Many of the premium credit cards I recommend have annual fees ranging from $65-$200 per year.
These annual fees are totally worth paying in the first year because the welcome bonus on these cards is often worth thousands of dollars.
But what about in the second year, and third year, and so on?
It really just depends on the card.
I’d say, as a general rule, I cancel most of my credit cards at the one year mark from when I was approved for them.
A few weeks ago, I had 3 annual fees hit various cards since these cards are beginning their second year.
This is usually my reminder to decide whether I want to keep the card or cancel it.
The good news is that, for most cards, when the annual fee hits, you have about 30 days to cancel the card & get a refund of the annual fee. It’s very common for me to see an...