What's In Your Wallet

[Hanoi IG]

I'm only about a year into points/miles and will never be an Ultimate Couponer and place comfort and aesthetics above price. Still, I enjoy the challenge and even if I have the money to do something, why not get it free or cheap(er)?

I now seem to have some excess credit cards and was wondering if I should close some or find a use for them. Not sure if our 800+ FICO score would be impacted by closing as it is activity and also less credit=higher % of usage.

Clearly keeping AX Platinum, Chase Sapphire Preferred, Chase Freedom(I think) and AX Hilton Honors Surpass. My wife also has Chase Sapphire Preferred and we are authorized users on each others. Keeping BOA Amtrak Guest Rewards for both. I think I have to Keep BOA Travel Rewards Visa as it is our oldest card since 1991. Should I use it sometimes just so they don't cancel? Are the rewards worth anything?

We have some cash back MCs from our primary bank that we never use, AX Blue Cash almost never use, Capital One Quicksilver MC never use and now a redundant Citi HiltonHHonors as I use the AX Surpass for the same thing.

Any guidance would be appreciated. We are likely to open some new cards to get big bonuses for a really expensive cruise but don't have to pay until next June.

 

[HariOm]

I now seem to have some excess credit cards and was wondering if I should close some or find a use for them. Not sure if our 800+ FICO score would be impacted by closing as it is activity and also less credit=higher % of usage.

FICO of 700+ has been sufficient for approval on all apps, in my experience. Depends on other factors too, of course, but based on your earlier posts, it sounds like closing some cards might not take your score down far enough to get rejected for cards.

As for what cards to close/keep, that depends on your points usage strategy and your preferred avenues of transportation. Of all the cards you mentioned, personally I'd only keep Freedom and Amex Plat, and probably close the Amex plat before paying the full annual fee, depending on whether it's needed to continue to hold the MR balance.

I think I have to Keep BOA Travel Rewards Visa as it is our oldest card since 1991. Should I use it sometimes just so they don't cancel? Are the rewards worth anything?

Probably a good idea to keep that open. For our oldest card, yes, we run a $15/month automated subscription renewal just to keep the card alive. Travel Rewards: someone posted about recently; search the Forum.

 

[Hanoi IG]

FICO of 700+ has been sufficient for approval on all apps, in my experience. Depends on other factors too, of course, but based on your earlier posts, it sounds like closing some cards might not take your score down far enough to get rejected for cards.

As for what cards to close/keep, that depends on your points usage strategy and your preferred avenues of transportation. Of all the cards you mentioned, personally I'd only keep Freedom and Amex Plat, and probably close the Amex plat before paying the full annual fee, depending on whether it's needed to continue to hold the MR balance.



Probably a good idea to keep that open. For our oldest card, yes, we run a $15/month automated subscription renewal just to keep the card alive. Travel Rewards: someone posted about recently; search the Forum.

 

[Hanoi IG]

Thanks for the input. How about Chase Sapphire Preferred? All the gurus say it's best overall card. I don't have an affinity card except for HiltonHHonors since my airline of choice doesn't have any in US and the Membership Rewards on Chase and AX are flexible and transfer quickly.

 

[Matt]

To answer the thread, a quick glance in my wallet:

• Amex Plat (need to toss it out now spend is met)
• CSP (tried to downgrade it but forgot to follow up)
• Arrival+
• 3x Inks
• 3 Biz Debits
• 1 Citi Debit
• DiscoverIT (never use)
• Old Blue Cash (no idea when will be maxed)
• AccessMore (use every now and then)

We are likely to open some new cards to get big bonuses for a really expensive cruise but don't have to pay until next June.

Might want to consider the pros and cons of keeping the spend on a single card - things like trip insurance and all that silliness can be voided if you split it up - of course, check limits to see if it would even be worth it..

 

[Matt]

All the PEOPLE WHO SELL CREDIT CARDS say it's best overall card.

Fixed that for you.

 

[smittytabb]

How about Chase Sapphire Preferred? All the gurus say it's best overall card.

I don't know which gurus you mean, but many no longer say that. Citi Prestige is the new favorite. I think their favorite is the one currently paying them the best.

Personally, I would keep the CSP because if you close it, you will likely not be able to get it back.

