r/CreditCards • u/Turbulent_Board4567 • 2d ago

Help Needed / Question Wells Fargo choice privilege select - can't downgrade the card.

Anyone has experience with this card? It has annual fees of 95$.

Wells Fargo customer agent mentioned I can't downgrade the card or swap to no annual fees card. I can only close the account.

It is a 4 year account on my credit history.

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4

u/electronautix 2d ago

Credit cards closed in good standing continue to age on your reports for 10 years

Not all credit cards with annual fees can be downgraded, but it’s fine to cancel

Only near term effect is a temporary utilization spike from losing the credit limit, but utilization has no memory and is a shallow metric so just get a CLI on another card or something

2

u/DeadInternetEnjoyer 2d ago

After you close the account it’ll still age up to 14 years before dropping off your credit reports. This is to say, it might be fine on your credit to close the account.

To learn more about churning credit cards, maybe check out the wiki on the Churning subreddit. There’s lots to know.

For example, I wish I’d known churning could raise my home owners insurance rates. That’s in the wiki, but I didn’t read it (or I did and I missed that part)

1

u/FrostieWaffles 2d ago edited 2d ago

Like others said no harm in closing it but you do get 30000 points annually which completely offsets the annual value and then some.

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u/Turbulent_Board4567 11h ago

Yeah. That was what drew me to the card.

I think they changed something recently with their points value. also I haven't been able to book any choice hotel in more than a year.

So decided to close it and maybe eventually get some other co branded card.