Which Cards Are You Closing in 2016?

cv91915 · July 12, 2016

Thanks for the reminder!

My updates are below.

Thanks, Losluv, for making this thread. Here's my list for 2016:

~~Fidelity Amex (closed in January)~~

~~In the 2+ years I had this card I didn’t use it enough to reach the threshold to cash out the first reward into a Fidelity account.~~

I had also transferred all but $2,000 of its limit to other cards, so this thing was just sitting there rotting. I had exactly zero desire for a $2,000 Visa card from Elan, so I put it out of its misery early in the year after the new Elan family of Fidelity cards was announced as the replacements for the Fidelity offerings from FIA.

Macy’s Amex, Macy’s Store Card

I have zero use for these accounts. I almost never shop at Macy’s, and I have no use for the Amex. It was marginally useful on SBS, but honestly, even if SBS returns in its full glory we’d still have more Amices than I’d care to spend the time to use three times in a single day. I’m managing 30 revolving accounts, and these two aren’t coming close to pulling their own weight.

US Bank FlexPerks Travel Rewards American Express

This card technically also belongs in the next category, but I’m calling this one out in particular because it’s been a really annoying relationship – even beyond the frustration with the rewards program. I have several examples, which I’ll save for later, when I inevitably crap in someone’s US Bank thread.

The rewards are advertised to say that you get a $400 ticket for 20,000 points. Two cents per point right? Wrong!

The cruel joke is that you can only redeem points in increments of 10,000. Plus, you cannot pay for a portion of the ticket in points and the rest in cash, like you can with the Citi Prestige or Thank You Premier.

I found this out the hard way: I located a $402 flight on AA.com. I eagerly went to book this with 20,000 FlexPerks points and $2, but the only option was a 30,000-point redemption. Even if I’d had the extra 10,000 points (which at the time I did not), I wasn’t going to hand them over for $2 in airfare. Absurd.

I have about 100,000 miles of travel planned for this year (29,018 are already behind me), so I will eventually find a ticket in the high $500s to cash out my 30,003 points earned from this card, before the card meets its inevitable demise.

Cards with Annual Fees – Opened for Bonus Offers

I keep a couple of cards with annual fees long-term because they more than pay for themselves. Several others, though, have zero enduring value after the bonuses post. After transferring the available credit to other cards from the same issuer, when possible, on the 2016 hit list when the AFs approach:

- Amex SPG (TD’s) [mine is on probation until we see how badly Marriott eviscerates the SPG program]

- Chase Fairmont

- Chase Marriott (mine)

- Chase Marriott (TD’s)

- Chase United MileagePlus Explorer (mine)

- Chase United MileagePlus Explorer (TD’s)

~~- Citi Prestige (we’re replacing this with a Citi AA Exec for TD, with me as an AU, for Admirals Club access)~~

~~- Citi Thank You Premier (mine)~~

- Citi Thank You Premier (TD’s)

AF just hit on my Marriott card, so it's only a matter of days before that one disappears.

minnie aubre · July 14, 2016

Dillard's. I think I was supposed to close this last year and I forgot. I only used it one time a year and a half ago. Maybe they will save me the trouble.

hyschmied · July 14, 2016

With news of more Barclays AA cards possibly in the future, I will close my Aviator Red. I'll still have a Citibusiness AA card for anything AA related and I just got Barclays JetBlue.

blake10 · July 14, 2016

Already Closed:

Fidelity Amex: I had eventually planned on this being a long term card, but had decided last fall to eventually get the BOA Travel Rewards Visa and turn it into a 2.625% card and move my limit there. With the recent announcement about Elan taking over the Fidelity CC, I closed it and moved the limit to my newly opened Travel Rewards Visa, creating my highest limit card.

Amex SPG Business: I should have closed this card a while ago. I need to close it so I can open another card in 12 months. I only opened it for the signup bonus. Update: CLOSED

Will Close:

Amex Business Platinum: After I have collected the $200 airline credit this month, it will be closed so I can open a few more in 12 months. I opened it for the 150K MR bonus.

Chase British Airways Visa: I opened this just for the 100K bonus. As soon as I hit the 100K, I'm going to close it and move the limit to my Freedom.

Chase Sapphire Preferred: Now that I have the Ink Plus, this card seems almost useless to me. The bonus categories are duplicated on other cards that I have, and the Ink Plus allows me to transfer to the UR travel partners, so there is no point in paying another AF for an unnecessary card in my portfolio. The CL will get moved to my Freedom.

Citi Hilton HHonors: I only opened this card for the signup bonus, so it is going to be closed shortly and I'm going to move as much of the limit as allowed to my AA Exec.

