By Ryan Ermey

Copyright cnbc

If you’re uncomfortable with your card’s annual fee, you can always downgrade to a cheaper card — but you shouldn’t do so without asking if your credit card issuer can help you out first, Kelly says.

“If you’re on the fence, the first thing you want to do is, don’t do anything,” he says. “Call the credit card company and say you’re thinking about canceling.”

This may put you through to the retention department, but if it doesn’t that’s who you should ask to speak with, Kelly says. Once you tell them you’re thinking about canceling, they may sweeten the deal to keep your business.

“Often they’ll give you either discounts or points offers that’ll make it a slam dunk, at least for another year,” Kelly says. “And then you can come back the next year to reassess.”

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