Don't cancel it. That is a great credit limit and you want that to stay on your credit file.
I recommend if you are unsatisfied with the terms to discontinue using it. However once the balance is paid off you should dust it off two to four times a year with a small purchase, to ensure they keep reporting the card as active and do not cancel it.
The Bank of America Accolades card does not require hundreds of thousands of dollars in spending as you mentioned. I think what you are referring to is this portion of the article.
Further, clients with more than $200,000 in assets with Bank of America will receive access to enhanced benefits, such as comprehensive identity theft protection and recovery services, and complimentary access to more than 500 airport lounges worldwide. Clients in The Private Bank and Family Wealth Advisors will also have the ability to use rewards points to make charitable contributions matched by Bank of America.
I do not know of anyone that has the Accolades card yet. Due to Bank of America's questionable practices as of lately I would recommend holding off on this card. First wait and see how satisfied other cardholders are before you jump ship and switch from American Express.
You may qualify to have the $295 annual fees waived each year.
"BOSTON, June 11 /PRNewswire/ -- Bank of America today introduced the Bank of America Accoladesâ¢ American ExpressÂ® card, the first premium credit card designed exclusively for Bank of America's affluent, wealthy and ultra- wealthy clients served through Premier Banking & Investmentsâ¢, The Private Bank of Bank of America and its extension, Family Wealth Advisors..."
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