I recently received a letter from the bank for a credit card that I have had at least 8 years. No late payments, no balances, no recent activity. I have kept it for building credit and as an emergency card in case I needed for some unforeseen event. There is no annual fee so it met my needs.
By the way, this letter was from Washington Mutual. Unlike my American Express cards that just lowered my credit limits to the balances I owed, they sent me a letter that was a bit more upfront. They said since I don't use my card and have had no activity on it in the last 12 months, we are canceling it. I know some would be offended by this, but knowing that this bank basically failed how can you really get mad.
Even if they did charge me an annual fee and made some money off me from that, I think they would have canceled the account anyways. Because of our current state of economy, more credit card issuers are canceling accounts that are not profitable. Banks are basically going into defensive mode and will basically be canceling credit cards to survive for the long term.
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