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URL:  http://boards.fool.com/is-the-card-you-would-switch-to-amazon-your-30274555.aspx

Subject:  Re: Switching Credit Cards Date:  9/20/2012  9:01 PM
Author:  mekong22 Number:  305985 of 308229

Is the card you would switch to Amazon your oldest card? If it isn't, closing may not have any effect on your credit rating.

Just barely...Thanks for this comment. I've spent a bit of time researching some more online and realize that I had more than a few misconceptions.

I have three credit cards, none of which have ever kept a balance, I always pay them all in full when due. I really only use card #3 which has the best rewards. #1 and #2 I usually just make one small purchase each month to keep them active.

#1 Visa Opened Jan 2000 - This is the one I was hoping to switch to Amazon
#2 Discover Opened May 2000
#3 Visa Opened Dec 2003 - this is the one I use for most monthly purchases

So they've all been open for about a decade or more. Living in manhattan, I take the subway, so never had a car or auto loan. I'm at least 3-5 years away from purchasing a home and don't anticipate any other loans in the next couple of years. My credit score is good, in the high 700's.

The Amazon Visa card gives you 3% back on purchases on their website and 1-2% back on other charges, and I buy a lot directly from them (today found a 6 pack of Gillette shaving gel for $16 with free shipping...I'm not sure I could buy three bottles for that price here in nyc) so I anticipate continuing to buy a lot from Amazon, 3% back would be nice, not to mention the $50 sign on credit progmtl mentioned above.

Is this a no-brainer that I don't have much to lose by getting the Amazon card? If so, given the average age component AJ mentioned, it would probably be a bad idea to close the Card #1. I'm pretty financially responsible so I'm not worried about running up any balances just because I have more credit available. I would just got one more card to manage and make sure I pay on time. A few years from now, once the Amazon card has a few years behind it, maybe I close one of the two I don't use if I'm not anticipating any new upcoming borrowings.

Feel free to poke holes in my thinking, that's why I'm here. Really appreciate everyone taking the time to educate me.
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