should i close this card?

Question

I got this credit card(a secured one) a lil more than a year ago from my bank.I was new to the CC world back then, and didn't mind paying a $29(annual fee)to get my credit history started.Lil did I know that after a year,when my service would be upgraded(i.e move from a secured to unsecured,with the bank refunding my initial deposit) my annual fee would still cling on.
Obviously, I don't want to pay this annual fee when I am getting so many better offers with no annual fee these days. The bank has also clearly stated that if I contact them soon to have this canceled,I wouldn't have to pay this fee.However, the thing about "closing a good standing ,especially the oldest card isn't good" is ringing in my head.what should I do?give me a better idea to negotiate with my bank

Answer 1

Some card companies will waive the fee if you complain. I used to do it. Tell them you have better offers on credit. If they don't, then you can tell them to close the account. This will not adversely affect your credit record.

Adverse actions are failure to pay or bk, or collections.

Answer 2

Ok I know a lot about credit from having it good to having it bad to having it good again. You should close this card. Pay whatever is owing in total on the balance including any extra fees or insurances. It is called the buy out price. Pay it and close it. This will not affect your credit what so ever. The history of this current card will remain on your report with good standings as well as payment history. It will also say closed at the customers request. You have nothing to worry about. Never stick with anything you do not feel comfortable with.

Answer 3

Actually if you do not have another credit card, you probably should keep it open and pay the fee for at least another year to continue to build history. You build no history on a closed account.

Once you get another card and have it open for a while, give this company a call and see if they will waive their fee. If they don't then just close out the card. But you should have at least one other card open for a while before you do this.

Then if you do keep this card open and any other card you get, be sure to use it for regular purchases during the month. Don't go over 30% of the balance, and pay it off when the bill comes. This will help you build some more history.

Answer 4

ANY annual fee is a bad deal. For a secured card, an annual fee is PURE rip-off. They get to hold YOUR money to cover your credit limit AND ask you to pay for the privilege. I would tell them to refund the annual fees I had already paid or lose ALL my business.