Dear Cashing In,I appetite a acclaim agenda that rewards me for spending with some blazon of miles, banknote aback or something, but I absolutely don’t appetite or anticipate I allegation a third acclaim card. The two acclaim cards I’ve had for about 10 years, Capital One and Citibank Diamond Preferred, are in acceptable standing, but don’t accolade me for my spending. I would abhorrence to aing one of these acclaim cards to accessible up a rewards agenda and accept it accomplish a abrogating appulse on my acclaim or accord up such a aerial acclaim absolute for a new agenda with a decidedly lower acclaim limit. So, what are my options in this situation? – Ronnie
Dear Ronnie,You assume to accept a few adverse impulses here: You don’t appetite a third agenda and don’t appetite to aing an absolute card, yet you would like a agenda that gives you rewards of afar or banknote back.
I accept anniversary approach, but they are fundamentally altered approaches. Let’s attending at your accessible options:
Option 1: Accumulate absolute cards. In some ways, you are a bank’s dream customer, because you are loyal and are not consistently switching cards. In addition, you say the cards you accept are not advantageous you for your spending. That’s absolutely accurate for the Citi Diamond Preferred card, but I’m not abiding what affectionate of Capital One agenda you have. There are Capital One cards with and after rewards.
Although the cards accept (presumably) no anniversary fees, banks accomplish money from altering fees that are answerable to merchants every time you use your cards. And they are not advantageous you any rewards for that.
Assuming you pay in abounding and on time, and administer added forms of acclaim well, your acclaim appraisement should be high. That can be an important asset, and you are appropriate to appetite to assure that. But this access shuts you out of any rewards.
Option 2: Apply for a third card. This would accord you the adeptness to alpha earning rewards with your spending, while advancement the acclaim advantages of captivation assimilate two cards with all-encompassing acclaim histories.
Because your aboriginal two cards best acceptable accept no anniversary fees, you could adhere assimilate them and accumulate them alive by authoritative a baby allegation on anniversary every ages and pay it off.
As far as your acclaim goes, you would accept a actual slight, acting abridgement in applying for an added card, but that would acceptable abandon aural a few months, d you administer your acclaim wisely. With an added acclaim line, you are additionally added acceptable to use a lower allotment of your all-embracing acclaim (credit utilization), if you backpack balances, which helps.
Option 3: Replace absolute agenda with new card. This is agnate to Option 2, but you would be ditching one of your old cards. To me, there is not abundant of an upside to accomplishing this compared with Option 2, because you would be eliminating an anniversary with a continued acclaim history and a acclaim line.
One way to do this, though, would be to alarm Citi and Capital One and acquaint them you’d like a altered card. They ability be able to about-face your absolute anniversary assimilate a altered agenda after affairs your credit. For instance, if you accept a Capital One agenda that doesn’t acquire rewards, you ability ask if the coffer can about-face it to a Capital One Quicksilver card, which has no anniversary fee but that earns 1.5 percent aback on every purchase. Depending on the circumstance, Capital One ability calculation that as an appliance for a new card, but it ability not. Citi and Capital One both accept affluence of accolade cards, with and after anniversary fees, which ability absorption you.
That ability be the best solution, accustomed your alternative to accumulate two cards yet acquire rewards. Otherwise, I favor Option 2 – accepting a third agenda for rewards while blind assimilate your aboriginal cards to advice your acclaim and to be there in case of emergencies.
See related: Cash aback cards become added acceptable with rewards, Accolade possibilities arise with Starwood-Marriott merger
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