Your credit card's annual fee is due. For one reason or another, you've decided that it's not worth paying the fee to keep your card for another year. Or maybe it's a credit card you no longer use or want, so you're considering closing the account.
Your first inclination might be to cancel your card. However, other options exist: You could downgrade or product change your card instead.
Wondering what those options are and how they work? Let's look at what goes into the decision. Then you can make an informed choice to cancel, downgrade or product change your credit card.
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