 

[WavyCEO]

To echo Matt I certainly have
1. CSP (oldest card and to convert cash back to UR)
2. Freedom Unlimited (basic everyday spend for the 1.5X)
3. SPG Biz (like to collect Starpoints)
4. AMEX Biz Plat (also need to take this out since that monstrous min spend is done)
5. Chase Freedom (only for 5X categories)
6. AMEX Blue Cash Preferred (I like the 6% cash back on groceries)

Also would recommend the Citi Prestige (which I'm getting ready for), and then depending on what airline you fly and if you value elite status can sway some other cards. But for now it should be a good starting point.

 

[Hanoi IG]

Fixed that for you.

I don't quite get what you are saying. Who sells credit cards? I'm talking about The Points Guy, Loyalty Lobby and others like that all swear by Chase Sapphire Preferred and I have found it useful with double transferable points. What am I missing?

 

[Hanoi IG]

To answer the thread, a quick glance in my wallet:

• Amex Plat (need to toss it out now spend is met)
• CSP (tried to downgrade it but forgot to follow up)
• Arrival+
• 3x Inks
• 3 Biz Debits
• 1 Citi Debit
• DiscoverIT (never use)
• Old Blue Cash (no idea when will be maxed)
• AccessMore (use every now and then)

Might want to consider the pros and cons of keeping the spend on a single card - things like trip insurance and all that silliness can be voided if you split it up - of course, check limits to see if it would even be worth it..

 

[Matt]

I don't quite get what you are saying. Who sells credit cards? I'm talking about The Points Guy, Loyalty Lobby and others like that all swear by Chase Sapphire Preferred and I have found it useful with double transferable points. What am I missing?

The Points Guy is owned by a credit card sales company called Bankrate. Everything you read there is designed to push their product. Loyalty Lobby, I don't know about, nor how often they swear by the CSP.

Personally, I think the CSP is an acceptable card, it is a bit sloppy, but does the trick. It is hardly the best card ever though.

 

[Hanoi IG]

I'm not sure why AX Plat should go. I have already gotten Hamilton Tickets and a reservation at 11 Madison Park and buying Amazon Gift Cards thru UA app got me my $200 credit. This surprised me that you say dump it.

 

[Hanoi IG]

The Points Guy is owned by a credit card sales company called Bankrate. Everything you read there is designed to push their product. Loyalty Lobby, I don't know about, nor how often they swear by the CSP.

Personally, I think the CSP is an acceptable card, it is a bit sloppy, but does the trick. It is hardly the best card ever though.

Thanks. So I should disregard TPG as he is commercial? He says if I click on links he gets $$$ but he is a shill? Ouch! But I never bought a card from him or anyone else except the issuing banks. I have much to learn. I don't understand "sloppy" I like transferrable points so can use on my airline of choice SQ or now hear can give to Alaska for EK or AA for CX. We almost never fly domestic though I guess could fly to SFO or LAX to connect to Asia. Big problem with that is bag claim/customs then running to a domestic terminal. I suppose that can be solved with stopover.

 

[Matt]

So I should disregard TPG as he is commercial?

You should simply factor that into the decision making. It doesn't necessarily make him a shill or evil, but many people who earn commission/work for the card company will be encouraged to share the 'Affiliate Version' of a card and not mention a direct link. Sometimes this makes no difference, other times it makes tens of thousands of points different in terms of offer, or removes first year annual fee etc...

You just need to be cognizant of the conflict of interest that commission creates, but it doesn't make someone necessarily out to get you.

I don't understand "sloppy"

It is just that you might get a better ROI from a Freedom without the annual fee coupled with an Ink.. better perks.. but depends on your spending habits. I say sloppy because in theory you shouldn't carry the fee, but in reality, $95 isn't terrible..

 

[Hanoi IG]

I'm only about a year into points/miles and will never be an Ultimate Couponer and place comfort and aesthetics above price. Still, I enjoy the challenge and even if I have the money to do something, why not get it free or cheap(er)?

I now seem to have some excess credit cards and was wondering if I should close some or find a use for them. Not sure if our 800+ FICO score would be impacted by closing as it is activity and also less credit=higher % of usage.

Clearly keeping AX Platinum, Chase Sapphire Preferred, Chase Freedom(I think) and AX Hilton Honors Surpass. My wife also has Chase Sapphire Preferred and we are authorized users on each others. Keeping BOA Amtrak Guest Rewards for both. I think I have to Keep BOA Travel Rewards Visa as it is our oldest card since 1991. Should I use it sometimes just so they don't cancel? Are the rewards worth anything?

