Many people make the mistake of getting a credit card or charge card and cancelling it after a year, 2 or maybe even 5 years... That is a BIG mistake.
When you cancel cards like that, you are losing all that history that you have built up.
The better option for cards with higher annual fees is to look for what is called the Downgrade Path.
In this video i discuss how you can downgrade both Chase and American Express Cards.
You can do this with most banks that offer multiple tiers, but always make sure to do you own research.
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