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Which Credit Card Should I Keep?

C

cpals

Diamond Member
I have two credit cards (cancelled one already) and I want to get back down to just one since I'm finding out I'm a big impulse buyer. Here's the specs on both cards:

Card 1: Chase Perfect Card (got in 6/04)
Limit: $1,000
Rewards: 3% on gas - 1% on the rest
Current APR: 16.74%
Currently nothing charged on it.


Card 2: Citibank Divident Platinum Select (got in 9/04)
Limit: $5,000
Rewards: 5% on gas/grocery - 1% on the rest
Current APR: 9.990%
There is a large portion of this limit used up.

I guess from looking at everything side by side, the best thing would be to keep the citibank... only problem I have with that is the really high limit. I just don't need or want that much. Can I ask them to lower it? What I was going to do is cancel one of them and then give the other to a trusted person who can keep it until I really need to use it.

Thanks for any ideas.
 
You can always have your credit limit reduced just by calling them. $5000 isn't very much as far as creditors are concerned so I wouldn't worry about decreasing it unless you are worried about yourself spending to omuch.

I'd keep the Citibank one because it has higher rewards. Doesn't seem to be any reason to keep the Chase one....
 
Originally posted by: FoBoT
do you have the cash to payoff the citibank card balance?
Click to expand...

No, I figure if I cut off all credit spending I'll be able to have it paid off by April or May, hopefully.
 
Don't close either one tho, youve already hurt yourself by closing one to go down to 2. Cut it up get rid of it, but leave it open.
 
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