I posted about the annual fee in July and called customer service to cancel the card. After a bunch of actions, the rep said it was canceled. But the card is still in my account, and the latest statement still shows it—except the $550 annual fee was removed. So now it's a $0 annual fee? Can I keep it for another year?
The card is still active, but the annual fee has been refunded. I need to confirm whether the account is closed or just has the annual fee waived; otherwise, it could affect my credit history.
I'm not sure you can really keep it for a year without paying. Bank systems sometimes lag, and what customer service does may not match the actual account status. It's best to call customer service again to confirm, and also check your credit report to see whether this card shows as closed. If they only waived the annual fee but didn't close the card, you may still be charged next year.
Wait for one billing cycle first to see if there are any new charges—don't rush to spend.
The key is whether the account is closed or just has the annual fee waived. The reason is simple: in the former case, no further bills should be issued, whereas in the latter, it's merely a temporary reprieve from charges.
Different banks handle account closure at different speeds—some take up to 45 days. During that time, the card may still work, but your credit limit could be frozen. If you're planning to apply for a loan or mortgage soon, it's best to first confirm how this card appears on your credit report, so it doesn't affect your debt-to-income ratio.
Getting the annual fee refunded doesn't mean the card is closed — that's the key thing to remember.
Did the customer service give you a confirmation number or email when they closed it?