If you want to switch to a credit card with no annual fee, you should know how much you’ll save by making the move. This may require a little math on your part, as calculating savings isn’t always as simple as deducting the cost of the original annual fee card. In some cases, you may come out ahead by sticking with your current card and paying the annual fee. This will depend on both cards’ benefits and rewards, as well as how much you plan to spend, among other factors.

What You Should Know About Switching to a No Annual Fee Card

There’s a wide range of no annual fee cards available.

About 90% of all credit cards on the market don’t charge an annual fee, and many of them come with 0% APR offers, initial bonuses, ongoing rewards, and more. No annual fee credit cards are also available to customers of all credit levels, from bad credit (a credit score below 640) to excellent credit (a credit score above 750).

You will need to do a bit of comparison shopping to find the right card. Our editors’ picks for the best no annual fee credit cards are a great starting point.

You’ll likely get fewer rewards and other perks.

If you’re ditching the annual fee card because you’re not using it enough for the card to pay for itself with rewards earnings, no problem. That said, it’s likely that a no annual fee card won’t offer the same level of benefits as a card with an annual fee. You’ll also need to determine if you’ll be getting comparable earning rates in the bonus rewards categories you use most. And if you have unredeemed rewards on your annual fee card, use them or ask if they’ll transfer to the no annual fee card.

Issuers may waive the annual fee, if requested.

Before you switch to a card with no annual fee, try to get your current credit card’s annual fee waived. Several credit cards will waive the annual fee as a promotion for the first year, but aside from that, it’s up to you to contact customer service and make the request. The chance of getting an annual fee waived is a long shot, but it’s possible, and there’s no penalty for asking. If your request is denied, you can always cancel your existing card and get a credit card with no annual fee.

APRs may differ.

If you do a product change to a no annual fee card from the same issuer as your current credit card, there’s a chance the regular APR may transfer to the new card, but it’s not guaranteed. This should be a concern if you routinely carry a balance from month to month. If the APR goes up on your new card, interest charges on any unpaid balance could end up costing you at least as much as the annual fee on the old card.

Downgrading and applying for a new card both have pros and cons.

Decide if it’s worth it to downgrade to a card with no annual fee or to apply for a new no-annual fee altogether. A downgrade, or product change, isn’t considered a new account, so there’s no effect on your credit score, as there would be if you were to apply for a no annual fee card outright. You would be eligible for the card’s initial bonus if you apply, but chances are you would not be if you downgrade. Furthermore, canceling your annual fee credit card will affect your credit utilization, average age of accounts, and ultimately, your credit score.

Annual fees may be refundable.

When you switch to a card with no annual fee, you may be eligible for a refund of your current card’s annual fee. How much of a refund you can get will depend on how many months have passed since the fee was charged to your account, whether your new card is from the same issuer, and whether you are canceling your old card.