The general consensus is that you shouldn’t close credit card accounts because they help boost your score by showing that you have a credit history that expands over time. However, there are definitely times when it’s more beneficial to close an account rather than keep it open.
Here are occasions when you might want to close an old card:
- You keep overspending on it.
- It has a high annual fee/high interest rates.
- If it’s a joint credit card with an ex.
- There are too many unnecessary charges being put on it.
Image via Irish Times.