Yes. In fact, this was a suggestion from the BofA reps.Wow, that's too bad. Does that mean if I open the no-fee card, it will show up as another account opened on my credit report? I know that metric highly influences one's credit score, so is it worth paying for another year instead?I think it means you have to open the no-fee card as a new card and close the fee card. You can't transfer your fee card to a no-fee card.What do you mean by this? I just got the paid card back in September, but after a year, I'm going to downgrade to the no-fee card.I recently called in on my card. You can't product change it or transfer the credit line.
As long as you don't have too many, the hard pull for the new card isn't very serious. It'll fall off your report in two years. The reduced average age of accounts can be more problematic if you don't have a lot of existing long-lived accounts.