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Old 11-02-2010, 10:52 PM #1
xFortune (Banned)
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Adding a 2nd credit card

So, my current and only CC I've had for 2 and a half years expires in July. I have an excellent credit score and have had no problems maintaining this card. I have an offer from chase to get into their new 'slate' card for 11.99% APR. My current card, first and only, is at 18.24% right now.

Would it be wise for me to open this 2nd card a little earlier before the 1st one expires or ???
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Old 11-16-2010, 12:01 PM #2
toolbandfan
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What do you mean by expires???
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Old 11-17-2010, 05:12 PM #3
FiresofSirius
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Credit Cards expire and the issuer has the right to either choose to reissue a new card or not. Most people use to just get another card in the mail to replace the expired one, but some companies have tightened their standards and are closing accounts.

If the Chase card offers similar features to your current card at a reduced APR than go for it. Just check and make sure there is no yearly fee.
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Old 11-17-2010, 08:56 PM #4
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lol what?

Every single time one of my cards has "expired" they just sent me a new card with a later exp date. I've had at least one credit card for 7 years now.

If you have decent credit I doubt they'll just close your accounts. Really sounds like OP hasn't had a credit card long enough to understand what the expiration date isn't actually the end of the credit line.
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Old 11-17-2010, 10:20 PM #5
FiresofSirius
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I work for a financial institution and we've only done non-reissues for people who are over their limit constantly, have delinquency issues, or their credit score falls below our minimum threshold.

So if you're responsible in using your credit and managing your debts you dont need to worry.
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Old 11-17-2010, 10:34 PM #6
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What about people who have really good credit but don't use one of their credit lines, for say, a year+?
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Old 11-19-2010, 04:45 PM #7
FiresofSirius
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Then we've actually offered them incentives to keep the account going? Such as spend $100 and we'll give you a $25 credit. If that still doesn't entice people then we lower limits.
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Old 11-20-2010, 01:20 PM #8
xFortune (Banned)
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Like I said earlier, it is my first card while I've had it for nearly 3 years..I didn't know it doesn't expired and just gets renewed :3

There isn't a yearly fee or anything. 0% interest for a year and after that it's at the 11.99%. ~7% lower then my current one.
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Old 11-23-2010, 09:17 PM #9
FiresofSirius
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Than go for it! If you have a balance on your old card see about transferring it and paying it off quicker due to the zero interest charge. Keep the other card open as it'll help your credit score.
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