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Should I close a credit card with high rate?

Submitted by PollardK on Thu, 03/04/2021 - 19:35

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.

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.

Submitted by Craigh.terry on Sun, 03/07/2021 - 21:34


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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.

Submitted by David Martin on Mon, 03/08/2021 - 20:20

David Martin

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