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Annual fee about to hit, should I close First Premier? Not sure what to do...

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Valued Contributor

Re: Annual fee about to hit, should I close First Premier? Not sure what to do...


@Ortz33__ wrote:

Hi - this is pretty much my first new card after rebuilding a few charges offs in 2007.  It was opened in 2007 but not my first account. It is my first account after rebuilding so I am not sure how it impacts, AAoA, longest account ,etc.  I have manged to get higher limit, better cards and this is $250 limit with $48 annual fee about to hit in August.  I don't want the card, don't need it. I am mid-650s right now and have been gardening., waiting to app for a Barclay card in the Fall.  

 

Can anyone help?  I do have other cards opened in that timeframe that are still active and with better limits I am keeping opened


Why not call and talk to "customer retention" and see if they will waive the AF for you?  Keeping this one going with no fee for a few more years can only help your AAOA...

Message 11 of 18
Anonymous
Not applicable

Re: Annual fee about to hit, should I close First Premier? Not sure what to do...

hahaha, yeah, Careful with those retention specialists. They will not just hypnotize you, they will promise you this and that and other BS to renew your card. I had a terrible experience with FP. Don't bother renewing it. Even if they will waive it for you, forget it.

Message 12 of 18
Ortz33__
Frequent Contributor

Re: Annual fee about to hit, should I close First Premier? Not sure what to do...

ugh. i know.  fp specialists are the worst.  haven't called yet but even with the AF waived, 7 per month is still a lot for this small card to me, at lease.  i don't have a 50% APR like i've seen others having, mine is around 20% but who knows that they wouldnt raise it if they waived it.  this card is going in the shredder...  

Message 13 of 18
Anonymous
Not applicable

Re: Annual fee about to hit, should I close First Premier? Not sure what to do...


@Ortz33__ wrote:

ugh. i know.  fp specialists are the worst.  haven't called yet but even with the AF waived, 7 per month is still a lot for this small card to me, at lease.  i don't have a 50% APR like i've seen others having, mine is around 20% but who knows that they wouldnt raise it if they waived it.  this card is going in the shredder...  


Yep, $7 per month is $84 annually.  First Premier is a tough card to manage and very costly.

 

What are your other open cc's?  Do you have a bank/national cc card in the mix?

Message 14 of 18
Ortz33__
Frequent Contributor

Re: Annual fee about to hit, should I close First Premier? Not sure what to do...

Orchard 700 limit

CapOne Secured 2300 limit

CapOne Platinum 300 limit

Hooters $1500 no fees at all

Raymour Flanigan 2700 limit

Kay's 3000 limit

 

Message 15 of 18
Anonymous
Not applicable

Re: Annual fee about to hit, should I close First Premier? Not sure what to do...

Your Orchard and Cap One's cards are bank cards - that means you can definitely close First Premier. 

 

IMO, I would close them yesterday!  Smiley Wink  And watch them online for a month or two to make sure they closed properly with no additional monthly fees.

Message 16 of 18
Ortz33__
Frequent Contributor

Re: Annual fee about to hit, should I close First Premier? Not sure what to do...

thanks... for the future, do you think i am in a good spot (if i have less than 30% on all my balances) to app for a barcaly card at the end of this?  i was going to go with either chase or barclay, but i burned chase on a small limit card a few years ago and not sure if they forgive.  basically will need something towards the end of the year with a 2k-3k limit.

 

i am in the mid 650s across the board with about 50% utilization and a car loan on time for the last 5 months.  transunion has about 5 inquiries which i know barclays pulls. 

Message 17 of 18
Anonymous
Not applicable

Re: Annual fee about to hit, should I close First Premier? Not sure what to do...

Hi Ortz33,

 

If you list your accounts, their CL's and your balances, (along with date opened) folks will chime in on good timing to app with Barclays.

For me personally, I think 30% is high utilization for app'ing for a new card.  And 30% on all cards is likely too many cards with a balance reporting.  Are you able to get it lower than that?  (Although I understand that 30% from 50% is pretty awesome.  And do you have any cards you can get down to zero balance reporting?)  Also, keep one eye ball peeled on your AAofA.

 

But post your info and let folks chime in.  Lots of brain cells looking at your data will give you some very valuable input.  Smiley Wink

 

Message 18 of 18
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