Originally Posted by
topmikey
Just depends on the value of the card and you're earning.
It usually goes:
1-retention bonus
2 - downgrade
3 - cancel
Cancelling isn't good for your credit unless it's a business card, which goes on your business credit line - not your personal. Noob posted ab that today.
My strategy is to find a couple fee-free cards to have and keep and then churn cards with fees. I made the mistake last year of cancelling my oldest open credit card and my score took a fairly large hit (the card had an annual fee and didn't fit my current lifestyle). My score has recovered, but it was a lesson in score management. I will be cancelling a card in the next couple months due to annual fees, so I will take that data point on score effect and modify my plans going forward.