people on whether you should close a given card or not.

IMO it's risky to put all your eggs into one basket (i.e. Capital One in your case).

What do you dislike about "how you use your Discover It"?

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nismoZtuner
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Postby nismoZtuner » Thu Dec 12, 2013 3:21 pm

MemberSince99 wrote:Agree with otter, there are more places around here that don't accept Amex, though I was in one last week that didn't take Discover or Amex. Amex really needs to focus on getting more merchants to accept their card.


I always carry 3 cards.

-Card A
PRG
-Card B
Marriott S. Visa
-Card C
Discover

I use them in order just in case my amex isnt accepted
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

rockyrock
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Postby rockyrock » Thu Dec 12, 2013 7:19 pm

I only use my IT card for the rotating categories and Sam's Club so I never have acceptance issues.

I think you should keep it open as it never hurts to have a back-up card. The 5% categories are hard to beat as well.

One more aspect is not all issuers report to all three bureaus; you want to make sure each of the three is getting positive info about you in order to build solid credit.
Sapphire Reserve: travel & dining (almost everything until I meet my initial spend)
Blue Cash Preferred: groceries & gas
Freedom: 5% cats
Double Cash: everything else



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