Its a new concept to me that rewards credit card has annual fee because where I came from banks usually waive it for us. I am wondering, is there any penalties if I took a deal and applied for a credit card that has $0 annual fee for first year but cancel it by end of that year and applied for a new offer?
there is no penalties for cancelling before the 12 month annual renewal.
To add to what mark has said, you can also ring up to ask what they can do to retain your loyalty as a customers at the end of Year 1.