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Have Some Questions About My New Credit Card(s)

H

Hankysmoo

Golden Member
I applied for a Citibank Platinum Dividend Select Card about 2 weeks ago and received both a VISA and a MASTERCARD version of the card. Both seem identical with a $2000 credit line. I had no idea I signed up for 2 cards. If I only want to use one of them, do I have to call the company to cancel the other one or should I just tear up the card and throw it away?

I haven't activated either card yet. I'm leaning towards the MASTERCARD because I already have a VISA debit card. However, if it will screw up my credit somehow by getting rid of the card that I just signed up for, I guess I'll be activating both cards.

Any advice/help?
 
Uh don't cut it up. Why would you throw away a perfectly good card with a 2k credit line? Keep both -- you don't have to use both, although you could use the other one occasionally to keep it on your credit report. Two cards with 2k lines look better and help your FICO better than ONE card with 2k. You could call Citi and ask them to combine the two for a card with a 4k limit. That would be your best bet.

Finally, you can't just cut the card up even though it isn't activated. If you decide to not follow my advice(post on creditboards.com if you don't believe me), then you should cancel the other card in writing. Does this card have the annual fee if you don't make a certain number of purchases? Better be careful... just because you cut a card up and never use it doesn't mean you can't get hit with a fee and have it end up in collections. If you do ignore my advice in the first paragraph, then send a Certified Letter with Return Receipt to Citibank saying you want to cancel the card.

I'd certainly combine the limits or keep both. No reason not to.
 
Originally posted by: Mill
Uh don't cut it up. Why would you throw away a perfectly good card with a 2k credit line? Keep both -- you don't have to use both, although you could use the other one occasionally to keep it on your credit report. Two cards with 2k lines look better and help your FICO better than ONE card with 2k. You could call Citi and ask them to combine the two for a card with a 4k limit. That would be your best bet.

Finally, you can't just cut the card up even though it isn't activated. If you decide to not follow my advice(post on creditboards.com if you don't believe me), then you should cancel the other card in writing. Does this card have the annual fee if you don't make a certain number of purchases? Better be careful... just because you cut a card up and never use it doesn't mean you can't get hit with a fee and have it end up in collections. If you do ignore my advice in the first paragraph, then send a Certified Letter with Return Receipt to Citibank saying you want to cancel the card.

I'd certainly combine the limits or keep both. No reason not to.
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Wow, I definitely didn't know about any of this and appreciate all the help! I will try to combine the credit limit as you said and cancel one of the cards. Thanks again!
 
Originally posted by: Negative3
Originally posted by: BingBongWongFooey
IIRC activation only activates the actual card. Your account will still be there.
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It activates both.
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No, activation just lets them know that you received the card. I've had accounts show up on my credit report a week before I received the card. Just "cutting" up the card and not activating it doesn't mean a thing. All it does is prevent the card from being able to charge, although that is not true in all cases, and that doesn't mean an annual fee or account fees won't apply. If you want to cancel an account, then you should send it in writing via CMRR, and keep a record of the green card you get back.
 
Originally posted by: Negative3
Originally posted by: Mill
Originally posted by: Negative3
Cut up the one you don't want...no calls are needed to be placed as long as it's not activated...
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Bad advice.
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I have done that with several cards...a few are a number of years old now and have yet to show up on my credit report...
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I'm not sure which lendor it is, as some will NOT report until the card is used. This is generally seen with credit unions. However, my Citi card that I recently received showed up on my report 3-4 days before I got it in the mail. I do know that Citi is pretty quick about reporting compared with freaking Amex. I have 3 Amex accounts, and it took them about 3 months to report each correctly. Not sure why...
 
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