Is it a bad thing to do this? I have an Orchard Bank account that has an annual fee of $79 that is going to be billed again soon. The account is only a year old and they refuse to give me a credit increase or waive the annual fee. I have 3 other cards (one older than the Orchard card) and the highest annual fee is $19. They jacked my interest rates up to 29.70% for no particular reason and I would just rather not have the card any longer. The problem is that I wouldn't have the funds to pay the card IN FULL until a month after they bill me for the annual fee again. Would it totally screw me to close the account with a balance still owed and then pay the balance off the following month?