Was wondering if everyone here could help.
I have a credit card that I've had for so many years I have the number memorized. It has a $43,000 limit on it (and I've never been close to hitting a balance that high) which looks good on my credit score. It's a card that allows me to gather miles on American Airlines, that I can then transfer to many other airlines, stores, etc. as needed.
Last year I got a letter from them saying that in 2011 the card terms would be changing. I can't remember exactly what the terms were, but it was something along the lines of (1) the membership fee was going up from $50 to $85, and (2) I *think* the APR was going astronomically high. I always pay my cards in full now, but there was a time when money was tight and I couldn't, and I don't want to have an APR that high. So I opted out of renewing the card.
So here we are a year later, and this card expires in ten days. I just spoke with them, and they can renew the card with the new membership fee of $85, but they will waive the fee for the first 12 months. Plus they will give me a bonus of 40,000 miles as long as I spend $1000 in the next four months (easy) and a free companion ticket on American Airlines as long as the first ticket is worth $299.
I wonder if I should just take the deal and then have a year to cancel the card when the membership fee comes up again next year, or if I should shop for a new one. I do worry about the impact on my credit score . . . having a card for this long with such a high credit availability always looks good on your record, and I can't guarantee that any new card I get is going to give me such a high balance right away. So is it "worth it" to pay $85/year for my credit to look good?
FYI: my other credit card doesn't have a credit limit nearly that high, and the last time I tried to get it raised to look good on my credit score (which granted was a few years ago) they wouldn't do it. I will call them and try it again. ETA: called them and they again won't raise it.
So . . . advice? And if I should shop for a new card, where's the best place online to comparison shop for cards?