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I will have both credit cards paid off soon and I have a question about one of the cards. One card is a Capital One Mastercard that offers nothing to the cardholder like cashback or discounts on certain purchases. On otherhand, the Discover Card offer cash back every month along with other discounts for the cardholder.
So if I have one credit card with a $6000 limit that offers nothing while the other card offers a lot does it make sense to cut up the Mastercard once it's paid off?
Keep the Master Card and do not use it. If you do not renew it your credit score will go down. If it has an annual fee then get rid of it after you ask for a credit limit increase in credit limit on the Discover card.
Discover may not be accepted as widely as the Master Card. Also best to have several cards. I would get a no fee cash back VISA and Master Card.
Call Capital One and ask them to convert your current card to a no-fee rewards card. Look at their Quicksilver Rewards card.
This is good advice. Another tip is to never cancel your oldest credit card either, which would hopefully be a NAF (no annual fee) card. The oldest open card is a factor in your score as well. Even if you put $6 on it per year to keep some activity on it you should be good.
Keep the card.
Use it once every 3 months to keep it active.
Get a Visa card as backup.
See above.
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