POLL: Which cards do you keep with an AF and why?

[DaveSignal]

I have 0 cards with an annual fee.  I have thought about the NavyFed Flagship rewards which has a small annual fee, but the only reason I would want that card is for the 0% foreign transaction fee.  Since I already have 3 other cards with no annual fee -and- 0% foreign transaction fee, the flagship does not seem worth it.

[TiggerDat]

Only one, the Merrick Bank Card, since it is the oldest credit line.

[youngandcreditwrthy]

I just have a $39 AF on Orchardbank/Crap One/hsbc with a $1700 cl. My second oldest tradeline:-/.... Actually got them to halve it for me this year!!!! So it was only $19.50 hahahaha!!!

not bad to have one af out of like 20 credit cards!!

[bs6054]

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@bernhardtra wrote:

Only one, the Merrick Bank Card, since it is the oldest credit line.

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I'm not sure it is worth paying an AF just to preserve the oldest credit line, unless it is also needed for utilization.  As discussed many times, in general closing a card won't impact AAoA for about 10 years, by which time your whole credit situation will be different.

And even for utilization, if your score decreases by X points, how much is that worth?  If you are applying NOW for a mortgage, the answer might be "a great deal"!  If you have large balances on your accounts and you may need to do a BT, it might be worth some.   But I would guess in most cases changes in score aren't worth that much, so the AF benefit might not be there.

[Anonymous]

Capital One NHCB.  First unsecured major card of rebuilding, Good CL ($3500) ,Cash Reward (2% Grocery, Gas, 1% other). AF $39, but since I use it the most, Rewards far exceed the fee. 

[TiggerDat]

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@bs6054 wrote:

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@bernhardtra wrote:

Only one, the Merrick Bank Card, since it is the oldest credit line.

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I'm not sure it is worth paying an AF just to preserve the oldest credit line, unless it is also needed for utilization.  As discussed many times, in general closing a card won't impact AAoA for about 10 years, by which time your whole credit situation will be different.

And even for utilization, if your score decreases by X points, how much is that worth?  If you are applying NOW for a mortgage, the answer might be "a great deal"!  If you have large balances on your accounts and you may need to do a BT, it might be worth some.   But I would guess in most cases changes in score aren't worth that much, so the AF benefit might not be there.

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Well I wanted to establish a good card first before doing that.  When I recon my Chase card on Monday I will hopefully be at that stage.  I might actually be at that stage now with the Compass Bank Card of $8000 I got yesterday and the Discover Card I got today.  While the Discover is only $1000, I am sure it will build over time.  Even before the Compass my util was only 16%, so I am good there.  I will be more than willing to close it if I get the Chase Card, but the rewards on the Discover are just fine.  I will wait a few months to make this choice and see if Merrick will make an exception to their policy on never PCing a card or giving the security funds back!  (Yes, it is a secured card!  You would think that after 6.2 years they would realize that I am not going to default on the card!  I am certain that they will know that for certain when I close it.)

[rtw]

I keep holding on to this Household Bank card that I got back in 2002. They were the first one's to give me a shot after I tanked my credit. LImit is only 950 and since Crap One has taken over they are no longer giving CLIs. I did get my annual fee cut in half but it was still $36. I may have to say goodbye next year.

[Roarmeister]

Just 1 out my 5 has a fee.  I got it before I knew about better types of cards.  Today, I wouldn't get it but I see no reason to supplant it as it would increase my credit utilization and lower my AAoA.  It pays for itself with the rewards so its extra features are bonus.

[djrez4]

I have Amex Gold, CSP, and Ink Bold right now, but the AFs have not hit yet.  The Gold is going away.  I'll probably keep either the Ink or CSP, but I'll try to get the fee waived on renewal.  Or, I may drop both of them and apply for another CSP or Ink Plus.

As far as I'm concerned, no point in keeping a card with an AF if you can churn it.

[bs6054]

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@djrez4 wrote:

I have Amex Gold, CSP, and Ink Bold right now, but the AFs have not hit yet.  The Gold is going away.  I'll probably keep either the Ink or CSP, but I'll try to get the fee waived on renewal.  Or, I may drop both of them and apply for another CSP or Ink Plus.

As far as I'm concerned, no point in keeping a card with an AF if you can churn it.

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Right, but that (for the purposes of this thread) is sort of the same as keeping the card, because you still pay the AF (but you get a new bonus).