I just canceled this card because I have another credit card from the same bank with a lower interest rate and rewards points. So the card with a higher rate and no reward points has a fee, and the other one doesn't. The funny thing is that I didn't even sign up for this credit card. I paid off a car loan and they asked me if I wanted a credit card and I said NO. Shortly after, I got the credit card in the mail.
Of course I would not. But I would not have closed the credit card either. See, with the new credit laws, all the credit card companies are changing their terms. Because closing a new card hurts your utilisation ratio by lowering your total credit limit, what you should have done instead is transforming the account to something else that is convenient and doesn't have an annual fee. This way the card remains in the credit report in just like the original, without changing dates, and your score remains the same. Thats important because a factor affecting credit is time, the older the cards, the higher your credit score. I hope you learn from this mistake, and dont call the company saying you want the card back, it doesnt work that way.
I also have a Bank of America card that I did not request. I think you raise an interesting point. Since many Bank of America credit cards are held by persons who did not want the cards in the first place, the $29 fees are going to lead to more cancellations than if the customers given the option to pay the fee or lose their cards wanted the cards.
The person who asked you if you wanted to card applied for you. They get compensated for every card they get approved. I can bet this was done in September. Right?
No, I would not keep it.