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Should I close a credit card that has a high rate of interest and I use it rarely? I haven't been using it for past 5-6 months at least.

You can do it if doesn;t hamper your oldest credit history and the credit limit. If your debt amount is low, you can cancel your card as it won't increase your credit utilization ratio.

Sub: #1 posted on Thu, 03/04/2021 - 22:32

Mabelle Page Mabelle Page

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Cancelling a card with cost you points. If there is no annual fee, and you maintain a zero balance, it does not hurt to keep it open.

Sub: #2 posted on Sat, 03/06/2021 - 19:10

Moderators Cum Industry Expert
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Hi. I would suggest you close your high-interest credit card asap. Yes, it may hurt your credit score a bit. But using high-interest credit cards can make you vulnerable to fall prey to the debt trap.

Sub: #3 posted on Sun, 03/07/2021 - 21:34

Craigh.terry Craigh.terry

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You have to pay a high rate of interest only when you use the card. Right? In my opinion, the best option is to use the card only when there is no other option. But don't close it. You would lose the credit history. Maintain a good payment history. Thereafter, you can ask the credit card company to lower your interest rate.

Sub: #4 posted on Mon, 03/08/2021 - 20:20

David Martin David Martin

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