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I received the letter. I think I will keep it. For the amount of interest I save from this facility, it is worth having it. I pay interest at 4.99% on a significant balance (for the life time of the balance). It is a high fee for a low interest no frills credit card, but it works for me.
so it really depends the use and individual circumstances.
There is a carrot of this fee waiver if you spend $1000.00. But, this is a trap. If you spend $1000.00, you will start paying 17% interet ($170.00 per annum), which will set off the fee that is waived. Any payments that I make will first go to set off the balance at 4.99% and your balance at 17% will keep shadowing you till you wipe off the entire credit.
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