The stack of credit cards we have sitting around was getting out of hand. It really helps to just focus on one card when you are working the reward bonuses. Lately, we have been using more than one card for various reasons. We are both using our seperate Capital One Quicksilver cards for everyday expenses to get 1.5% cash back. However, we also bought paint recently and I wanted the 5% back the purchase, so I used our Discover card.
We have open cards with Chase, Capital One, Discover, and American Express, USAA, Old Navy and Kohls. We also have debit cards with Capital One for our 360 accounts. And I have a PayPal debit card.
Yesterday, I started the process of figuring out which ones we can eliminate. I have cancelled the PayPal debit card and Chase Sapphire Preferred. I requested a new card for me from my husband's Capital One Quicksilver account. This way we have one account to manage. Once I have that card, I will cancel my Quicksilver card.
I was about to cancel (or attempt to cancel) my husband's Discover card, when I noticed $2.51 in rewards. I decided to use those first. My youngest daughter's birthday is in about two months and she has a birthday list going. I used my rewards on Amazon to purchase a cover for her new tablet. I also used some Amazon gift cards I earned from Swagbucks last month! So I will make the final payment on the Discover card and then cancel that one. I haven't completely decided whether to cancel my Discover card yet. I see they have 5% cash back on gas stations for third quarter. So tempting!
I'm also in the process of transferring money that my husband has in his Capital One 360 Checking and Savings accounts. We opened these for a bonus during the Black Friday event I think. The money has been just sitting there earning a little cash. I decided it might as well get moved to another savings account where we earn a tad more interest. Two less accounts to think about. I am leaving my accounts with Cap One 360 as I am currenly adding my 52 Week Challenge money there. I also have my referral information out on the web and have the opportunity to earn a little cash by referring people. I don't want to pass that up!
We have four cards that currently have 0% interest. I don't generally hold a balance on a card, but summer can get expensive and I guess I just want to keep those lines of credit open while they are at 0%. Once they have expired, they will be cancelled. I am putting the dates on my email calendar to remind me to cancel. The first one will be in October of this year. The oldest one is May 2015.
I have decided that we will not open any new cards in my husband's name for the next year. This is because we could be moving a year from now at the earliest. If we purchase another home, I want his credit to look okay. I do realize that the cards opened in the last year or two will show up on the report, and we can explain why we opened them, but I think it might look better to have few cards opened prior to another major purchase.
Now the next big question in regards to credit cards is the Old Navy Visa card. I have had this card since 2006. This is my oldest card currently open. My next oldest card is the Chase Freedom that I opened in 2010. I'm guessing on the actual dates. I can't remember for sure. Anyway. I think I might cancel that Old Navy card. We don't shop there anymore. The rewards are for shopping at Old Navy. It is a Visa and I can use it anywhere, but I would rather use other cards that provide me a benefit. I don't think closing the account will drastically hurt my credit score, which if it does than it is temporary.
It feels good to be getting a handle on these cards. We opened them to obtain cash bonuses. We have paid our balances in full. And we just don't need them. We will still have open credit, and more than we could ever need, so no worries about reducing our available credit.
Have you closed any credit cards recently? Why do you keep cards that you don't use? Has anyone opened a card with a good offer lately? I'm always looking more rewards!
I decluttered my desk recently on Your Organized Friend.
Credit Cards Decluttered
May 6th, 2014 at 01:47 pm
May 6th, 2014 at 02:01 pm 1399384884
May 6th, 2014 at 02:22 pm 1399386149
May 6th, 2014 at 02:47 pm 1399387624
May 6th, 2014 at 06:21 pm 1399400493
Program or Your participation in the Program, in whole or in part, or change any of the Terms, at any time for any reason". Similar wording about if your purchases even count towards points, etc. Reading the fine print is giving me a headache.
May 6th, 2014 at 07:21 pm 1399404066
Check on internet but we're taught having a FICO score of 800 + makes you eligible for the very best terms and mortgage rate if you are willing to negotiate for it.
It breaks down as: *35% for payment history, *30% for total debt carried in relationship to income, *15% for length of credit history *10% for new credit *10% using various types of credit
May 7th, 2014 at 11:09 am 1399460995
May 7th, 2014 at 11:21 am 1399461663
May 7th, 2014 at 11:22 am 1399461733
May 7th, 2014 at 03:56 pm 1399478200
If I am approved, I believe I will verify that I am eligible for the bonus before using it for any purchases. I have a Blue Cash AmEx card, too.
I won't keep it long term, because I am sure not paying $175 a year to have the card. But a $400 mortgage chip? Sounds good to me.
May 8th, 2014 at 12:43 am 1399509782