So I have the SDFCU Secured Visa and in February I increased the limit from $ 1,000.00 to $ 5,000.00 @ 7.24%. Just recently I was approved for a $ 7,500.00 Visa @12.24%. I thought that they would unsecure my existing account and increase the credit line but I found out afterwards that it would be a new account. My dilemnna is do I close the secured card and get my cash back or keep both accounts? I dont want to decrease the limit. I want to move the funds to account with a better rate of interest. Any suggestions or thoughts?
This is the only secured credit card left on my credit report , will be 3 years old in June, and the oldest since my BK in 2013/combination of y Cap One accounts.