Another What to do Post? Amex Plat cancel
 

Another what to do thread. I have the following cards. No immediate travel plans - travel between DC and Denver and LA for family and have some tentative international plans in the next months or so (Europe and maybe South America)

My current cards are:

CapOne Quicksilver - 10+ years
CSP- 2 years
Amex Plat - 2 years
United Chase - 1 year
SPG Amex - 1 year
Amex Everyday - 1 year

I would like to cancel the Plat because the annual fee just isnt worth it. I may cancel the United card, but may keep it for length of history credit. My question is do I just keep what I have or apply for another card (AA 75K offer? may a SW card)? My other question is does it matter if i cancel the plat before i apply for another card?

Thanks for any help

Thanks

Have you had the Amex Gold Premier Rewards card before? If not you could get the 50,000 points 1 year free 195$ annual fee 100$/year airline fee reimbursement and so on benefits.

I am looking for Chase CSP offers. A knowledge from my friend, a so-called insider, recommended BOA Travel which I choose not to apply. But I think the information is helpful for you.

BOA Travel gets no foreign transaction fees, no annual fee and points redeemable for travel credits. A good choice for daily usage. My friend also mentioned an offer would be available of 20K points signup bonus redeemable for $200 travel credits in a week. I am not sure for the "forecast", but you can get his email(PM me). Or just wait a period assuming there will be some public offer later.

As to the second question, I don't think it matters if you just keep all your current cards and apply for AA 75K offer. Citi is not a bank like Chase which always denies applicants with more than 7 cards applied in the last 12 months as far as I know. My friend (so-called insider mentioned above) told me his clients with 7 cards or more were often very difficult to apply for Chase cards. It seems the issuing bank is a problem. Maybe someone else gets more accurate policies.

As soon as you don't touch the Cap 1 card, you will be fine. Except for that card, everything is disposable.

You have 2 Chase card. What I will do is I will open a Chase Freedom and then consolidate both CLs from CSP and M+ to the Freedom. In that case, you can keep all or most of your CL, still earn the bonus from Freedom, and continue to maintain the UR account. If your UR balance is 0, then you can simply convert one card to Slate and consolidate.

AMEX imposes 1 lifetime bonus. So keeping AMEX Platinum or not is totally up to you. For SPG, consolidate with Amex Everyday.

It is up to you what you want to apply, as in your case, you are earning because you want to earn.

Welcome to FT.

I have this account in active status through product change and I don't even use it.

NFTF is the only advantage of this card. Its points are even worse than Citi TY.

It matters as most of them have AFs.

BAD advice on several fronts.

1) There is no need to "keep/maintain" a CL - that is an outdated workbook for at least 2 years. These days the strategy is to leave "upward room" of the total exposure with any bank so you can get approval instantly without having to call recon for CL reallocation. And in Chase current situation, you may NOT be able to reallocate CL at all.

2) You must have not keep up with Chase new policy on the UR cards and even the Slate card - basically all Chase In-House cards - dont count on it you can get your CSP back if you cancel it now. Besides, what is the point to maintain an UR account when you are stuck, unable to transfer the pts to the partners?! Totally dont get this logic. Most importantly, you may want to read the STICKY in Chase forum and fresh up your knowledge base because what you suggest would only HARM OP instead of helping him.

I respectfully disagree in full.

Based on OP's situation, the good news is OP has a Cap 1 account that has a long history. The bad news all others accounts are very new and possibly small CLs (no bank will approve big CL at first).

You might be correct that you may have to call recon every time to get approval. But in most of the case, banks will still approve the application from spitting CL or account. Once you dump everything, as you have said, banks may not be able to approve the accounts at all.

Beside - a decent existing CL helps improving credit scores (as it will improve debt/credit ratio).

It may be outdated in your book only, not to this world we are in.

I am fully aware of the so-called new policy.

Regardless what I have said - if the 5 cards are opened within 2 years, OP was burnt way before OP asked this question. So what I have suggested could not even harm OP at all.

Also - most of OP's cards have AFs. As OP indicates the AF has to be justified to keep the card, so it will be a question on how OP values UR and CSP.

Last but not the least - OP can do whatever OP wants. So it does not matter my advice is best of the world or worst from hell. OP always has the final say.

My final response to you is - no matter what you have said, and no matter my advice is good or bad, ask yourself, "What have you done?"

All depends on impact to revolving utilization which is certainly not outdated.

OP's question was whether or not it mattered for a new card app.