I recommend calling your credit card companies as soon as you become unemployed and tell them you want to cancel your credit card. This will send a red flag in the department and you will be transferred to a specialized sales agent who's job is to talk you back into keeping the credit card. They will ask you why you're canceling. At this point, you can choose three options based on your particular situation:
1) You can ask them to waive your annual fees (say, "The annual fee is too high.")
2) You can ask them to lower the interest rate (say, "The interest rate is too high on the account.")
3) You can ask them to raise your credit limit (say, "The credit limit is too low on the acount.")
I do NOT recommend telling them you've recently become unemployed because it puts you in a weak bargaining position. However, if you position yourself as an unhappy customer who wants to switch companies, the credit card company will bend over backwards to keep you as a happy customer. It's a bit of reverse pyschology!
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