Should I Close My Old Credit Card with a Yearly Fee?

Credit Discussions Forum
1

I have a Chase credit card that I’ve had for over 15 years with a $24,000 available line of credit. I haven’t used it in years—it’s just been there for emergencies. However, the card comes with a $99 annual fee, and I have a newer card that I now use for emergencies, so I’m considering closing this old one.

My current credit score is 830, and I’m wondering how much closing this card could impact my score. Is it worth keeping it open just to avoid any potential hit, or should I go ahead and close it to save on the annual fee?

I’d appreciate any insights or advice on this! Thanks.

2

You could contact Chase and ask if there’s a card you can “downgrade” to that doesn’t have an annual fee. This would let you keep your account history. But honestly, with an 830 credit score, you’re overthinking it. It won’t have any impact on your score for 10 years since accounts stay on your report for that long.

3

My current credit score is 830, and I’m wondering how much closing this card could impact my score.

None at all right now. Closed accounts persist on credit reports for 10 more years.

Have you considered doing a product change?

4

See if they can switch it to one of their no-fee cards, like the Freedom card.

5

It depends on how many other open credit cards you have and what their limits are.

Is this an airline credit card? Have you asked Chase if there’s an option to downgrade to a $0 fee card?