BEEN A CARD MEMBER SINCE 2003. TOTAL CREDIT LIMIT IS $3,300. AT PRESENT NO BALANCE OTHER THAN THE $39 ANNUAL FEE RECENTLY ASSESSED. NOMINAL APR IS 20.90% FOR PURCHASES, 22.90% FOR CASH ADVANCES. I HAVE PRETTY DECENT (IN THE LOW 700's) FICO CREDIT SCORE. I'M CONSIDERING CLOSING ACCOUNT WITHIN 30 DAYS TO AVOID PAYING THE ANNUAL FEE, BUT DON'T WANT TO RISK LOWERING CREDIT SCORE BY DOING SO. IS IT WORTH PAYING THE ANNUAL FEE AND KEEPING THE ACCOUNT OPEN? ANY REPLIES WOULD BE CONSIDERED AND APPRECIATED. THANKS!!!
Depending on the creditor, they will usually offer to waive the annual fee if you threaten to cancel. especially if tey get good usage from you. Maybe you should try asking them to either waived the AF, or maybe do a product change to a card with no AF where you could keep your history...
Contacted HSBC online today. Answer is NO because "This fee allows us to continue to provide quality service to our customers. We regret that you wish to close your Account and hope that you will reconsider. If you wish to close your Account, please call our Customer Service Department at 1-800-477-6000." I'll have to weigh the pros and cons a bit longer.
Occasional online and misc. merchant purchases. I think I used it to pay for a vacation (approximately $600) about two years ago. Sorry, can't answer the second part of the question (don't know how to figure this). Can you briefly explain? Thanks!