| Credit Card w/ Monthly Fee |
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BuckeyeTarheel
New Poster
Cash: $ 0.45
Posts: 2
Joined: 21 Jul 2016
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| Credit Card w/ Monthly Fee |
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When I was less financially stable I opened a credit card that charges a fee of $7 a month.
I have had zero balance for quite some time and I would only use it in an emergency, but the credit limit isn't very high so it wouldn't get me very far. I certainly don't use it enough to justify $84 annually.
My credit score is on the cusp of "good," and I'm worried closing an account will hurt my score. It is one of my older accounts and I have no credit card debt, if that gives more insight.
I would appreciate advice on keeping the account open and paying the fees vs. closing the account.
Thank you!
PS - I called the credit card company, and told them I was considering closing my account because I couldn't justify the fees. I was told the fee cannot be waived, and I was transferred to the account closing department. I hung up before it connected because I wasn't sure how to proceed.
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Thu Jul 21, 2016 12:22 am |
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First Choice
Member
Cash: $ 4.00
Posts: 19
Joined: 26 Jul 2016
Location: Valdosta, GA
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| Maybe Keep It, Maybe Not |
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If you've got marginal credit, especially if your credit history isn't very long and it's one of your oldest accounts, I would keep it open if you think you'll be needing credit sometime soon. The age of your older accounts definitely helps, as does having a low utilization on that card. May I ask how old your credit history is?
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Tue Jul 26, 2016 10:13 pm |
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BuckeyeTarheel
New Poster
Cash: $ 0.45
Posts: 2
Joined: 21 Jul 2016
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| Re: Maybe Keep It, Maybe Not |
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quote:
Originally posted by First Choice
If you've got marginal credit, especially if your credit history isn't very long and it's one of your oldest accounts, I would keep it open if you think you'll be needing credit sometime soon. The age of your older accounts definitely helps, as does having a low utilization on that card. May I ask how old your credit history is?
Thank you for your reply! This credit card in particular has been open for 6 years, and my average age of credit history is 6.5 years.
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Wed Jul 27, 2016 1:25 am |
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First Choice
Member
Cash: $ 4.00
Posts: 19
Joined: 26 Jul 2016
Location: Valdosta, GA
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Yeah, that's really a tough choice you've got. Paying a fee for a credit card you don't use really sucks, but most likely this is helping your credit. How much is it helping? All we could do is speculate. I wouldn't be surprised if it was worth 10-15 points on your credit keeping it open. But again, it's difficult to guess. Good luck with whatever you decide. Hopefully someone else will chime in with their opinion.
*note - I did credit repair up until several years ago, and had about 100 clients, so you can use that to gauge what my opinion is worth. There are other forums that specialize in credit topics, my favorite is creditboards.com
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Sat Jul 30, 2016 1:52 pm |
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Arthur110gamer
Member
Cash: $ 3.25
Posts: 15
Joined: 07 Jul 2016
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Nice thread, thanks for sharing!
Have a great day 
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Wed Aug 03, 2016 11:04 am |
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creditcardhq
First Time Poster
Cash: $ 0.20
Posts: 1
Joined: 19 Dec 2016
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| About Credit Card |
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Credit card is good for some time but if you not going to use in safe mode then it will be very costly for you. So use your credit card very smartly. For all guide and reference for credit card you may visit at merrickbanklogin.blogspot.com
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Mon Dec 19, 2016 12:32 pm |
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Monika555
Preferred Member
Cash: $ 35.45
Posts: 171
Joined: 26 Oct 2017
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I use a usaa credit card. This bank is known for outstanding customer satisfaction, and its credit cards are typically light on fees, including no foreign transaction fees. Also, the usaa customer service works great. I'm very pleased with my card. But thanks for sharing your experience, guys, I'll keep your info in mind.
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Mon Mar 08, 2021 6:27 pm |
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