We have some cash back MCs from our primary bank that we never use, AX Blue Cash almost never use, Capital One Quicksilver MC never use and now a redundant Citi HiltonHHonors as I use the AX Surpass for the same thing.

Any guidance would be appreciated. We are likely to open some new cards to get big bonuses for a really expensive cruise but don't have to pay until next June.

 

[Hanoi IG]

So I should cancel AX blue Cash, the ones from our regular bank(unless they might affect my accounts with them) and the Capital One Quicksilver since I never use any of these? Also I now have two HHonors cards so isnt one redundent?

 

[volker]

Thanks. So I should disregard TPG as he is commercial? He says if I click on links he gets $$$ but he is a shill? Ouch! But I never bought a card from him or anyone else except the issuing banks. I have much to learn. I don't understand "sloppy" I like transferrable points so can use on my airline of choice SQ or now hear can give to Alaska for EK or AA for CX. We almost never fly domestic though I guess could fly to SFO or LAX to connect to Asia. Big problem with that is bag claim/customs then running to a domestic terminal. I suppose that can be solved with stopover.

The problem is not just TPG, there are a lot of other blogs that try to push cards for their own benefits. Always question their intent, especially if they have a link to a CC. As mentioned before, in the past it happened that multiple blogs pushed a card with a lower sign up bonus for their own profit -- if you would have used other links to the promoted CC you would have gotten more points.

 

[Matt]

Can you reply to the quote in the same post?

Hit reply, type, post reply

For your Amex, do you have grocery spend? They are good for that.

Best to not carry a fee in cards, especially ones you don't use. You can try to downgrade to free versions, or if that isn't possible transfer your credit line to another card and then cancel.

 

[knick1959]

I'm not sure why AX Plat should go. I have already gotten Hamilton Tickets and a reservation at 11 Madison Park and buying Amazon Gift Cards thru UA app got me my $200 credit. This surprised me that you say dump it.

The $450 fee for year #2 is hard to justify. Sure, you can get $200 back in airline credits, but that still leaves $250 to justify. The first year with $200 x 2 + GE/PreCheck is a no brainer. I took care of all of that with my Plat, but there was little up side to keep it, so I canceled. I didn't expect a prorated fee refund, but I got one anyway (that's going away).

 

[Hanoi IG]

But as I said I got Hamilton tickets at the real price and a res at 11 Madison Park. Concierge Service is worth a lot.

 

[Hanoi IG]

Can you reply to the quote in the same post?

Hit reply, type, post reply

For your Amex, do you have grocery spend? They are good for that.

Best to not carry a fee in cards, especially ones you don't use. You can try to downgrade to free versions, or if that isn't possible transfer your credit line to another card and then cancel.

 

[Hanoi IG]

Got it. But my only fee cards are AX Platinum and Chase Sapphire Preferred, which are the two cards I use the most. As I said AX concierge Service got me hamilton tix and a nearly impossible booking at 11 Madison Park. So if I have several no fee cards I don't use I should just keep them?

 

[Hanoi IG]

The problem is not just TPG, there are a lot of other blogs that try to push cards for their own benefits. Always question their intent, especially if they have a link to a CC. As mentioned before, in the past it happened that multiple blogs pushed a card with a lower sign up bonus for their own profit -- if you would have used other links to the promoted CC you would have gotten more points.

 

[Hanoi IG]

But I get my cards straight from issuing banks. Is this a poor strategy?

 

[Matt]

Someone is trolling me.

 

[knick1959]

Someone is trolling me.

 

[knick1959]

I don't understand what you mean?

(Sorry, I couldn't resist )

 

[Matt]

I don't understand what you mean?

(Sorry, I couldn't resist )

 

[Hanoi IG]

 

[Hanoi IG]

Did I say something wrong? Trolling is bad right? I'm not sure what it is or if you meant me.

 

[Matt]

Did I say something wrong? Trolling is bad right? I'm not sure what it is or if you meant me.

Trolling is bad, and approved. I did mean you and your not replying to a quote inside a single post

 

[Hanoi IG]

Trolling is bad, and approved. I did mean you and your not replying to a quote inside a single post

I am old and not really techie. I thought you just hit post reply and it would go to the right place. Is making an error called trolling? I thought that meant more like following someone secretly. Much to learn.