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What other cards do you have? If you have a couple of other cards the only effect of closing the account will be an increased % utilization due to the loss of the CL. Your AAoA will stay the same as this card will remain on your credit report and continue to age for ~10 years. Personally I refuse to pay annual fees for credit cards. I guess I would call to ask if they will waive the fee and, provided you have other good cards, close the account if they will not waive the fee.
You might want to read the closing credit cards thread in my signature
Amex Delta : 8K $0 BL
BoA Amex: $2.5K $600 BL
Walmart: $700 $200 BL "no interest 12 months so why pay it off"
Hooters: $600 $0 BL "only keep because no AF and low 12.9 Apr"
Bestbuy $3K $0 BL
HSBC Plat MC $2.5K $0 BL
Crap One $750 $150
Household $1K $39 BL "annual fee"
My Util is really good, going to pay off crap one so I will only have BoA and Walmart with a balance.
@Anonymous wrote:Amex Delta : 8K $0 BL
BoA Amex: $2.5K $600 BL
Walmart: $700 $200 BL "no interest 12 months so why pay it off"
Hooters: $600 $0 BL "only keep because no AF and low 12.9 Apr"
Bestbuy $3K $0 BL
HSBC Plat MC $2.5K $0 BL
Crap One $750 $150
Household $1K $39 BL "annual fee"
My Util is really good, going to pay off crap one so I will only have BoA and Walmart with a balance.
You don't need them, dump them before they drag you down. Just call and if they wont' waive the AF permanently, then dump them, why would you go with them, you don't need them. Seriously.