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Should I pay a membership fee for a credit card?

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Stojakapimp

Platinum Member
I got a notice in the mail that my main credit will soon be charging a $19 annual membership fee. Now I don't have a balance on the card, but I like it because it has a fixed 5.9% APR and the highest limit of any of my credit cards at $14,600.

I don't know off the top of my head, but none of my other credit cards have an APR even close to that. So do you think it would be worth paying the $19 in order to hang on to this card?
 
Search and see what your options are. I pay in full and never care about the APR. I have no idea what they are on my cards.

I am more interested in the perks and points/miles I earn on the card for my spending and paying annual fee is worth it on some of them. Since you are interested in APR only, I would shop around.
 
vrbaba said:
Search and see what your options are. I pay in full and never care about the APR. I have no idea what they are on my cards.

I am more interested in the perks and points/miles I earn on the card for my spending and paying annual fee is worth it on some of them. Since you are interested in APR only, I would shop around.
Click to expand...

That's a good point. If I always pay off my cards in full, then I suppose I shouldn't even worry about APR. I'm terrible about redeeming points/miles, so I guess I should look more into that and try to reap those benefits.
 
my amex business is 1-5% cash back on all purchases no annual fee. i love all the amex perks on top of that like warranty extension, i'm not sure if they have a non business card that's similar but that's the type of thing i'd go with if possible.
 
If you have good credit score, I would go to the cash back reward cards such as Schwab or AmEx "IF" you pay off all your balance.

<<---Enjoying 2&#37; and 1% cashback on "everything" CCs.
 
what are you getting for your money? sounds like nothing (not even from having low APR since you wisely don't carry a balance). id dump that card so fast...
 
Not enough information. Please answer the following.

1. How many total cards do you have?
2. How old is this card?
3. How old is your oldest card?
4. What bank is it?
5. Do you even carry a balance?
 
JMapleton said:
Not enough information. Please answer the following.

1. How many total cards do you have?
2. How old is this card?
3. How old is your oldest card?
4. What bank is it?
5. Do you even carry a balance?
Click to expand...

Ding! Ding! Ding! These are the questions you need to ask yourself.

The oldest card I have has an annual fee, and not very good interest rate. But I haven't had a balance on it in 5 years or more, and it has a pretty good available credit. It's worth it to me to keep it, because it's the oldest card on my credit history (since 1997).
Why did I get it? I was rebuilding my credit after a car repo, and it was easier to get this card than a no-fee card. Only started out with a small available credit, but that built up over the years.

Now that I bought my car (last August, first new vehicle in 24 years, first "new to me" vehicle in 10 years, at 5.5% APR) and my house (5% APR VA loan), I might drop it, since by the time I'd need the good credit score again, my second oldest card would make up for it.
 
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