Might Close:

Amex Platinum: I opened this card for the 100K MR bonus. I will consider keeping it open if I can get a $200 credit or MR points that are at least equal to that.

Citi AA Platinum: If I can get another retention offer like last year ($95 statement credit and 1K per month of $1K spending for 16 months), I will keep it open. If not, I will close it after I open another Platinum card.

CitiBusiness AA Platinum: If I can get another retention offer like last year (1K per month of $1K spending for 16 months) I might keep it open. The $99 companion pass for $30K spending made it worthwhile last year.

Before you close those accounts. Do you PC them first? Can you share the exact process behind it? Edited July 14, 2016 by blake10

bigpoppa09 · July 14, 2016

Crap 1 secured.

mendelssohn · July 14, 2016

Already Closed:

Fidelity Amex: I had eventually planned on this being a long term card, but had decided last fall to eventually get the BOA Travel Rewards Visa and turn it into a 2.625% card and move my limit there. With the recent announcement about Elan taking over the Fidelity CC, I closed it and moved the limit to my newly opened Travel Rewards Visa, creating my highest limit card.

Amex SPG Business: I should have closed this card a while ago. I need to close it so I can open another card in 12 months. I only opened it for the signup bonus. Update: CLOSED

Will Close:

Amex Business Platinum: After I have collected the $200 airline credit this month, it will be closed so I can open a few more in 12 months. I opened it for the 150K MR bonus.

Chase British Airways Visa: I opened this just for the 100K bonus. As soon as I hit the 100K, I'm going to close it and move the limit to my Freedom.

Chase Sapphire Preferred: Now that I have the Ink Plus, this card seems almost useless to me. The bonus categories are duplicated on other cards that I have, and the Ink Plus allows me to transfer to the UR travel partners, so there is no point in paying another AF for an unnecessary card in my portfolio. The CL will get moved to my Freedom.

Citi Hilton HHonors: I only opened this card for the signup bonus, so it is going to be closed shortly and I'm going to move as much of the limit as allowed to my AA Exec.

Might Close:

Amex Platinum: I opened this card for the 100K MR bonus. I will consider keeping it open if I can get a $200 credit or MR points that are at least equal to that.

Citi AA Platinum: If I can get another retention offer like last year ($95 statement credit and 1K per month of $1K spending for 16 months), I will keep it open. If not, I will close it after I open another Platinum card.

CitiBusiness AA Platinum: If I can get another retention offer like last year (1K per month of $1K spending for 16 months) I might keep it open. The $99 companion pass for $30K spending made it worthwhile last year.

Before you close those accounts. Do you PC them first? Can you share the exact process behind it?

Move limits to another card. I have no interest in a PC.

blake10 · July 14, 2016

Already Closed:

Fidelity Amex: I had eventually planned on this being a long term card, but had decided last fall to eventually get the BOA Travel Rewards Visa and turn it into a 2.625% card and move my limit there. With the recent announcement about Elan taking over the Fidelity CC, I closed it and moved the limit to my newly opened Travel Rewards Visa, creating my highest limit card.

Amex SPG Business: I should have closed this card a while ago. I need to close it so I can open another card in 12 months. I only opened it for the signup bonus. Update: CLOSED

Will Close:

Amex Business Platinum: After I have collected the $200 airline credit this month, it will be closed so I can open a few more in 12 months. I opened it for the 150K MR bonus.

Chase British Airways Visa: I opened this just for the 100K bonus. As soon as I hit the 100K, I'm going to close it and move the limit to my Freedom.

Chase Sapphire Preferred: Now that I have the Ink Plus, this card seems almost useless to me. The bonus categories are duplicated on other cards that I have, and the Ink Plus allows me to transfer to the UR travel partners, so there is no point in paying another AF for an unnecessary card in my portfolio. The CL will get moved to my Freedom.

Citi Hilton HHonors: I only opened this card for the signup bonus, so it is going to be closed shortly and I'm going to move as much of the limit as allowed to my AA Exec.

Might Close:

Amex Platinum: I opened this card for the 100K MR bonus. I will consider keeping it open if I can get a $200 credit or MR points that are at least equal to that.

Citi AA Platinum: If I can get another retention offer like last year ($95 statement credit and 1K per month of $1K spending for 16 months), I will keep it open. If not, I will close it after I open another Platinum card.

CitiBusiness AA Platinum: If I can get another retention offer like last year (1K per month of $1K spending for 16 months) I might keep it open. The $99 companion pass for $30K spending made it worthwhile last year.

