fees fees fees everywhere and not a drop to drink

i've held a citibank card for 12 years, since i was 18. it was my first credit card, my only credit card for about 8 of those years. it's not my back up card and we use it mainly for low interest rate balance transfers. the credit limit is insanely high which works well for those transfers.

earlier this week, i read an article on the new credit card reform law going into effect shortly. the article basically said, beware, the law kicks in soon and some issuers will make sure tho change your terms and conditions before then.

imagine my surprise, then (none), when citibank mails me a change in terms and conditions letter! they are going to start charging me an annual fee of $60, UNLESS i use their card for $2,400 in charges per year.

fuck them! mind you, i get no benefit from this card. it isn't an amex with points redeemable, etc (at least i don't think so, i don't use it enough to know) but even if it is, amex didn't just bend me over and give me an annual fee on my blue credit card.

here's the thing that infuriates me about the whole thing, it ain't like $60 a year is going to break the bank. it's my options, or the lack of them. when are my choices, really? bend over, grab my ankles, grit my teeth and bear it or cancel the card. im pissed enough to cancel and i will. i have until the end of my current card to pay off the balance (something like 16 months).

here's the rub: my credit is now going to take a hit. my FICO score will now reflect this canceled card and my overall credit available will go down so my percentage of used credit goes up. which, as i've constantly read is bad for the score. this is what pisses me off so much. the banks have a choice, we as consumers don't. the choice we have is to bear or take a credit hit. either one isn't a good choice. i wonder if fair isaac takes that into account when the calculate score. fuck sticks.