Non-Rebate Credit Cards
Author: David
Posted: Mon Jul 05, 2004 7:33 pm
Post subject: Non-Rebate Credit Cards
4/1/2002 3:05 pm CDT
With all the rebate cards around, if you pay your balance in full each month and get rewards, does it even make any sense to keep non-rebate bank cards, gas cards, department store cards, etc. open if they are not used often, if at all? I am scared that with rebate cards cutting back all the time these days, that they will eventually disappear, and we will be back to plain old credit cards, with no rebates. Should I close non-rebate cards, or keep a couple open,just in case? Any opinions?
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Author: mouse
Posted: Mon Jul 05, 2004 7:34 pm
Post subject: Non-Rebate Credit Cards
4/1/2002 3:33 pm CDT
Closing cards can HURT your F.I.C.O. score because of debt to credit limit ratio.
Gas cards being closed should NOT hurt. Gas stations ALWAYS take VISA/MC/AMEX/DISCOVERCARD.
If you want to close cards do no more than 1 or 2 in
6 months. Annual fee cards with no rewards can go first.
Any interest rate above 15% can also go.
I personally pay 0.00% to 9.99%, NO MORE.
You can keep a higher rate card if it has a high limit to help your ratio...just use it for one tank of gas every-other-month...and pay it off in full right away.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira Stoller
Posted: Mon Jul 05, 2004 7:35 pm
Post subject: Non-Rebate Credit Cards
4/1/2002 8:22 pm CDT
It depends on what you want to do and how you want to do it. With gas & oil cards and department store cards that are NOT also Visa or MC, you can let the card lapse. If you don't use them for more than a year they simply won't be renewed once they expire. I just got non-renewal notices on two gas & oil cards for which I will not reapply. I just don't need them any more.
I don't know that rewards cards will ever go away. They're too deeply embedded into society. However, the issuers always reserve the right to change any program. I have had two rebate programs discontinued over the past few years. I used to have a BJ's Wholesale Club MC which rebated 2% of all BJ's purchases & 1% of all other purchases. That was discontinued about 3 years ago. Last year the Sunoco MasterCard from Bank of America was discontinued. Is this a trend? I don't think so. We're seeing more & more rewards cards every month.
Author: Eugene
Posted: Mon Jul 05, 2004 7:35 pm
Post subject: Non-Rebate Credit Cards
4/2/2002 5:36 am CDT
I just got non-renewal notices on two gas & oil cards for which I will not reapply. I just don't need them any more.
You might want to close them proactively then, before the issuer does that, as "closed by consumer" is better than "closed by creditor" (regardless of reasons).
Author: Ira Stoller
Posted: Mon Jul 05, 2004 7:36 pm
Post subject: Non-Rebate Credit Cards
4/2/2002 9:38 pm CDT
Too late for that. The cards had expired and were non-renewed. I'm not worried.
Author: Eugene
Posted: Mon Jul 05, 2004 7:36 pm
Post subject: Non-Rebate Credit Cards
4/2/2002 5:43 am CDT
With all the rebate cards around, if you pay your balance in full each month and get rewards, does it even make any sense to keep non-rebate bank cards, gas cards, department store cards, etc. open if they are not used often, if at all?
I think that would depend on whether you think you MIGHT use them in the future. I only keep one store card open because it is my oldest card and keeping it open is good for credit score.
I am scared that with rebate cards cutting back all the time these days, that they will eventually disappear, and we will be back to plain old credit cards, with no rebates.
Individual rebate cards can and do disappear, but rebate cards as a type of cards are here to stay, I think.
Should I close non-rebate cards, or keep a couple open,just in case? Any opinions?
I think you should keep at least a couple of major cards in reserve "just in case". Keep the ones that you are more likely to use if your main card changes the rebate program or other terms that are important to you.
Posted: Mon Jul 05, 2004 7:33 pm
Post subject: Non-Rebate Credit Cards
4/1/2002 3:05 pm CDT
With all the rebate cards around, if you pay your balance in full each month and get rewards, does it even make any sense to keep non-rebate bank cards, gas cards, department store cards, etc. open if they are not used often, if at all? I am scared that with rebate cards cutting back all the time these days, that they will eventually disappear, and we will be back to plain old credit cards, with no rebates. Should I close non-rebate cards, or keep a couple open,just in case? Any opinions?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Mon Jul 05, 2004 7:34 pm
Post subject: Non-Rebate Credit Cards
4/1/2002 3:33 pm CDT
Closing cards can HURT your F.I.C.O. score because of debt to credit limit ratio.
Gas cards being closed should NOT hurt. Gas stations ALWAYS take VISA/MC/AMEX/DISCOVERCARD.
If you want to close cards do no more than 1 or 2 in
6 months. Annual fee cards with no rewards can go first.
Any interest rate above 15% can also go.
I personally pay 0.00% to 9.99%, NO MORE.
You can keep a higher rate card if it has a high limit to help your ratio...just use it for one tank of gas every-other-month...and pay it off in full right away.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Ira Stoller
Posted: Mon Jul 05, 2004 7:35 pm
Post subject: Non-Rebate Credit Cards
4/1/2002 8:22 pm CDT
It depends on what you want to do and how you want to do it. With gas & oil cards and department store cards that are NOT also Visa or MC, you can let the card lapse. If you don't use them for more than a year they simply won't be renewed once they expire. I just got non-renewal notices on two gas & oil cards for which I will not reapply. I just don't need them any more.
I don't know that rewards cards will ever go away. They're too deeply embedded into society. However, the issuers always reserve the right to change any program. I have had two rebate programs discontinued over the past few years. I used to have a BJ's Wholesale Club MC which rebated 2% of all BJ's purchases & 1% of all other purchases. That was discontinued about 3 years ago. Last year the Sunoco MasterCard from Bank of America was discontinued. Is this a trend? I don't think so. We're seeing more & more rewards cards every month.
Author: Eugene
Posted: Mon Jul 05, 2004 7:35 pm
Post subject: Non-Rebate Credit Cards
4/2/2002 5:36 am CDT
I just got non-renewal notices on two gas & oil cards for which I will not reapply. I just don't need them any more.
You might want to close them proactively then, before the issuer does that, as "closed by consumer" is better than "closed by creditor" (regardless of reasons).
Author: Ira Stoller
Posted: Mon Jul 05, 2004 7:36 pm
Post subject: Non-Rebate Credit Cards
4/2/2002 9:38 pm CDT
Too late for that. The cards had expired and were non-renewed. I'm not worried.
Author: Eugene
Posted: Mon Jul 05, 2004 7:36 pm
Post subject: Non-Rebate Credit Cards
4/2/2002 5:43 am CDT
With all the rebate cards around, if you pay your balance in full each month and get rewards, does it even make any sense to keep non-rebate bank cards, gas cards, department store cards, etc. open if they are not used often, if at all?
I think that would depend on whether you think you MIGHT use them in the future. I only keep one store card open because it is my oldest card and keeping it open is good for credit score.
I am scared that with rebate cards cutting back all the time these days, that they will eventually disappear, and we will be back to plain old credit cards, with no rebates.
Individual rebate cards can and do disappear, but rebate cards as a type of cards are here to stay, I think.
Should I close non-rebate cards, or keep a couple open,just in case? Any opinions?
I think you should keep at least a couple of major cards in reserve "just in case". Keep the ones that you are more likely to use if your main card changes the rebate program or other terms that are important to you.
posted by CardRatings.com at 12:07 PM
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