Closing a Credit Card

snookernet

I just got a notice that my Visa card will be getting a $60 annual fee. This is disappointing as the card has a really low interest rate at least compared to the offers I get in the mail. I have another card that I don’t use and keep for emergencies since the rate is a bit higher. I have been paying off the balance each month so perhaps rate isn’t as big of a deal.

Does anyone have any suggestions or experience in closing a credit card? It wouldn’t have any balance on it when I’d close it, but I am reluctant since it was my first card and thus my oldest piece of credit history.

Also, do I need more than one card or should I just start using the other one? Does anyone have any suggestions on a decent rewards card (neither of my cards have them)? I usually buy everything on Amazon and was looking into the one they always seem to offer.

Apreche

If you want to cancel it, just cancel it. I would recomment doing so because a $60 annual fee is bullshit. Amazon rewards card seems like a good idea to me. It has no annual fee. The two cards I personally have are a Sony Visa card and an American Express Blue Cash Back card. The Sony Visa was my first card, and I've gotten some Sony goodies with it, but the rewards aren't that great. I still have it because some places don't take AMEX.

WindUpBird

What does one need to know when considering a credit card? I've never had one, but I need to start building credit, and I need to have one to book places to stay and charge certain things during my time abroad.

Rochelle

How to get a credit card if you have bad credit. The site also has some tips on just getting credit cards in general.

If you have no credit you might have to get a secured card. Check what your financial institution has to offer. They normally have something for college students.

No annual fees are great, but sometimes to rebuild or start your credit, that maybe the only option. 10% - 20% is what you should expect/look for as well.

I'm rebuilding my credit, and one of my credit cards shows me my credit score on a monthly basis. Pretty nice.

Also look at how they do payment options. Most credit cards should be able to take online payments with a checking account/debit card. Look for if there is a fee for payments. You shouldn't have to pay a fee to make a goddamn payment unless there is express pay. Also how long does it take for the payment to post to your credit card for the funds to be available is also helpful. There are some credit cards that take the payment out of your account the next day, but they don't post the funds available until a week after, which is ridiculous.

GreatTeacherMacRoss

I have a Discover for some basic cashback incentives and a Mastercard that gets points that can be spent on just about anything, but take forever to accrue into something really useful. I also have a couple of store brand credit cards because they offer discounts whenever I use them at the specific store.
That being said, canceling a card is not difficult. Call the number on the card. Tell the person you want to cancel the card. When they ask you why, tell them $60 for the privilege of spending your own money is bullshit. When they make you a bunch of offers that are a pittance in order to try and get you to stay, keep telling them no. That's all there is to it.
If you have student loans, they also count as your 'oldest' line of credit.

George Patches

Also, call and complain. They might just waive the $60 service fee.