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My elderly mother is tired of paying the $29.00 a year fee on her Secured Platinum MasterCard from Capital One.
She would like another that doesn't have that. So I did the pre-qualified link on Capital One's website and she is qualified for five.
However, only two cards she is qualified for have the zero annual and that is the Quicksilver Rewards and Savor One.
She has the secured card because she didn't have credit for what she wanted to get years ago(a car loan). She only has a 500 limit on this card. She uses it for small things she can pay back in a lump sum before her due date is up. The highest her score has gotten was 760. The lowest she has ever gotten is currently 695. This is because she almost hit her 500 limit last month and the month before and it made her score go down 17 points.
She has never been late on her payments and she always pays in full before her due date. She has had the secured card almost five years. It is the only card she has and she has no other debt.
Basically she wants the secured card gone so she can get a new one with no yearly fee and apparently a better credit limit. However, I don't know if it will impact her credit score to close it since apparently nearing $500 negatively impacted her score.
you should go on credit karma (or something similar but thats what i use) and take a look at the credit report. from there, you should be able to get a sense of how this would impact her credit score.
it may impact the age of credit accounts, utilization and credit inquiries. im not sure how much impact it would have but im not sure how much it would really matter either. she may be able to call american express and they may be able to swap it for another card without an annual fee.
id go with the quicksilver rewards for the flat 1.5% cash return.
Yea I was looking at that,but then the Savor One card has this.
Earn unlimited 3% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchasesâ€
While she so rarely does outside dining and entertainment for the first part to matter she does like to make groceries with her credit card. However, her store of choice is her local Walmart Supercenter and in fine print it said the rewards will not accrue for that store. However on those rare times she goes to a movie or out to dinner that's 3% instead of the 1% of the Quicksilver.
Their both really good cards though. I wonder if she would be interested in getting both of them.
Wow, I can't believe someone with $500 of secured credit can have a credit score of 760.
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