Back in 2019, I got the Chase Marriott Rewards Premier Business Card with a 75,000 bonus.
I paid the $99 annual fee after the first year as I always found a way to use the free Bonvoy night award that I got with the card. The free Bonvoy night was always handy for college visits. However, currently, I am finding it harder to use my free nights and I have no more college visits on the horizon. With those two things in mind, I decided I was not going to pay the annual $99 fee which was due on my account in 3 days.
I called Chase and tried to get them to waive the fee, they said they couldn’t. (Some credit card companies will waive or negotiate with you to keep you from canceling, not Chase. Read more about this in my separate post Getting Started, Number 7). I also asked about a downgrade option, there wasn’t one. So I canceled my card! Don’t forget, canceling a card has a small impact on your credit score as long as other positive financial factors are in place. And the credit line on this card was just $5,000, so my utilization ratio will not be too negatively affected. You can read about the effect of canceling a card on your credit score here.