It will lower your available credit so that your total usage of credit to available credit will go down (percentage). Assuming you've got a couple of other open cards with higher limits you should be fine.
If it were me I would cancel it.
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It sounds like a worthless piece of plastic, guaranteed to burn money each month at best. I'd toast it, but I only have one personal and one corporate card that don't have fees like that. They're eventually coming to all cards and at bigger levels.
The fewer vehicles you have to debt may lower your credit score, but getting yourself in the mindset of a debt-free lifestyle is worth a few credit score points. As soon as my commute to work isn't 9000 miles each way, I'm ditching my cards. I'll be off the credit grid.Leave a comment:
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credit "experts" in here...
I have a credit card that I have had for years that only has a 500.00 limit on it. I rarely use it, and usually pay it off quickly. I paid it off recently and see that theyve started charging me a "monthly fee" of 5.00. Take in mind this is a card that has never had any monthly or annual fees. I asked if they would remove them as i didnt approve them, of course they said no. I asked if I would be charged the fee if i didnt carry a balance, of course they said yes. I want to cancel the card as I obviously dont want the 60/yr fess for a card I could care less about. Suck up the fee (which sounds stupid) or cancel the card? How will cancelling the card affect me score wise if at all? Its my oldest card but smallest limit...
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