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Which Cards Are You Closing in 2016?


Losluv
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I am also in the business of downsizing the # of cards in my stable as well. I have too many open lines that I don't use or need now that I have prime cards.

 

I think I am going to close out my only Citi card. They have no love for me. Not the way Chase does and I don't use it anymore. Just need to do something with those TYPs.

yes... my average line is now over $15K. I have a Citi Simplicity with a $12K limit that goes unused because the rewards suck. Citi refuses to PC it because it's a "unique" card.

 

I have nothing with BOA... after I get clear of 5/24 (December) and get the C$R with bonus, I'm going to pick up a BOA card and close the Simplicity. I'll close CSP and move limit to C$R so there will be no increase in cards or a double fee with the CSP.

You should consider a PC to Freedom Unlimited from CSP. I messed up and didn't do that. This way you get 1.5 from Chase travel with your non cat spending from the Freedom Unlimited.
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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.

 

TD's SPG is history. So is his United. My United is about to meet its demise.

 

I decided to keep the Macy's accounts, since I can load Amex offers onto the Macy's Amex via Twitter and there is no AF.

 

I also decided to keep the Marriott card for one more year. I will probably break even on this card after paying the AF and using the free night at a low-level property, which I'll combine with the same benefit on TD's Marriott card before we close both. That should net us a depressing 3 day/2 night weekend somewhere with no lodging costs.

Edited by cv91915
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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.

 

TD's SPG is history. So is his United. My United is about to meet its demise.

 

I decided to keep the Macy's accounts, since I can load Amex offers onto the Macy's Amex via Twitter and there is no AF.

 

I also decided to keep the Marriott card for one more year. I will probably break even on this card after paying the AF and using the free night at a low-level property, which I'll combine with the same benefit on TD's Marriott card before we close both. That should net us a depressing 3 day/2 night weekend somewhere with no lodging costs.

 

 

Just closed my Chase United card and moved all but $400 of the limit to my F5 (the AF on the United card had posted but wasn't paid, so even the backdoor analyst was unable to move the entire limit).

 

I also did a recount of my open cards. I now have 28, which is a correction to some recent posts I've made... I thought I was still in the low 30s.

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This is on my list of things to do in 2017. DW and I need to do some closing and combining.

There's almost two months left in 2016! Why wait? :)

True. I'm a professional procrastinator. And I have a couple Amex cards that don't hit month 13 until next March.

 

 

 

Sent from my iPhone using Tapatalk

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Past tense now, I closed:

* Chase Marriott

* Chase United

* Citi ThankYou Premier

* Citi Hilton

* Bank of America Alaska x 2

* AmEx Delta

 

I could have PCed the Citi cards to Double Cash cards, but I already have 1 DC, and didn't see value in keeping two low limit tradelines alive.

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I closed:

 

Chase Freedom and moved the CL to my Southwest card

DCU - just didn't have value to me anymore, but it was a great card when I was starting to rebuild

 

Of course I opened three times that many :P

 

Next year:
I'll probably close the Starwood card when the AF comes up

PenFed if I don't get a nice CLI offer in January

 

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Closing a lot of cards once my home refinance is disbursed on the 12/29. Going to end the year by closing the following:

 

Amex SPG

Amex HHonors

Bofa Cash Rewards

 

All served their purpose (bonuses on the AMEX; bofa waived the BT fee and then I got 15 months of $30 back for the Cash Rewards every 3 months. Made a solid $150 just paying a balance I was going to pay anyways). But, BofA has become strict and I literally have no use for it. I would love to have Chase let me get a dang card in 2017. I haven't had one since November 2015 and none before that and they keep denying me saying too many chase cards in 24 months...

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