Before you close those accounts. Do you PC them first? Can you share the exact process behind it?
Move limits to another card. I have no interest in a PC.

Let's assume you have a chase Slate and a CSP and you want to close slate. You just call and move the entire CL, then close? What is the benefit to closing vs just leaving like 500 on the card and keeping it open?

mendelssohn · July 14, 2016

Already Closed:

Fidelity Amex: I had eventually planned on this being a long term card, but had decided last fall to eventually get the BOA Travel Rewards Visa and turn it into a 2.625% card and move my limit there. With the recent announcement about Elan taking over the Fidelity CC, I closed it and moved the limit to my newly opened Travel Rewards Visa, creating my highest limit card.

Amex SPG Business: I should have closed this card a while ago. I need to close it so I can open another card in 12 months. I only opened it for the signup bonus. Update: CLOSED

Will Close:

Amex Business Platinum: After I have collected the $200 airline credit this month, it will be closed so I can open a few more in 12 months. I opened it for the 150K MR bonus.

Chase British Airways Visa: I opened this just for the 100K bonus. As soon as I hit the 100K, I'm going to close it and move the limit to my Freedom.

Chase Sapphire Preferred: Now that I have the Ink Plus, this card seems almost useless to me. The bonus categories are duplicated on other cards that I have, and the Ink Plus allows me to transfer to the UR travel partners, so there is no point in paying another AF for an unnecessary card in my portfolio. The CL will get moved to my Freedom.

Citi Hilton HHonors: I only opened this card for the signup bonus, so it is going to be closed shortly and I'm going to move as much of the limit as allowed to my AA Exec.

Might Close:

Amex Platinum: I opened this card for the 100K MR bonus. I will consider keeping it open if I can get a $200 credit or MR points that are at least equal to that.

Citi AA Platinum: If I can get another retention offer like last year ($95 statement credit and 1K per month of $1K spending for 16 months), I will keep it open. If not, I will close it after I open another Platinum card.

CitiBusiness AA Platinum: If I can get another retention offer like last year (1K per month of $1K spending for 16 months) I might keep it open. The $99 companion pass for $30K spending made it worthwhile last year.

Before you close those accounts. Do you PC them first? Can you share the exact process behind it?
Move limits to another card. I have no interest in a PC.
Let's assume you have a chase Slate and a CSP and you want to close slate. You just call and move the entire CL, then close? What is the benefit to closing vs just leaving like 500 on the card and keeping it open?

Yes.

Because I don't want or need the other card open. Many were just for a signup bonus.

blake10 · July 14, 2016

Thanks. Good to know. Ok i just always thought it was bad to close revolving accounts. If you PC and then close, does it show the previous credit line when the Tradeline reports?

moneypyts · July 14, 2016

"Let's assume you have a chase Slate and a CSP and you want to close slate. You just call and move the entire CL, then close? What is the benefit to closing vs just leaving like 500 on the card and keeping it open?"

Closing small limit cards boosts your average credit limit across your cards.

One criterion for banks when they issue you a new credit card is how large the credit limits are on your existing credit cards.

So it's good to have "prybar" credit cards - cards with high limits. And it's good to have a high average credit limit.

Especially when applying for a card with a lender that you don't have a preexisting relationship with. I applied for a BBVA Compass Bank card last year, and the credit limit issued was approximately my average credit limit. It's possibly that if I had closed a couple small limit cards I would have gotten a higher initial credit limit with BBVA.

FWIW

MP

Big Bear · July 14, 2016

Closing and culling cards is one of those topics that still has me walking on eggshells. I had my first aged card fall of my report this year (original AU Amex responsible for the couple D* cards I was able to get). The damage was minimal since the majority of my cards are closer to 10 years old versus "new".

I have cards like the Chase Slate, from the good old WaMu days, with a useless limit, redundant FICO and otherwise benefits me very little.

The issue is its age. Do I move most of the credit line to another card and leave it open at $500-1000 limit or rip the bandaid off and not worry about it for a decade?

To moneypyts's point, this obviously doesnt help average credit limits (having a range from $1k to $50k doesn't make sense).

So perhaps I'm prodding myself in the direction of closure...

"Let's assume you have a chase Slate and a CSP and you want to close slate. You just call and move the entire CL, then close? What is the benefit to closing vs just leaving like 500 on the card and keeping it open?"

Closing small limit cards boosts your average credit limit across your cards.

One criterion for banks when they issue you a new credit card is how large the credit limits are on your existing credit cards.

So it's good to have "prybar" credit cards - cards with high limits. And it's good to have a high average credit limit.

