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MH2992

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i want to close a credit card account after i pay it off because of a membership fee, is that bad?
i hadn't realized there is a fee every year but i don't want a card like that, its the only card i have with a fee and i want to close it off after i pay it, will that significantly hurt my credit?

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If it is one of your oldest cards and with modestly high credit limit, closing the account will hurt your credit score due to shortening the average life of your overall credit accounts and increasing the credit utilization.

You can call your bank to downgrade the card to some other cards which do not charge annual fee. 

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membership fees

My credit card chages 18.00 a month and a anuel fee of 49.00 a year is that legal ? whats the best way to close account ? I have never been late on payments but with all the fees I am having a hard time paying off. I have had the card 4 years and dont use it much 

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