Ok, I have this credit card that has this crappy $150 annual fee attached to it. The only reason I got it (and 2 others, that arn't AS bad) was to built up my credit.
Well, it seemed to have worked. I just recently got a card from my bank with a nice limit and no annual fee.
Anyway, my question is, when does the annual fee get taken out? 1 year from when I opened the account or will it hit on Jan. 1?
I'm thinking of paying it off to $0 and then cancelling, but, I'm not sure how much time I have to do it!
Thanks!
2007-10-29 10:37:59 · 2 answers · asked by Anonymous in Business & Finance ➔ Credit
Tribute Annual Fee is taken from your Availiable Credit, but its in portions every month for a total of $150 a year. Starts from that 1st month you sent in that 1st payment
2007-10-29 11:06:34 · answer #1 · answered by Lloyd 2 · 0⤊ 0⤋
Annual fees usually are on the card anniversary date.
You definitely want to pay that off and close it. Even better, pay off all your credit cards. It's a bad idea to carry balances. You pay all that interest and it's so easy to slip into debt. Only charge what you can afford to pay in full and on time every month.
2007-10-29 18:40:38 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