Especially when applying for a card with a lender that you don't have a preexisting relationship with. I applied for a BBVA Compass Bank card last year, and the credit limit issued was approximately my average credit limit. It's possibly that if I had closed a couple small limit cards I would have gotten a higher initial credit limit with BBVA.

FWIW

MP

Kat58 · July 14, 2016

Closing and culling cards is one of those topics that still has me walking on eggshells. I had my first aged card fall of my report this year (original AU Amex responsible for the couple D* cards I was able to get). The damage was minimal since the majority of my cards are closer to 10 years old versus "new".

I have cards like the Chase Slate, from the good old WaMu days, with a useless limit, redundant FICO and otherwise benefits me very little.

The issue is its age. Do I move most of the credit line to another card and leave it open at $500-1000 limit or rip the bandaid off and not worry about it for a decade?

To moneypyts's point, this obviously doesnt help average credit limits (having a range from $1k to $50k doesn't make sense).

So perhaps I'm prodding myself in the direction of closure...

I don't close CCs.

Big Bear... You can PC your Slate to something else, and move limits around to your hearts desire.

I personally don't believe "average credit limits" mean anything.

Big Bear · July 14, 2016

Closing and culling cards is one of those topics that still has me walking on eggshells. I had my first aged card fall of my report this year (original AU Amex responsible for the couple D* cards I was able to get). The damage was minimal since the majority of my cards are closer to 10 years old versus "new".

I have cards like the Chase Slate, from the good old WaMu days, with a useless limit, redundant FICO and otherwise benefits me very little.

The issue is its age. Do I move most of the credit line to another card and leave it open at $500-1000 limit or rip the bandaid off and not worry about it for a decade?

To moneypyts's point, this obviously doesnt help average credit limits (having a range from $1k to $50k doesn't make sense).

So perhaps I'm prodding myself in the direction of closure...

I don't close CCs.

Big Bear... You can PC your Slate to something else, and move limits around to your hearts desire.

I personally don't believe "average credit limits" mean anything.

I haven't seen any ill effects of averages personally.

I believe they HP for PC, right? I wouldn't mind the CSP, but ultimately might wait until early next year when 5/24 will no longer be an issue to get the sign up bonus.

The only cards I've closed were due to inactivity on my part.

Kat58 · July 14, 2016

Closing and culling cards is one of those topics that still has me walking on eggshells. I had my first aged card fall of my report this year (original AU Amex responsible for the couple D* cards I was able to get). The damage was minimal since the majority of my cards are closer to 10 years old versus "new".

I have cards like the Chase Slate, from the good old WaMu days, with a useless limit, redundant FICO and otherwise benefits me very little.

The issue is its age. Do I move most of the credit line to another card and leave it open at $500-1000 limit or rip the bandaid off and not worry about it for a decade?

To moneypyts's point, this obviously doesnt help average credit limits (having a range from $1k to $50k doesn't make sense).

So perhaps I'm prodding myself in the direction of closure...

I don't close CCs.

Big Bear... You can PC your Slate to something else, and move limits around to your hearts desire.

I personally don't believe "average credit limits" mean anything.

I haven't seen any ill effects of averages personally.

I believe they HP for PC, right? I wouldn't mind the CSP, but ultimately might wait until early next year when 5/24 will no longer be an issue to get the sign up bonus.

The only cards I've closed were due to inactivity on my part.

I wasn't HPd when I PCd my Slate.

Big Bear · July 14, 2016

Closing and culling cards is one of those topics that still has me walking on eggshells. I had my first aged card fall of my report this year (original AU Amex responsible for the couple D* cards I was able to get). The damage was minimal since the majority of my cards are closer to 10 years old versus "new".

I have cards like the Chase Slate, from the good old WaMu days, with a useless limit, redundant FICO and otherwise benefits me very little.

The issue is its age. Do I move most of the credit line to another card and leave it open at $500-1000 limit or rip the bandaid off and not worry about it for a decade?

To moneypyts's point, this obviously doesnt help average credit limits (having a range from $1k to $50k doesn't make sense).

So perhaps I'm prodding myself in the direction of closure...

I don't close CCs.

Big Bear... You can PC your Slate to something else, and move limits around to your hearts desire.

I personally don't believe "average credit limits" mean anything.

I haven't seen any ill effects of averages personally.

I believe they HP for PC, right? I wouldn't mind the CSP, but ultimately might wait until early next year when 5/24 will no longer be an issue to get the sign up bonus.

The only cards I've closed were due to inactivity on my part.

I wasn't HPd when I PCd my Slate.

Hmm...

Maybe the AARP..

