I currently have a pretty plain credit card, the First Tech Platinum, but I was thinking that I don't really get much out of it, so I started to looked into other cards with better rewards, and cancel my First Tech.

My main question is: is it OK credit-wise to cancel my current CC, and get TWO other cards in different banks, using them to get the most of out of the points.

Now, I don't have a problem with CCs, I know have to use them and pay the entire balance each month.

So this are what I'm looking into:

One of my biggest expense categories is Groceries, so I was thinking about getting an an American Express Blue Cash Preferred, and use it only for Groceries. I made the math according to what I spent last year in this category (thanks mint!), and I should come up at least a hundred after the annual fee.

I was also thinking on getting a Capital OneVenture Rewards, since it gives 2x miles on every dollar spent, and you can buy the flights/hotels anywhere, not only through their portal. Their rate is dollar value * 100 (ie $300 ticket costs 30,000 miles), so that would essentially be 2% cashback on everything else (but only redeemable towards travl, but I fly a few times a year so I think that would be pretty good).

I don't have a car, so I don't worry about cards that give points on gas.

Is that a good idea or would it mess up my credit score?



2 Answers 2


Your good goal should be getting away from cards with fees. There are many cards without an annual fee.

Cash can be used everywhere. So a card that gives you cash back is generally better than one that limits how the points can be used.

  1. Start with the old card. Ask them if they have cheaper option, or if they will waive the fee because you are a good customer.
  2. If they won't make these changes, apply for and get a new card that works best for you.
  3. Then stop using the old card.
  4. After a while the original card might offer you a better deal to try to get you to start using it again.
  5. If they don't make an offer, ask again.
  6. Then get the 2nd new card that you want.
  7. Then drop the original card.

The new cards and dropping the old card will impact your credit score. But the impact is only temporary. If you aren't trying to buy a house during this time period, the impact isn't very important.


its not good credit wise to cancel your existing credit card. doing so will destroy your credit score.

I've never played the points game, some of the perks right now look enticing with the free money over time, but generally they are not worth the time or effort.

If one day you looked up and realized you had all these points, thats one thing, earning those points probably shouldn't be a goal though.

  • So once you signed up for one, there is no way to back out?? Like if you want to change bank? Oct 2, 2012 at 23:23
  • @FranciscoNoriega No matter what you do, do not close your oldest credit card. Regarding your situation, you need to treat "credit cards" differently than the bank. Many different kinds of places can be credit card issuers (like clothing stores) and the fact that you switched banks w/ one you happened to have a credit card with shouldn't have an affect on the card.
    – CQM
    Oct 2, 2012 at 23:25
  • @FranciscoNoriega - you CAN cancel, it just hurts your credit score and makes it more difficult to apply for the others. Better to just stop using it and let the bank cancel you.
    – MrChrister
    Oct 2, 2012 at 23:26
  • 1
    @FranciscoNoriega keeping a balance on three can get excessive, but it really depends on what your goals are. If all three have an annual fee then I wouldn't do it.
    – CQM
    Oct 3, 2012 at 0:11
  • 1
    I disagree that points are not worth the effort. Many cards give 1% back in rewards, and the AmEx the OP linked gives 3% back on departments stores & 6% on groceries. Certainly don't spend money just to get points, but it's great to have a card with a good points program for your lifestyle.
    – Steven
    Oct 3, 2012 at 16:27

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