Canceling Capital One credit card

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Bud
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Canceling Capital One credit card

Post by Bud » Mon Apr 10, 2017 1:19 pm

Any downside to canceling my Capital One Credit Card?

At the end of last year, I found out that I would be doing more international travel so I obtained a Capital One Credit Card because they have no foreign transaction fee.

Almost the same day the card arrived in January, Amazon Chase cancelled their foreign transaction fee. I have had an Amazon Chase card for many years. This means that the reason that I obtained the card no longer exists.

I don't need the additional credit line. I pay of my card balances each month. I already have one card for personal spending and another for business spending (self employed).

So, is there any reason to not cancel my Capital One card?

Loik098
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Re: Canceling Capital One credit card

Post by Loik098 » Mon Apr 10, 2017 1:21 pm

If you had had it open for a long while, it would be adding additional length of credit history to your credit score. Closing it could then lower your score, but you might not care about the amount of the drop too much.

I see it's only been open for a year. So nope. Proceed.

Jack FFR1846
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Re: Canceling Capital One credit card

Post by Jack FFR1846 » Mon Apr 10, 2017 1:23 pm

Let me turn your question around. Is there any reason that you feel you should cancel the cap one card? I have probably 20 unused cards in my safe. On occasion, I find a reason where one of them becomes better than the cards I have in my wallet. I keep 3 plus a company card in my wallet at all times.
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Jimmie
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Re: Canceling Capital One credit card

Post by Jimmie » Mon Apr 10, 2017 1:27 pm

Simply for the reason that one (or both) of your cards could be declined over something stupid when making an important purchase, especially while travelling, I would keep the Cap One card.

You are far from having too many credit cards with a Grand Total of three.

livesoft
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Re: Canceling Capital One credit card

Post by livesoft » Mon Apr 10, 2017 1:30 pm

As noted, I think one always needs a backup card and that is especially true if one travels internationally.
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Alexa9
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Re: Canceling Capital One credit card

Post by Alexa9 » Mon Apr 10, 2017 1:39 pm

It's nice to have one card with several of the top banks especially Chase and AMEX. I think Capital One is pretty good. If you have the Venture card you can convert it to a no annual fee Quicksilver and put it in your closet. Otherwise, I'd just cancel it.

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oldcomputerguy
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Re: Canceling Capital One credit card

Post by oldcomputerguy » Mon Apr 10, 2017 1:43 pm

If the Capital One card is "no-annual-fee", keep them both. Last thing you want to do is get into a foreign country and have your only card get compromised and closed. Having a spare is a good idea. I have two Capital One cards for travel and daily expenses, plus a Fidelity card that I put recurring monthly bill auto-pay on (so that I'm not exposing the monthly-bill-pay card to the added risk of use at multiple merchants).
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retiredjg
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Re: Canceling Capital One credit card

Post by retiredjg » Mon Apr 10, 2017 1:53 pm

I have found a couple of times that it is helpful to have more than one card with me. In each case, my primary card got shut down suddenly as a security precaution and I could continue purchases because I had another (rarely used) card available. The first card was fixable as soon as I got home. This might be more difficult from a foreign country.

Bud
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Re: Canceling Capital One credit card

Post by Bud » Mon Apr 10, 2017 7:17 pm

Thank you for all the well thought out responses. I appreciate the input.

I will probably keep the card :).

radiowave
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Re: Canceling Capital One credit card

Post by radiowave » Mon Apr 10, 2017 7:43 pm

+1 on Capital One Quicksilver, 1.5% on everything, no annual fee and no foreign transaction fees.
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JGoneRiding
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Re: Canceling Capital One credit card

Post by JGoneRiding » Mon Apr 10, 2017 8:00 pm

I really like my capital one card personally and have found that 3 is a good number.

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