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Time to close a card?

Started by jenmas, March 04, 2017, 06:33:38 AM

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jenmas

I just go approved for the Chase Sapphire Reserve. For at least the first year, and probably in subsequent years, I will get a lot of value out of the benefits even taking into consideration the very high annual fee. They gave me a pretty high credit limit. And it's got me thinking maybe I should a card. These are my limits right now.

Chase Sapphire Reserve - $32K
Chase Freedom - $14K
Capital One Mastercard (oldest line of credit) - $17K
Citi Double Cash - $15K
Target Redcard - $2.5K
Best Buy (store card, not Visa) - $4K
Amex Blue Cash Preferred - $17
Amex Green - No preset spending limit

Not taking into account the new card, I average about 5% utilization across all cards, though it is generally concentrated on the Double Cash and the Amex Blue. With the new card, my credit lines total about 90% of my gross salary. I'm a paid in full user so I don't need the credit to get by.

I'm thinking I might close the Best Buy card. I only got it because it gave me 10% off a new TV that I bought when I moved back to the US in 2015. It was in store rewards, but I was able to use the points to pay for some other things I needed to replace after being gone for 3 years. I don't really shop there on a regular basis.