manlymatt83

I have too many credit cards and want to cancel one of the Citi Double Cash or a 20+ year old BofA card that doesn’t have a rewards program.

both of these cards are sock drawered and I don’t use either. Obviously if push come to show of I’ll probably start using the double cash again first before the Bank of America. But the Bank of America card is much older on my credit report. Which one would you close?

kdm31091

You can most likely convert the BOA card to something that does earn rewards, either the Cash or Travel rewards (maybe even the Premium Rewards). BOA is typically pretty flexible with product changes as long as you get someone on the phone who understands what you're asking for.

The Citi DC is a good catch all card, despite the 1+1 quirk, it's still a 2% card with no fee, which is hard to argue with especially when the pandemic has shown points can end up being useless.

mia

I cannot think of a compelling reason to cancel a no-fee credit card, but I am willing to be persuaded. Why do you think you have too many credit cards?

G2244

Agree on the advice to convert your BoA card (probably to a Cash Rewards no annual fee Visa). It may take several tries but they will do that in most all cases; even affiliate cards like Alaska and other partner cards. However on the latter be prepared to hang up and call back several times until you get a rep that will do it. The benefit is for your credit score. Unless you have several other cards anywhere close to the age of that one, it is likely worth keeping open. Having the Cash Rewards version may even make it worthwhile for bonus categories to start using.

Citi Double Cash would be a good candidate to keep as well. Unless you have something like BoA Premium rewards Plat level, getting 2% cash back is a good option to have for large purchases you may not have in a spend category for anything higher.

I understand wanting to tidy up and simplify, but there really is little downside to keeping no annual fee card accounts open. As the rewards landscape changes, what you aren't using today could be your go-to card tomorrow. Getting approved in the future is not a sure thing and impacts future credit score as well.

trikotret

I wouldn't cancel any free cards that I had for a while. Like everyone said, do a product change to BofA card to either cash card or Travel card. I have my 1993 double cash card and I only charge Once a month to keep it activate. My main card is BofA Premium card since I get 2.65-3.5.

alvinroast

As someone who just closed the DC I will try and explain my reasoning.

I recently picked up another Premier card and received the lowest CL ever of any card ever. After receiving the bonus I thought I would downgrade the unused (no fee) Rewards+ card that had been product changed from my older Premier card in hopes of changing to a Dividend card. The Citi rep said I could only change to the DC so I did. An hour later I realized that I would be unlikely to ever use a 2% card and would like to improve my chances of approval (and a more normal CL) on future applications.

Cutting the two year old card not only eliminated 3/4 of my Citi exposure, but improves my AAoA. I was already down to 21 cards before that, but it only took a few days to add a couple more cards that could be useful to me getting my total back to my target of 22. While it wouldn't have killed me to keep it, I couldn't find any real advantage.

trikotret

I understand a 2 year card but a 20+ year card is a no no. 🤷🏻‍♂️

manlymatt83

Thank you for all the replies. To further explain, I have been trying to product change the Bank of America card for over two years. I calling every few months. Everyone always says no. The issue seems to be that it is an old MBNA card that can’t be product changed. It has a fixed 7.99% APR. And seems to be under special rules.

LAX

Even if you can't PC, just use it once every few months because it has that long of a history.

LAX

cak95

The Citi Double Cash card has a value only when used for the cashback rewards. If you keep both in the drawer, the Bank of America card is worth more due to its effect on your credit score. But because closing a card will remove its credit limit from your account, your utilization rate will slightly increase. To avoid a hit on your credit score, make sure you lower your overall utilization rate to less than 30% before you close any card.

Points Scrounger

I may be facing a similar situation with an ancient B of A mastercard in the near future (1x on everything, period). If it seems changing just ain't gonna happen, I'm thinking of transferring most of the credit line to another B of A card, and using that one every few months to make a minor purchase for activity.

ck8

I cancelled my Citi DC last month which was one of my oldest cards. The hit to my credit score is minimal and short lived. The 2% is useless as I now have BOA with Premium Rewards which gets 2.62% at a minimum for daily spend. Why would I hold on to a card that provides me no benefit to keep and that I will literally never use? I am also second guessing my Apple Card now. GS needs to make this card a little more attractive IMO.

paperwastage

because you can PC it to a citi dividend card (5% rotating)?
(Edit: sorry, think dividend route is not possible now. But pick another card in citi portfolio. I keep my citi preferred because they give me some 5% bonuses every other/third quarter)

If you aren't one to max reward spend and only want one card to use everyday (to keep things simple), then sure, cancel it (to keep things simple)

That's how a huge chunk of the population works. Use one card for everything (hey, at least you aren't using a debit card for everything). But that's not the Flyertalk way ™