I just got back from an amazing trip to Italy with Rob. We flew BUSINESS CLASS and we booked the flight with Delta SkyMiles. Recall, I had enough miles for these flights because last year Rob and I both got American Express Platinum Delta SkyMiles Cards that added 60,000 SkyMiles to each of our accounts. Fast forward one year later-neither of us have used the cards since the initial spending to secure the 60,000 sign-up bonus. The $195 annual fee has just become due on the cards.
I do not wish to lay out close to $400 in fees and therefore I canceled the cards. But before I canceled the cards, I moved our credit lines to other Amex cards that we have. Remember, YOU NEVER WANT TO CANCEL A CARD WITHOUT MOVING YOUR CREDIT LINE IF YOU CAN!
Another thing to note, canceling a card has a small impact on your credit score as long as other positive financial factors are in place. You can read about the effect of canceling a card on your credit score here.