A new survey from Discover suggests that paying an annual fee on a credit card does not always guarantee satisfaction with it. The collected data showed that 70 percent of consumers are very satisfied with their credit cards with no annual fee, while in contrast, only 35 percent of respondents said they are equally satisfied with their credit cards that require an annual fee.

The survey found that 66 percent of consumers said a credit card’s annual fee factors into their selection of it, and similarly, 60 percent said having no annual fee is a very important factor when they choose a card. Most people who pay an annual fee reported paying between $51-100.

Among consumers actively considering switching credit cards, the number one reason – 54 percent – is to avoid paying the annual fee. Older consumers are more likely to consider switching to a new credit card because they do not want to pay the annual fee – 78 percent of pre-boomers, 67 percent of baby boomers and 58 percent of Gen X, compared to 46 percent of millennials and 41 percent of post-millennials.

“Our survey found that the most popular benefits for paying an annual fee are to receive cash-back rewards (52 percent) and travel benefits/rewards (48 percent),” said Andrew Hopkins, senior vice president of marketing at Discover. “We don’t think our cardmembers should have to pay a fee to get great perks, which is why we provide a full suite of credit cards with a variety of benefits, all without annual fees.”

When it comes to paying annual fees, younger generations are more likely to participate, as 59 percent of post-millennials and 52 percent of millennials have a credit card with an annual fee, compared to 47 percent of Gen X, 43 percent of pre-boomers and 41 percent of baby boomers.

Thirty-seven percent of overall respondents said they have closed a credit card due to the annual fee, and about one-third, 32 percent, said their one-year anniversary with the card is typically when they regret paying the annual fee.

“The twelve month mark seems to be a crucial moment in time for the relationship between many of the surveyed cardmembers and their credit cards,” said Hopkins. “One year usually gives cardmembers a good ‘test drive’ period with their card, when they can get a sense of their card’s benefits and features. For new Discover card members, it’s also a time when they see their Cashback Match; when we automatically match all the cash back they have earned at the end of their first year.”