No luck closing a credit card account

[havaneselover]

I have too many credit cards. I don't carry a balance--just use them for rewards. My main ones are my Amex Blue Preferred (for 6% back on groceries) and my Capital One visa (1.5% on everything) and Chase rewards with rotating 5% cash back categories. I've had a citicard that I've had for 8 years. I only kept it because I had some automatic payments on it. I finally moved those to another card, used my rewards up, and called to cancel. I was offered an extra 2% for the next six months if I kept the card (4% on entertainment and restaurants, 3% on everything else). I guess I'll call back in 6 months. Just thought I'd share in case anyone else was in a similar position. I've never been offered better rewards--even for a short period of time.

 

[manning]

I've gotten that sales pitch too. I just say no thank you I want to cancel.

 

[havaneselover]

I've gotten that sales pitch too. I just say no thank you I want to cancel.

I figure I'll get an extra $50 in rewards (@3% vs 1.5%) over the next six months. Then I'll cancel. I'm one of those "every little bit matters" people because in my case it really does.

 

[Iowajes]

This has happened to me a few times too.

Most recently we went to cancel a card that had an annual fee (we don't pay fees to use credit cards)- they gave us a statement credit in the amount of the fee, plus 1,000 bonus miles for each of the next 6 months we used the card. Okay then.

I have way too many credit cards, but since I've never paid a cent in interest, and my credit is impeccable (not that it matters since I have no plan to take out a loan) oh well.

 

[havaneselover]

This has happened to me a few times too. Most recently we went to cancel a card that had an annual fee (we don't pay fees to use credit cards)- they gave us a statement credit in the amount of the fee, plus 1,000 bonus miles for each of the next 6 months we used the card. Okay then. I have way too many credit cards, but since I've never paid a cent in interest, and my credit is impeccable (not that it matters since I have no plan to take out a loan) oh well.

Yep. I'm a points maximizer. Not loyal (although I do love Amex).

 

[sherlock14]

Of course you know, you would be extremely foolish to cancel any credit card you have... especially a CC that you have had for a long time. Just place the card in a safe place and do not use it. I suggest you Google search and read up on how canceling a CC these days dramatically impacts your credit score. Of course, if the annual fee is excessive I see why you might be forced to.

 

[sonnyjane]

You are extremely foolish to cancel any credit card you have... especially CC that yiu have had for a long time. Just place the card in a safe place and do not use it. I suggest you Google search and read up on how canceling a CC these days dramatically impacts your credit score.

Yeah I wouldn't cancel. Just stop using it. Will help as an older card and with your ratio, unless as PP mentioned there are fees associated with the card.

 

[IDoDis]

I wouldn't cancel an 8 year old card, either. Just stop using it. It hurts your credit score to cancel, but doesn't really impact you if you leave it open and never use it.

 

[hsmamato2]

OP you shouldn't cancel a card that's older...it's the 'age' of your good credit that matters , so if you aren't getting charged a fee to keep it, don't cancel!

 

[havaneselover]

Of course you know, you would be extremely foolish to cancel any credit card you have... especially a CC that you have had for a long time. Just place the card in a safe place and do not use it. I suggest you Google search and read up on how canceling a CC these days dramatically impacts your credit score. Of course, if the annual fee is excessive I see why you might be forced to.

No annual fee. Credit score is > 800. Not applying for credit for anything anytime soon. So I'm not worried about a temporary hit. Just trying to have one less account to monitor.

 

[msmama]

I had the opposite experience recently. On advice here I had a cc open but never used it. Recently they called me because of fraudulent activity (way to go chase!) and I said it's probably easier to cancel then reissue a card I don't use.

Granted I have two other chase cards but they couldn't close that card
Fast enough and never tried to get me to keep it! I was shocks at how fast they cancelled the card and got me off the phone!

 

[manning]

As far as taking a hit on your credit score:

It will be short term. Probably about 6 months

You don't plan on taking on more debt soon. No problem

 

[Ava]

I had a couple of old CCs that I never used that were closed by the bank due to inactivity. So if you're keeping an older CC open for credit score purposes, use it a few times a year so there is some activity on the account.

 

[limpy]

This has happened to me a few times too.

Most recently we went to cancel a card that had an annual fee (we don't pay fees to use credit cards)- they gave us a statement credit in the amount of the fee, plus 1,000 bonus miles for each of the next 6 months we used the card. Okay then.

I have way too many credit cards, but since I've never paid a cent in interest, and my credit is impeccable (not that it matters since I have no plan to take out a loan) oh well.

Which credit card company was this? I have a couple of annual fee cards that I plan to close. I would gladly keep them for another 6 months if I got this type of offer.

I agree however with not canceling old cards. I have several cards that I haven't used in 5+ years. They are still open and I have never had a problem.