I have had the chase sapphire credit card for almost a decade now. I’m going to pay it all off in 2 months but it does have the $550 annual fee and I’ve used up my $300 travel credit for this year.

I’ve always been told that it’s going to affect my credit score if I call the bank to officially cancel a credit card. And that it’s best to just not use it but then I’ll be getting charged for $550/year for not using it.

Is this really too?

UPDATE:

I just got off the phone this afternoon and have downgraded it to Chase freedom with no annual fee but I have no intention of using it again anyway.

I recently started on this Dave Ramsey journey this year. I admit my financial past is not perfect (no one is perfect) and I’m trying to fix it. I definitely appreciate those who have shown kindness and patience with their comments.