I called to close the account and they had me speak to some guy in retention. I told him of my new cards and he said that those cards have hidden fees for extra services like replacing a card or doing a balance transfer and that is why they charge no annual fee. He said Capital One charges the annual fee to cover all those fees. He said he had a Chase card and the hidden fees were $150 a year. My bullshit detector was going off and I laughed to myself. I did not ask for the annual fee to be cancelled. I did not ask for any special favors. He volunteered that they would increase my credit limit by $500 today and cut the annual fee in half and that my account was due a big review in August. He said my account was in sterling condition and he said that after August, I should be getting a big credit limit increase like $1000 at a time. (Yeah, sure!). He said that after you have proven yourself to Capital One with several years of excellent payment history, then they consider you for their other better cards and higher limits. He said that they would no longer have the $100 increases, but more like $1000 at a time. My credit limit had just been increased $100 just a month before I called today.I had received a letter saying they could not increase my limit for another 6 months. So, it was $400 when I called. I decided to take his offer since Capital One is my oldest account (since 1999 or was it 1998?) He said he did not have the authority to completely cancel my annual fee, the best he could do was $500 increase and reduce the fee by half.