Old Credit Card Collectors Never Die…

Copyright 1990 by Harry L. Rinker

Every credit card collector enjoys sharing his collection with other collectors. I am no exception.

Inevitably, any visit includes a question that I wish would be left unasked: “What’s going to happen to all your stuff when you die?” No true collector or accumulator ever thinks of dying.  It is something that happens to other people, not to them. Collecting goes on forever and so do they. The bumper sticker on my car reads “Born To Collect,” not “Dying To Sell.” 

Why don’t credit card collectors sell their collections?

Most collectors fall in love with their collection. Their collection is an extension of their family. It assumes a personality. It is alive, it grows. Selling one’s collection is equivalent to selling one’s children (something I know to be socially unacceptable, but contemplated once or twice during the raising of mine). The end result is that most collectors do not sell their collections during their lifetime.

Collections tend to be assembled by an individual. They rarely are family affairs. Most partners and children who inherit collections couldn’t care less. Their interest in maintaining the collection is minimal or non-existent. In fact, the collection often represents the trips to Hawaii or the new car that the family did not buy because the collector could not pass up the opportunity to add the one piece he truly needed to make his collection truly great.

Unfortunately, this “one” piece has a bad habit of multiplying. 

The credit card collecting bug

When I visit a fellow collector, I often see an object or two that I would like to add to my collection. I make it a firm practice to tell the collector that if he would ever wish to sell that object, I might be a willing buyer and would he please call me. If you do not ask, how will the collector know you have an interest? 

I also make it a practice to make my remarks within hearing of the spouse. It may seem blood-thirsty. But, when that collector dies, I want his spouse to remember that nice man that offered to buy some or all of the collection. 

Individuals who inherit collections usually face two problems: 

  1. They are overwhelmed by the collection 
  2. They want to sell it as quickly as possible 

But haste makes waste. Collectibles are not liquid. In order to achieve a maximum return on investment, a firm selling plan needs to be developed.

Selling a collection of credit cards you’ve inherited

If the person inheriting the collection does not have the expertise to evaluate and sell the collection properly, he should seek outside help. First, obtain an appraisal of the collection. A good appraiser not only provides value, but also can develop a sales plan indicating where to obtain the values that he has assigned. Make certain that the appraiser has high ethical standards. 

When you pay a professional for an appraisal, ethics dictate that the appraiser be prohibited from buying any object that he has appraised or directing the sale of the appraised objects to his place of business. Since there are no licensing standards for appraisers, many do not practice these strict ethical considerations. You are well advised to find someone who does.

Second, move slowly. You do not have to take the first course of action that presents itself. There are many options, including auction, consignment, private sale or donation. It is your choice. Take time to make a wise one and one that fits your needs.

Why don’t most collectors dispose of their collections during their lifetime or leave behind adequate records and a sales plan for the person inheriting the collection? The answer rests in how many collectors view their collections. Rarely do they see the collection as an investment. 

The value of the collection is measured by the joy involved in the collecting and not in potential for financial gain. They never intend to recover the money they have invested. It is an alien concept to the true collector.

What I’ll do with my credit cards when I die

Personally, I plan to amend the adage of “live long enough to be a problem to your children” to “live long enough to leave a big problem for your children.” If all goes well this is what I will do. My collection is growing at such an alarming rate that I simply do not have the time to adequately catalog it. I hope to do it someday, but…

My collection is my children’s legacy. But, if they are going to get rich from it, they are going to have to work for their money. Unless they research the objects and their values plus develop a multiplicity of sale approaches, they will never receive the best value possible. I want them to gain their inheritance the old fashion way, “earn it.”

Most collectors have a sadistic streak in them somewhere; I am no exception. Sometimes I am not certain that I want another collector to own my things. They are mine and ought to remain mine. King Tut showed one solution to the problem. He was buried with his collection. What a way to go! I thought about this, but I simply do not have the money to build a pyramid.

