Which of Four BankCards To Cancel?

Discussion in 'Credit Talk' started by milavant, Sep 15, 2003.

  1. milavant

    milavant Well-Known Member

    I have four Bank cards, as follows:

    AMEX Green CASHBACK: Opened 8/01 $14,500
    CITIBANK Dividend Select: Opened 3/01 $13,300
    BANK ONE free cash Rewards: Opened 9/02 $14,500
    CHASE Perfectcard: Opened 5/03 $10,000

    I use the AMEX and Chase all the time and pay my bills in full each month. I don't need a fourth card, really. I am thinking of canceling either the Bank One Card or the Citibank, rather than sock-drawering it.. The Citibank has a $100 tier, and I have satisfied that. Once they send me my $100 check, the only card I can convert this to (with instant rewards) would be the Shell Mastercard. (I use all sorts of gas).

    Which is a better card and company, Citibank or Bank One?

    If I keep the fourth card (if it's Citibank, I don't want to start down the $100 road again), it would not get used.

    Any opinions?

    Transunion 765
    Experian 741
    Equifax 752
  2. Thee One

    Thee One Well-Known Member

    Not sure, but from my reading here if you close the account and don't replace it with a different card, it could negatively affect your score due to a higher utilization.
  3. Mark LA

    Mark LA Well-Known Member

    Re: Which of Four BankCards To Canc

    You don't know me (which is a shame actually - cuz to know me is to love me) - BUT - trust me on this - I'm an OLD MONKEY - keep all your cards - you can never know when you might actually NEED it.

    GEORGE Well-Known Member

    Re: Which of Four BankCards To Canc

  5. Brad J

    Brad J Well-Known Member

    Re: Which of Four BankCards To Canc

    Be careful here. Those of use that are at the seam between sub-prime and prime, cancelling a older card could be a good thing. Here's why, if you got a subprime card and held on to it too long, there is a good possibility that your account will get sold to an even worse company, or if a bigger prime issuer buys another company out, your likely to get your account closed by creditor. I think that once you get cards on better terms aka prime cards, start cancelling the older ones "slowly" so as not to impact your FICO too much.
  6. RichGuy

    RichGuy Well-Known Member

    Re: Which of Four BankCards


    It's great that you have too many good cards, and Mark LA is right that you should keep them.

    If, for some reason, one of the cards was repriced or closed, or an annual fee was instituted, you would need the other three accounts to give you leverage and confidence as you battled over the fourth.

    Then there's the matter of rewards. You seem to have all rewards cards, and you can't get significant rewards on some cards if you use all four of them. So you might want to consider making one or two of them your "balance" cards, negotiating for lower interest rates. Citibank or Chase might be best for that.
  7. RichGuy

    RichGuy Well-Known Member

    Re: Which of Four BankCards


    By the way, Citibank is vastly superior to Bank One as a company. I assume the card is superior as well.

Share This Page