Hi all,
Here's a credit card question for y'all. I have recently switched to another credit card for the rewards points and I expect it to become my "mainstay" card. I'll be putting all my routine living expenses on it and paying it off once a month.
My other card (Cap One), the one I've had for years (but only used sporadically), is just sitting there. I understand I shouldn't close the account because it will ding my credit score but every spring (the month varies 'cause I think they're trying to sneak it by me) they charge me a $19 annual fee. The card has no rewards points, and last time I looked it had an okay interest rate but that's a moot point since I don't carry a balance. Edited to add: I've had the card at least 15 years, maybe a little longer. It's my oldest card.
The stupid $19 fee drives me nuts because it's easy to overlook if I haven't made any charges that month. Last year they won this game of "gotcha", I forgot all about the fee, missed the payment and owed them some interest. Grrrrrr.... This year I remembered to check it and sure enough, there's the fee, due on May 25.
So, all you badass Mustachians...what's the smartest move to make with this Cap One card? Go ahead and kill it anyway? How much will it ding my score (the Cap One credit limit is about twice that of the new card).