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jwlaci25

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i recently paid off a card that has a monthly fee and annual fee should i close this account?
The monthly fee is $7.00 and the annual fee is pretty high as well...the credit limit is only $400 and i have about 5 other cards with way more of a limit. If i do close this will it negatively affect my credit ?

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It will hurt your credit score somewhat, but personally, I would close it out to save the money.  I hate annual fees (and I never heard of a monthly fee).  I never, ever pay fees for cards.  Perhaps at a later date you can replace it with a no-fee card.  Go to www.creditcard.org to compare all available with the info on fees, interest rates, etc.  I like American Express Blue, but only if you don't carry a balance on it because interest rate can get high.  No annual fee and you get points for every purchase.

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WOW

Sounds like the credit card account I just closed.I bet it was first premier bank. 400 dollar limit 7 dollar a month fee and a high yearly anuall fee.That is what I had,I paid the card off then closed the account.They still reported the 7 dollar balance for the monthly fee.If all you pay with that card is the 7 dollars a month you pay 84 dollars a year just to have the card then you pay a high anuall fee by the time you are done you have hardly any credit left.The card is a rip off scheme.I opened a credit card account with capital one cash back rewards card with a 2 thousand dollar limit and one low anuall fee of 39 dollars a year and no monthly service fee.Much better deal.

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