After a short conversation with a Chase customer service representative, I have decided to close my credit card at the institution. I recently discussed a letter I received from the bank. The letter is included in this post, just click on it to enlarge.
The letter says that I will be charged a new $30 annual fee for participating in the “Chase Freedom Ultimate Rewards” program. The major differences are not very good for the customer. Apparently everyone is being switched to the new program with an annual fee.
I will not pay to have a credit card. No one should have to pay to access to a credit card. There are some cards with annual fees that may be worth it. Some people spend enough with their card to make the additional customer service of American Express or the added bonus of a specialized rewards card worth it. That does not go for cash back rewards.
My Chase card has a high credit limit, and I do not want to see my credit score drop when I close the card. Instead, I am going to sign up for a new card (I have a few in mind and will keep you all updated on the process) before I close the current one.
My credit score will probably take a small hit, but nothing too major. It will not keep me from my quest for 850.
