That's a really tough decision. I totally agree that you shouldn't have to pay annual fees; you're a great credit user and shouldn't be punished for that. This is BofA's new "experimental fee," and it will range from $29 to $89 for poor and stellar credit users alike. The decision to cancel it depends on if you have a large loan you need to apply for in the near future. Are you planning on buying a car or home in the next few years? If so, a $29 fee per year might be worth the lower interest rate you'll receive on your loan by having the best credit score you possibly can. If you have no plans to apply for a large loan, then your credit score can stand to take a bit of a dip and it will rebuild over time. And who knows, once you call to actually cancel, BofA might be willing to drop the fee! Keep us posted on what happens, and the kind of drop you see in credit score if you decide to cancel. Best of luck.