If you have both a Visa and a Mastercard, and the Visa rewards require you to accumulate points (2500) before getting a reward (like 1% cash back) and the Mastercard is instant pay (on your next statement, like Chase Perfectcard), is there any reason to carry both, or can you safely "sockdrawer" the Visa and use it a couple of times a year to keep the tradeline open? Is there something Visa will do for you that MC won't? Both credit lines are high ($14,500 Visa and $13,000 Mastercard). Or do you need to carry both?
Are both cards cashback cards ??? If they are, then I would sockdrawer the Visa, but not cancel it because of the high limit (good for the ratios). If the Visa gives you free merchandise I would use it along with the MC, you just have to decide which reward you'd like to have more (cash or merchandise). All my cards are reward cards and it's getting tough for me to manage them so I have to prioritize.
If you want a great rewards type card, you'll want an AMEX card (charge or credit, the rewards are GREAT!) Double points at Post Office, grocery stores and gas pumps make it a great card to carry. (We accumulated 6,000 points in TWO MONTHS and will redeem them for $60 in Babies R Us Gift Cards for our 4 month old.) I don't make enough purchases to warrant having a cash-back card, but my PayPal Debit card offers 1.5% cash back FLAT RATE (regardless of the activity of the account) - and it doesn't amount to much, so I think that cash-back CAN be overrated. (But I still want an MBNA AAA Visa for 5% back at gas pump purchases!) For myself, I want these cards for the rewards: AMEX BLUE MBNA AAA Visa 5% back at gas pumps MBNA Barnes & Noble MC for GC for book discounts Then, I'll use Wells Fargo then BofA. The rewards just don't look as good to me as the first 3.
