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Question By
justjayli

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Do you close a credit card with an annual fee once you have received a new credit card at no fee

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Top Contributor
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Nope

Don't ever close an account that is in good standing, it will have an effect on your average age of accounts.

Top Contributor
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Not necessarily.  If you apply for, and are accepted, for other credit cards with the same general limit. Then close the accounts with fees. There might be a very small credit score drop for a short time.   Some cards are worth the fees if you utilize the rewards, and the rewards exceed the fee your paying.  I just closed an account for 20k because the yearly fee of $150 wasn't worth it; after I applied for, and received,  the Chase Marriott Premier card with a 26k limit. While it has a fee, I will earn $800 in points. THAT is worth the yearly $85 fee to me.  The American Express Blue Cash Preferred earns 6% back at grocery stores. Again, I earn much more than the yearly $75 fee.

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