Just curious to know what you all plan on doing now that the 5% is taken away. I won’t be using the Quicksilver replacement card with the 1.5% (I can use my double cash in the meantime). Also wondering if there will be a 5% replacement 
OnePay just came out with a Walmart card for 5% (Walmart + membership). I won’t be using that Quicksilver replacement card so wonder about the credit impact if I cancel it.
Need to know how old the card is compared to your others, and if you’re carrying any revolving balances to give you the best answer. There is no correct stock answer without the details.
If the card is a few years old and helps with your average age of open credit and also makes your debt ratio lower, it’s a no-brainer to keep. But if it is (relatively) new compared to your average age of open credit and isn’t helping your debt ratio, I’d cut it loose.
CapitalOne offers a lot of very aggressive promotions where you can often score hundreds for a new account. If it’s not doing you any favors, closing it out makes it more likely you can get a CapitalOne promotion in a couple of years.
And regarding the OnePay – as I said previously, not sure I want to take a credit hit for a card that would only provide about 3% value to me per year (since I get 2% from Citi already) – when they may pull the rug from it like many companies do once consumers get the card.
Okay. The old Walmart card was replaced with a new plain CapitalOne Mastercard May 24, 2024. The new card retained the history of the old Walmart card. SO I guess it would be best to keep it and make an occasional charge to keep active? My existing credit cards only give 1.5% so I figured the new OnePay would be helpful.
I told you here (and in the other thread) what metrics you need to consider to best answer that question.
I gave you the age of the card. I do not maintain a balance on the card.
Don’t see where you did.
But now I’m curious why you’d thought typing, “I gave you the age of the card” was easier or more helpful than typing, “It is X years old.”
To properly answer this question, we need to know:
- Overall used and available credit (for instance, $150k and carrying $20k in balances)
- Average age of open credit (for instance, 10 years across all cards)
- Age of the Capital One card
- Credit limit on the Capital One card
Answer or don’t answer. But for anyone else in the future who wants help answering this sort of question, these are the necessary details..