I had our son cancel his MileagePlus Visa the other day. He just got a Bank of America Cashback card with no annual fee, which is better suited to his current needs as a struggling graduate.
The people at Chase didn’t want him to cancel and offered to credit him back his $60 annual fee. They really tried to keep him – something to know if you’re not sure about keeping a card. You might be able to get the annual fee waived.
We opted to actually cancel the card, because in another year they’d assess the fee and he’d forget to cancel the card and we’d be back in the same spot we’re in, right now.
Also, a few minutes ago, I canceled my United Explorer business card. We’re keeping our Explorer household card, but we have too many cards and don’t want to pay the annual fees for all of them. We’re keeping two – the Explorer card and the Ink BOLD card.
In both cases, for our son’s card and my card, we canceled shortly after the annual fee was assessed and the fee will either be credited to the account or a check sent to us, depending on whether we’ve paid the fee already or not.
If you are going to cancel a card make sure you don’t wait until it’s too late to get your annual fee back!