Although I also have been a victim of the $39 late fee (for being 1 day late) I disagree with closing it out. I was a customer for about 9 years spending on average $2-4K per month, when I called and complained about the fee for 1 day late, I was told that the fee cannot be reversed unless it was a bank error. I stated my case, that my neighbor had received my mail and by the time i got it and paid they received it 1 day late. It was no go. Instead of canceling the card, I just placed it in my vault with a small note to remind me of what happened, and won't ever use the card again. They have to maintain my account and provide all the required disclosures as they change and so forth. I feel a bank will incur a bigger expense if customers just stop using the cards than if they close them. It truly is a sad day when long standing customers who make decent $ purchases and have never been late before, get charged for being 1 day late with a payment.