Which credit card should I keep?

[Date_a_Snob]

Card 1 - very low limit, cash back each month
Card 2 - can't view transactions online; must wait for monthly paper statement in the mail
Card 3 - no rewards at all; difficult to use; terrible customer service
Card 4 - modest limit; high annual fee

use card one

use card two

use card three

use card four

[BoopBoopBeep]

I have around a dozen cards (plus a few business cards but I don't count them). They're all there for the reward structure or some perk that comes with them. The dinosaur you have that hasn't heard of the internet would be the first to go, then the no rewards one. It's 2024 almost. Get with the program rando credit card. If you can justify the high annual fee for whatever benefits it has, keep it, but if not call and downgrade it to a cheaper card.

Now that said, I wouldn't actually CANCEL any of them, because that'll hit your credit 3 ways. 1) It'll lower your total credit available, 2) as you use the others it will increase more rapidly your credit utilization ratio and 3) seems likely to negatively impact "Average Age of Card" (You'll see that as AAoC on credit sites, along with OAoC "oldest..."). All of these are essential to your overall credit score. When you product change a card from an annual fee to a free one, with rare exceptions you keep the credit line and age of card doesn't reset, then you just sit in in your sock drawer and put something on it like your annual amazon subscription so it stays active and they don't cancel it for inactivity. I've hit 850 3 times and I've got 7 or 8 cards that have no function anymore other than annual fees or car insurance or something to get charged on because they have pretty high limits that I don't want to give up.

While I prefer airline miles to cash back because I can outsize them easier, there is something to be said for 2% back on all your purchases, so if you don't want the hassle or have the need for the miles, I'd throw everything on the 2% card until they raise your limit, since at least you're getting 2% back in the interim.

[Date_a_Snob]

I appreciate the advice. The dinosaur I have that hasn't heard of the internet and the card with the high annual fee are going to be the first to go. I know my credit score will take a hit if I cancel them but I need to lower my total credit limit. I am considering changing from cash back to an airlines miles card. Card one I have had for almost a year and I asked and they won't raise my rate so it will likely go as well.

[BoopBoopBeep]

Why do you need to lower your total credit limit? If it's because you think you'll overspend, then absolutely do it. If it's for any other reason, I can't imagine what that would be.

[BoopBoopBeep]

Crap... kitten jumped on keyboard and sent early.

The one that you've had almost a year, pretty much nobody now a days will raise a limit under a year. I always call in month 13 if I fell like they gave me a limit that doesn't reflect my score, or the first few hours after approval and ask for a manual review, but between those first few hours and a year, pretty much nobody raises in that window any more, so bear that in mind when you consider closing it. May be better to wait til after the anniversary and then ask them to raise it.

[Date_a_Snob]

Yes, because I worry about overspending.

[BoopBoopBeep]

Oh well then yeah that's a great reason. Are the age of the cards fairly similar? I'd say never cancel the oldest one because it's so big on your overall score. I've had a shite wells fargo (formerly wachovia) card for 30 years that I've used once. It came with the account and has no reward structure I care about, but it'll be used to pay the undertaker when my time comes because I'm not losing a free card that's 30 years old. If you have a big reach in freezer, you could always put the other cards in a ziplock bag, put that bag in a gallon bag of water, freeze it and put them out there. That way you can't impulse spend on them and the free ones are still there drawing up your credit score a little at a time.

[Date_a_Snob]

The age of the cards is all fairly similar. My oldest 'credit" is actually my line of credit with my bank.

[BoopBoopBeep]

Lines of credit and loans (including HELOC) are seen as different than cards though. Keep your free ones (cut them up if you have to, that way you can't use or lose them) and get a nice cash back card. 1.5% minimum but there are 2% everything cards out there as well.

[loveslongnails]

You shouldn't keep any of them! They all suck in my opinion. You likely don't spend enough each month that a cash back reward will be worth it. What's your credit score? Try and get a Capital One card with rewards and no annual fee. Pay it off each month.

[Date_a_Snob]

I dont want to keep any of them but I need at least one. You are right they all suck. My cashback rewards last months was $2.50 which won't even buy me a small coffee. My credit score alternates between FAIR and GOOD. I do have a Capital One card (card four) for which I pay a $59 annual fee - I live in Canada and got it when Capital One didn't offer a no fee credit card.

[loveslongnails]

I understand. Might I suggest calling Capital One and ask for the sales dept. See if they have a no annual fee card that would suit you, or ask if they could waive the fee for a year or something.

[Sirenboobzilla]

Just based on the options, I'd go card 1. Low limit, ready to pay off, and rewards

[Date_a_Snob]

I agree. None of the four credit cards are great but card one is the best of the bunch.

[Dinklex3]

I don’t really see how any of them are worth it TBH.

[Date_a_Snob]

Truthfully they aren't but I need to keep at least one open to maintain my credit score

[Jerre]

I would switch to a bank which provides on-line access at any time, provides you Text or Email of any changes to your account and provides a monthly statement via paper or email. Bank of America does that. Any charges on my BoA Visa card, I get a Text within 5 mins of the charge. Am sure many other major banks do the same.

[Date_a_Snob]

I currently have all that with my bank. The issue is my bank gave me a credit card with a very low limit and won't raise it. The cashback rewards are insignificant (last month I earned $2.50 in cash back).

[Drewtate]

Depends largely on your income. Never spend what you don't have.

[Date_a_Snob]

good advice - all four credit cards do not require a minimum income

[exitseven]

Use card 1. You do not say anything about annual fees.

[Date_a_Snob]

It has no annual fee

[exitseven]

Bingo, we have a winner.

[Kelly6]

Cars 1

low limit is better so you don’t used it more then you can afford it

[Date_a_Snob]

I agree - at least for now card one is my best option

[OldBlue]

Keep them all.

[Date_a_Snob]

A) I can't afford to them all and B) I dont need four credit cards

[OldBlue]

Snobby,
Credit cards are like guns. It’s better to have them and not need them, than to need them, and not have them.

[strateguy632]

.4th

[ThrillSeeker01]

Card one

[Date_a_Snob]

sadly out of all four credit cards it is the best

[ThrillSeeker01]

You're right