Well…it is time to give my answer to the question I posed earlier: “What’s going to happen to your stuff when you die?” I thought and thought. Then I realized how simple the answer really is. After I die, it is not going to be my problem. Who cares? I am just going to keep on collecting.

Harry is a nationally recognized antiques and collectibles writer, teacher, and collector. He’s consulting editor for Wallace-Homestead Book Company; editor of Warman’s Antiques and Their Prices and Warman’s Americana & Collectibles; author of Rinker on Collectibles and How to Make the Most of Your Investments in Antiques and Collectibles; coauthor with Frank Hill of The Joy of Collecting with Craven Moore; and syndicated columnist of Rinker on Collectibles.

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Frequently asked questions

You can find out the value of old credit cards by checking how much similar cards sell for. There are several ways to do this.

The simplest way to determine the value of old credit cards is to ask an experienced collector. If you submit an inquiry via our contact form, we can connect you with an expert who can assist you and point out if there is anything rare or unusual in your collection.

Alternatively, you can become a member of the American Credit Card Collectors Society. Membership in our credit card collecting club provides access to resources and knowledgeable members who can help. Benefits of membership include access to a gallery containing thousands of cards with historical pricing information, and access to our entire collection of newsletters, from 1994 through the present day.

You can look at recent sales on auction sites, however, there are some considerations to keep in mind when doing this. Firstly, it’s important to look at selling prices, rather than asking prices. Selling prices are the prices people actually paid, while asking prices can be very different. Secondly, historical sales on some sites are only saved for 3 months, so you may not find something that exactly matches what you have. Thirdly, it is sometimes possible to see rare or unusual cards sell for lower prices than they should have because people do not understand their worth, the ads don't do justice to the card, they're listed in the wrong category, or any combination thereof.

There are always people in our club who are actively buying cards. Collectors tend to focus on a niche, like gas cards or retail cards, or they might focus on a slightly broader area, like bank cards or travel and entertainment cards. Many of the rarest or most unusual cards will exchange hands in private sales. Please contact us if you are thinking of selling your collection.

You can also sell your old credit cards on online marketplaces. You will get the highest price if you sell each of your cards individually, although this approach requires the most effort. At the opposite end of the effort scale would be selling all cards as a job lot, an approach which typically results in the lowest price on a per-card basis. Halfway between these two approaches would be to group cards into different categories and to sell these individual groups, e.g., BankAmericard, Master Charge, oil and gas, retail, and so on.

To join the club, visit the membership section and complete the registration form. You can pay by check or PayPal. We offer annual or lifetime memberships. If you have any questions please contact us via the form on our website.

Credit cards are more worthwhile collecting if they are rare, in good condition, have historical significance, or are associated with famous personalities or events. Valuable modern cards might include those that are difficult to obtain, such as American Express Centurion (a.k.a. ‘black’) cards, while older credit cards might include early independent bank cards, American Express, Diners Club, or BankAmericard (Visa) cards from the 50s/early 60s, or Master Charge (MasterCard) cards from the late 60s. Rare or unusual cards can also be sought after, such as those issued in small numbers, like small independent department stores or gas stations, or cards with appealing aesthetics.

Consulting with other collectors or experts in the club can provide valuable insights. Contact us for more information via the form on our website.

We do not offer an appraisal service in a traditional sense (such services are normally a paid service) but we can connect you with an expert who should be able to assist for free and point out anything rare or unusual in your collection. The simplest way to do this is to submit an inquiry via our contact form.

The American Credit Card Collectors Society accepts donations and is most grateful for any we receive. When donations happen, we strive to find good homes for cards where they will be looked after, matching cards with collectors who will appreciate them. The club may charge members a nominal fee for donated cards, and the proceeds are offset against the running costs of our club. We are a non-profit organization. Running costs include expenses like our convention and website hosting. Donations are most popular for people getting out of the hobby, or when someone has inherited a collection and doesn’t know what to do with it.

If you wish to donate your collection, please contact us via the contact form above.

American Credit Card Collectors Society