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Alamo61

Marriott Rewards Visa-Keep or Close based on my situation?

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I am a longtime reader of CB, mostly as a student, learning about credit from those much smarter and experienced than me. For that, I am grateful!  I hope to get some guidance on my specific situation.

 

Opened a Marriott Rewards Visa two years ago.  After opening, my situation changed. We are now caregivers of an ailing relative and travel options are limited.  All of my free annual night certificates have expired unused. I must travel for work 2-3 times a year, but no family travel has resulted in minimal point earnings (133,000, but 50,000 was my sign-up bonus).

 

In July, I accepted the new rewards card upgrade.  I was offered 10,000 points instead of the 100,000 offered to new customers. The $95 fee will likely post this month, and the 10,000 bonus points have not been received yet.

 

Should I close this card now before the fee posts?  It is my only Chase card, and I don’t want to burn my relationship with them. I would like to return if my situation changes in the future. Plus, I don’t want to have my credit score crash.

 

Oldest credit line: 23 years. Avg age of Open Accounts: 4 years, 5 months.

Utilization: 2%

 

Credit Scores:

Experian: 757 (Fico 8, from Amex)

Equifax:  752 (Fico 9, from NFCU)

Transunion:  755 (Fico 8, from Lowes)

 

Total credit of cards I will keep ($72,550):

Fido Visa $12,000 CL

NFCU Visa: $23,300 CL

Quicksilver: $14,250 CL

Lowes: $15,000 CL

Small credit union Visa: $8000 CL

Amex Green

 

All replies will be greatly appreciated!

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Canceling a card neither burns a relationship nor crashes your credit score.

 

You're getting nothing for your annual fee.

 

I stay 20-40 nights a year in Marriott properties and I just canceled my Marriott Visa.  I'll put the charges on my Aviator Silver or my Chase Sapphire Reserve (for different reasons).

 

I'll open another one when I'm eligible for another sign-up bonus. 

 

If you are under 5/24 you might consider opening another Chase card with a SUB and combine the limits on the two cards before you close the Marriott.

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Try PCing the Marriott card to something different.  One of the Freedom products. 

 

They probably won't let you, but it's worth a phone call (or two). 

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