Credit cards with a annual fee
I have a chase visa through Southwest Air. It has a annual fee and I have never used it. They don’t want to cancel it cause they are getting $99.00 a year. Can I just stop paying the fee & be done with it or should I keep paying?
Terry Says
No, dont ever “just stop paying”! It will mess up your credit! Contact them immediately at the toll-free number on your bill. Tell them you are cancelling the card. Period. It’s your right to cancel at any time. And tell them you are not going to pay the $99 for the year ahead. Then ask for a written or emailed confirmation of the cancellation. Tell them you want it reported as “closed at the request of cardholder”.
Then check your credit report (www.AnnualCreditreport.com) to make sure it is “closed at request of holder”. That should show up on your credit report in a few weeks.
You won’t get any hassle. But if you do, ask for the name of the person you are speaking to — and write back to me with that info. I hate it when corporations bully their customers! You just need to be firm and authoritative when you run into a person like this!
