Ok, here's the million dollar question:
Why did the OP keep a card for 20 years that they feel does not offer good value?
Personally i dont know why anyone would keep this card past the first year. But assuming the OP does fly WN often there are much better options.
My advice, if RR points are important to you, would be to apply for the Southwest priority card and get that signup bonus. With the $75 credit and the 7,500 points, this card more than pays for itself so long as you fly Southwest. Then i would cancel your other card when the $69 fee hits. Make sure to wait until your annual bonus post to your RR account. Your annual fee will be refunded but you will keep the points.
The hit to your credit rating has been overstated. Even if its your oldest card it will remain on your credit report for ten years. In the meantime, other accounts will have time to age and lessen the effect on your score.
Another option would be to upgrade to the Priority card. But by doing so, you would lose the signup bonus. However you would keep your oldest account alive.
Last edited by Critterlynn; Oct 12, 2019 at 7:20 pm