This brings us to the second portion of your question. Do annual fees increase with the passage of the Credit Card Act last year and enacted in 2010?
[Let CardRatings.com help you find the right rewards credit card for you.]Speculation prior to its enactment was rampant with such quotes as "bankers and some industry analysts have warned that the new legislation could spur issuers to hike interest rates, lower reward point value, increase annual fees to participate in rewards programs??" But the truth is that although I am certain some annual fees have been inaugurated, I have not seen a lot of evidence nor authoritative comment about increases in annual fees.
But if such an event occurs, you would normally be offered an ability to opt out of your current card. You would, of course, have to pay off the balance. But longevity of account only accounts for 15% of your score, so opting out will not be a major hit in the overall scheme of things. At the same time, perhaps a long term 4.9% APR could be worth paying a small annual fee.
My suggestion is to wait and see if your credit issuers change your contract. Or better yet call and ask if they plan to inaugurate an annual fee and if you will have the opportunity to opt out. Additionally, ask if any such fee can be waived. It is possible they might do so if your account is long standing, but definitely find out whether they'll be charging an annual fee before closing any accounts.
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