Is it good to cancel a credit card with annual fee?

I had recently cancelled the AmEx Delta card, mainly because I misinterpreted their wording about annual fees. It was only open a year. I've been thinking about cancelling a couple of others with annual fees that I can't really afford anymore. Is it better to just go the route of cutting them up, and leaving the account open? I've probably had my first credit card since 2004, which is still open and no balance. Thanks!|||You should have asked them for a no fee Amex card before cancelling it. Usually 24 months of good payment history gives you good credit score. I also had two credit cards with annual fee when I was starting out then I cancelled after two years.|||I HAVE HAD 17 CREDIT CARDS AND NEVER HAD ONE WITH AN ANNUAL FEE. NEVER UNDERSTOOD WHY SOMEONE WOULD WANT ONE LIKE THAT. IF YOU CLOSE IT , ON YOUR CREDIT REPORT IT WILL JUST SAY CLOSED BY CONSUMER. NO BIGGY. IF YOU DONT CLOSE IT YOUR LEAVING IT OPEN FOR OTHERS TO STEAL YOUR IDENITY.|||Cutting up the credit card won't get you out of the annual fee.





You need to


1) cancel it within one billing period and


2) not use the card after the annual fee is applied


in order to avoid paying the fee.|||Some people who have no credit history, and no parent's credit background to back you up, will be denied of regular credit card that has no annual fee.





From your story, it seems like you had yours for a while.


Meaning, you probably have some credit history by now.


There's really no reason why you should continue using credit card that requires annual fee.


Apply for regular credit card, and really, talk to those bank's consultant.


In my case, bank consultant from Wamu was very nice, literally translating word for word on credit card contract.


I mean, I had no credit score when I first got regular wamu plantium mastercard 9 months ago. Now, i'm 734 and in good standing.|||Yeah credit cards with annual fees are rip offs worse than other cards. If you absolutely NEED a credit card, then you should get a rewards card but I would stay away from credit all together if its possible...its nothing but trouble.They are real sneaky when it comes to this stuff. I think you should first, get one of those $10 voice recorders from the store, then hold it up to the phone and call them and ask them for permission to record the conversation. Then tell the agent on the phone that you want to cancel everything. I've called them before about other things and they lie but I called again and they told the truth when I asked if I could record them.|||I would just transfer it. There are allot of good cards to pick from at http:://www.gozeropercent.com