by Christy Bieber | Feb. 17, 2021
Watch out for these consequences to closing down an old credit card.
Credit cards aren't necessarily meant to be used forever. There are plenty of circumstances where you'll use a card for a while, but your needs will change and you'll decide you'd rather switch to a different one.
If that's the case, you'll have a choice to make: Do you want to close down the old card or keep it open? There are pros and cons to each option that should be carefully considered before you decide which approach is best for you.
Here are some of the biggest advantages of closing down a card you aren't using any more.
And here are some of the biggest disadvantages of shutting down your old card once you're no longer using it any more.
Ultimately, you'll have to consider the specifics of your situation when deciding whether it makes sense to cancel a credit card or keep your old cards open. If the card doesn't cost you money and you're confident it's not going to tempt you to get in over your head and into financial trouble, there's little harm and potentially significant benefit in keeping it open -- even if that does mean you need to make an occasional purchase on it once in a while.
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