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(4.80 out of 5)Credit card and finance computations can make your head spin, we have developed common calculators to assist you.
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Transaction fees are charges the credit card issuer puts on your account... ...more
It’s good practice to keep open only the financial accounts that you currently use. It’s not always the best choice to close out credit card accounts you seldom use, however. These guidelines will help you decide whether or not you should say good-bye to your credit card account.
Keep Your Cards With the Longest History
If you have had a credit card for a long time, keep the account open. Part of your credit score is based on your credit history. If you close your longest standing accounts, you lose that history.
Keep Credit Cards with Outstanding Terms
If you have a credit card with a low interest rate and no annual fees, keep the account open. There is no point in getting rid of a credit card that offers you more advantages than your other cards. Get rid of your accounts with the ridiculously high interest rates and annual fees.
Keep Accounts with Balances Open
As soon as you close a credit card account, your available credit for the account falls to $0. If you close a credit card account when there is a balance on the card, this appears as if you have exceeded your credit limit. Wait until your balance is completely paid off before you close the account.
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