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Wamu credit cards question?*

I've been very happy with the Wamu credit card i've had for about a year, the interest is low, and i get to check my credit score online whenever i want for free. I got an offer in the mail, for another Wamu card that has 5% cash back, and more cash back if I used the card on Gas or Groceries. Im thinking of going for this card offer, and cancel the card i've had for a year since it has no benefits. I just wanted to get some advice here..would you do this as well? I really dont want to have too many cards open, so thats why when I open one,I want to close the other. The new card will have 0% interest until August 2009.

Answers:

1) if you can, definitely get the new card BUT do NOT cancel the old card. it looks worse on your credit report when you cancel a card. just don't use it. or if you do, use it for small purchases where you can pay off the whole balance so that by doing so will also raise your credit. at first, when you open your new card, your credit score may fall a few points for having too many lines of credit open, but in the long run, it's actually more helpful. the thing is not to carry balances on any cards. and if you do carry a balance it can't be more than 20-30% of your credit available. so don't cancel. get the new card. and when all else fails, spend cash first and always.

2) You did not specify the interest rate on either card so it is harder for us to help. Here are some concerns that pop into mind . Why are they doing this? is it to keep up with a lot of other co's that offer cash back? Or is it to get you into a card that has the new higher interest penalties and hidden fees written into the contract? Look to see what your interest jumps to if you miss a payment. Try reading the whole contract and compare it paragraph by paragraph with your old one. When I first glanced at this question I thought you were going to ask if ... now that WA MU is part of J P Morgan Chase the credit cards are going to change names? I believe they will send you out a new JP Morgan credit card With surprise surprise a brand new contract with higher penalties and hidden fees next spring.

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