text: The previous answers are good.  \n\nYour credit does take a dip when you cancel your credit card.  It removes part of your "credit history" and increases your debt/credit ratio.  These two items make up a large part of your credit score.\n\nI would suggest contacting BOA.  You said you got a better offer from another company?  Ask BOA to match it, or else you will not do business with them.  If they don't remove the annual fee then definately cancel the card and take the momentary hit to your credit report.  I think annual fees are a scam anyway.