What did you PC to?

mendelssohn · July 14, 2016

Closing and culling cards is one of those topics that still has me walking on eggshells. I had my first aged card fall of my report this year (original AU Amex responsible for the couple D* cards I was able to get). The damage was minimal since the majority of my cards are closer to 10 years old versus "new".

I have cards like the Chase Slate, from the good old WaMu days, with a useless limit, redundant FICO and otherwise benefits me very little.

The issue is its age. Do I move most of the credit line to another card and leave it open at $500-1000 limit or rip the bandaid off and not worry about it for a decade?

To moneypyts's point, this obviously doesnt help average credit limits (having a range from $1k to $50k doesn't make sense).

So perhaps I'm prodding myself in the direction of closure...

I don't close CCs.

Big Bear... You can PC your Slate to something else, and move limits around to your hearts desire.

I personally don't believe "average credit limits" mean anything.

I haven't seen any ill effects of averages personally.
I believe they HP for PC, right? I wouldn't mind the CSP, but ultimately might wait until early next year when 5/24 will no longer be an issue to get the sign up bonus.

The only cards I've closed were due to inactivity on my part.

I wasn't HPd when I PCd my Slate.

Hmm...
Maybe the AARP..

What did you PC to?

F or Freedom Unlimited

And average limits don't count, just your top 2-3.

Big Bear · July 14, 2016

Closing and culling cards is one of those topics that still has me walking on eggshells. I had my first aged card fall of my report this year (original AU Amex responsible for the couple D* cards I was able to get). The damage was minimal since the majority of my cards are closer to 10 years old versus "new".

I have cards like the Chase Slate, from the good old WaMu days, with a useless limit, redundant FICO and otherwise benefits me very little.

The issue is its age. Do I move most of the credit line to another card and leave it open at $500-1000 limit or rip the bandaid off and not worry about it for a decade?

To moneypyts's point, this obviously doesnt help average credit limits (having a range from $1k to $50k doesn't make sense).

So perhaps I'm prodding myself in the direction of closure...

I don't close CCs.

Big Bear... You can PC your Slate to something else, and move limits around to your hearts desire.

I personally don't believe "average credit limits" mean anything.

I haven't seen any ill effects of averages personally.
I believe they HP for PC, right? I wouldn't mind the CSP, but ultimately might wait until early next year when 5/24 will no longer be an issue to get the sign up bonus.

The only cards I've closed were due to inactivity on my part.

I wasn't HPd when I PCd my Slate.

Hmm...
Maybe the AARP..

What did you PC to?

F or Freedom Unlimited

And average limits don't count, just your top 2-3.

I just read about Kat's PC in the Freedom Unlimited thread.

Since I'm in the process of switching some of the cash back strategy to points, an Freedom Unlimited would be nice alongside the old Freedom and Ink+. Then perhaps app the CSP early next year for the sign up bonus.

Kat58 · July 14, 2016

Sounds good

bigpoppa09 · July 14, 2016

Sounds good

Kat link me the thread where u PC the Freedom.

Big Bear · July 14, 2016

I didn't go the SM route and regretting it...on hold now...

Big Bear · July 14, 2016

Sounds good

Kat link me the thread where u PC the Freedom.

https://creditboards.com/forums/index.php?showtopic=561696&page=7

bigpoppa09 · July 14, 2016

Sounds good

Kat link me the thread where u PC the Freedom.

https://creditboards.com/forums/index.php?showtopic=561696&page=7

Thanks Big Bear Kat ain't talking to me today i guess.

Kat58 · July 14, 2016

Sounds good

Kat link me the thread where u PC the Freedom.

https://creditboards.com/forums/index.php?showtopic=561696&page=7

Thanks Big Bear Kat ain't talking to me today i guess.

I was doing something

Big Bear · July 14, 2016

Sounds good

Kat link me the thread where u PC the Freedom.

https://creditboards.com/forums/index.php?showtopic=561696&page=7

Thanks Big Bear Kat ain't talking to me today i guess.

I was doing something

lol

Sorry, I was sitting here pulling teeth on the phone.

I've never PC'd a card before and I just did two in one day. Discover CSRs blow Chase out of the water.

But instead of closing, the Slate is now a Freedom Unlimited card. I'll choose a different method for moving limits around and/or asking for a CLI.

bigpoppa09 · July 14, 2016

Sounds good

Kat link me the thread where u PC the Freedom.

https://creditboards.com/forums/index.php?showtopic=561696&page=7

Thanks Big Bear Kat ain't talking to me today i guess.

I was doing something

OH OK thanks for speaking.

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