I want to cancel a mastercard that has a yearly fee but i just got it 6 months ago... help!?

I called a credit card offer i got in the mail and after going over things like APR %26amp; yearly fees i was approved %26amp; got the card with a $500 limit.

Over the phone they told me the card had NO yearly fee (I%26#039;m not going to PAY someone to give me a credit card every year) so of course when i got it in the mail i activated it and charged $50 to it. When i got my first statement i realized they charged the card $50 for an annual fee

Needless to say i called %26amp; complained and they %26quot;dropped the first years fee to $25%26quot;. I am currently paying off the credit card, and after my balance is paid in full i want to cancel the card because its ridiculous to PAY to have one!

My question is: I have 3 other credit cards besides this one (2 store ones, one regular visa one). Is it going to hurt my score/image to cancel this card since i only activated it 6 months ago? Thanks!

I want to cancel a mastercard that has a yearly fee but i just got it 6 months ago... help!?loan company

It won%26#039;t effect your credit score much, but any time you cancel any kind of card for any reason, your credit score does drop a little. That%26#039;s how they get you, they want you to keep the card open, even with a 0 balance, and pay their yearly or monthly maintenance fees. If you kept any paperwork or customer agreement papers, look through them, I%26#039;m sure there is a section, the section with the smallest print that informs you of all of the fees. Double check them if you still have them for a yearly fee. And also, if they charged it to your first statement, there are other fees other than annual fees. Find out if they may have charged a maintenance fee, an activation fee, anything. Good luck, let me know if you need anything else. Oh, you should go with Capital One, they%26#039;re the best, lol.

I want to cancel a mastercard that has a yearly fee but i just got it 6 months ago... help!? loan

No, in fact the more credit cards you have the worse it can be on your credit score. With more credit cards you have more revolving credit you have and creditors do not like more revolving credit.