One of the strange things that happens when you’ve been collecting points and miles long enough is that eventually, one of your favorite credit cards disappears.
Not from your wallet. Not from your account.
Just from the public view.
At some point, banks stop accepting new applications for a card. Sometimes the product gets refreshed with a new name and benefits. Other times, the bank decides the card no longer fits its portfolio. And occasionally, partnerships end entirely, forcing cardholders into something different.
That leaves existing cardholders in a strange sort of credit card limbo.
In many cases, you’re allowed to keep the old card indefinitely, complete with benefits that new applicants can no longer get. Some people hold onto those cards for years. Others keep them for decades.
So should you keep a discontinued credit card?
Sometimes the answer is absolutely yes.
Why Banks Discontinue Credit Cards
The most common reason a credit card disappears is because the issuer wants to relaunch the product with updated branding, benefits, or pricing. Existing cardholders are often grandfathered into the old version while new applicants are pushed toward the replacement card.
Other times, the reason is contractual. We saw that happen when American Express lost the Costco contract and when Barclays partnership with American Airlines ended. In those situations, cardholders usually can’t keep the old product and are instead moved to another card.
But some discontinued cards survive quietly in the background.
I still have several sitting in my drawer. They aren’t cards I use every day, but each one still earns its place in my wallet for a different reason.
IHG One Rewards Select Credit Card
What can I say about the old IHG Select Card? I’m keeping this card as long as Chase lets me.
I’ve already written an entire post about why I love this card, but the short version is that it continues to provide incredible value for a $49 annual fee.
Cardholders still receive:
- IHG Platinum Elite status
- A 10% rebate on award stays
- An annual free night certificate worth up to 40,000 points
That 10% rebate alone makes this card unique, as it no longer exists on newer IHG cards.
Chase eventually replaced this card with the IHG One Rewards Premier Card, which has a higher annual fee but adds a fourth-night-free benefit on award stays.
Instead of upgrading, Sharon and I each applied for the newer card separately. That means we now hold both products and can stack benefits when booking stays. On a four-night award stay, we can get the fourth night free from the Premier Card while also receiving the 10% rebate from the legacy Select Card.
That’s exactly the kind of situation where keeping a discontinued card still makes perfect sense.
Marriott Bonvoy American Express Card
This is basically what remains of the old SPG American Express card.
While it’s taking up one of my American Express card slots, I still find enough value to justify keeping it open.
For the $95 annual fee, I receive:
- An annual free night certificate worth up to 35,000 Marriott Bonvoy points
- 15 elite night credits toward Marriott Bonvoy status
The free night certificate can easily cover a hotel that would otherwise cost several hundred dollars per night. And now that Marriott allows members to top off certificates with additional points, these awards have become even more flexible than before.
I don’t spend much on the card anymore, but the annual benefits still outweigh the annual fee.
American Express Optima Platinum Card
See that “Member Since 1992” date?
That’s probably the biggest reason this card still exists in my drawer.
For those who remember, the Optima card was American Express’s first real move into the credit card market after years of primarily issuing charge cards. Since I already had an American Express Green Card, they offered me this card years ago.
It only earns one Membership Rewards point per dollar spent, so there’s no reason to use it regularly today. But there are still a few reasons I keep it around.
There’s the age of the account itself. While closing a card doesn’t immediately erase its history from your credit report, older accounts can still help your overall credit profile over time.
And honestly, part of the reason I keep it is sentimental. After more than three decades, it feels strange to close one of my oldest cards.
Why Some Discontinued Cards Become More Valuable Over Time
One interesting thing about discontinued cards is that the older they get, the more valuable some of their grandfathered benefits become.
Banks often remove perks from newer products, while legacy cardholders retain older benefits at lower annual fees.
That’s why you still hear people talking about cards like:
- The Ritz-Carlton Card
- Citi Prestige
- Legacy Marriott Bonvoy cards
- The old IHG Select Card
Sometimes the best credit cards are the ones you can no longer apply for.
Final Thoughts
There are several good reasons to keep a discontinued credit card:
- Unique benefits no longer available to new applicants
- A lower annual fee than newer replacement products
- Long account history that may continue helping your overall credit profile
- Benefits that still outweigh the annual fee year after year
Like all the cards in my wallet, I review these every year to decide whether they still deserve a place in my lineup.
So far, they’ve all managed to avoid the shredder.
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