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. Hedwig

    Hedwig Well-Known Member

    First of all, think about your ratios. If you cancel Bank One or Citi, and your ratio goes up, Chase may well jack your rate. Ask GEORGE about this one!

    I personally would get rid of Chase, I have no use for them and have canceled every account I had with them, including an unsecured line of credit.
  3. Hedwig

    Hedwig Well-Known Member

    What I meant to include was that I wouldn't cancel any of them. If you want to sock drawer them, OK, but with Chase as one of your cards you may need the others someday.
  4. lakpr

    lakpr Well-Known Member

    If I were you, I would NOT cancel any card. I'd sock-drawer them, and let them age with time and adding a nice bump to my FICO score.

    As an answer to your second question, unquestionably Citibank is better than Bank One. Better customer service, and better card terms (one-cycle vs. two-cycle average daily balance, lower interest rates than BankOne in general, etc.)

    If you are looking for a good suggestion for a possible fourth card ... may I suggest Drivers Edge Platinum Select from Citibank (I have this). You can accumulate points, 1 per dollar, and you can redeem them at any time towards qualifying auto-related purchases. Oil changes, tires for your car, any repairs, etc. No minimum level of rewards to accumulate before you can redeem those points. I recently redeemed $48 worth of points towards replacing front brakes.

    [ Sorry; gas, windshield fluid and engine oils don't count ]
  5. Hedwig

    Hedwig Well-Known Member

    BankOne doesn't do two cycle billing on all of their cards. I have 2 FirstUSA cards, and they have one-cycle billing. I'd rate them about equal with Citibank, based on my experiences.

    GEORGE Well-Known Member

    "IF" you MUST close one---CHASE

    I PERSONALLY would just SOCK DRAWER IT...(unless they "JACK" you)
  7. willgator

    willgator Well-Known Member

    AGREED why kill any of them and hurt yourself.....
  8. zerodown

    zerodown Well-Known Member

    If you don't like the citi dividend see if you can convert it to their Diamond card. I think their Citirewards prgram is really good and this card has some nifty extras.

    If not the Diamond then their regular Plat. select. The rewards program is not listed as a feature on this card but I was able to sign up for it when I asked.
  9. milavant

    milavant Well-Known Member

    What kind of "nifty extras"?
  10. Mark LA

    Mark LA Well-Known Member

    Re: Re: Which of Four BankCards To

    Hedwig -

    just curious - which first usa card do you have with one-cycle billing?
    last month i received a notice from them that they're changing over my one-cycle billing card to a 2-cycle. The rep claimed that they were changing over all their cards.
  11. GEORGE

    GEORGE Well-Known Member

    Re: Re: Re: Which of Four BankCards To


    Two-cycle average daily balance method (including new purchases).


    BUT...6.99% 2-cycle is PROBABLY still BETTER than 9.99% 1-cycle...

    MY UNITED VISA (BANK ONE) IS 1-CYCLE...I don't pay any interest...paying interest on a MILES CARD is counter productive...

  12. GEORGE

    GEORGE Well-Known Member

    Re: Re: Re: Which of Four BankCards To

    Average daily balance method (including new purchases).

    BANK ONE UNITED VISA...just looked
  13. Mark LA

    Mark LA Well-Known Member

    Re: Re: Re: Which of Four BankCards

    Thanks G

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