Closing a credit card: let’s get the facts straight

There are so many myths surrounding the issue of credit card closing I thought it’d be helpful to dedicate a whole blog post to this topic.
Why should you close a credit card? Well, there are several reasons:

  1. The credit card is pure junk, such as one of the worst credit cards in America which are listed here: http://abcnews.go.com/blogs/business/2012/10/6-worst-credit-cards/ – No questions about this.
  2. The credit card carries an unsustainable annual fee, such as most loyalty and transferable points cards (if you’re not familiar with reward credit cards, check this post out). Many cards of these types waive the first year’s annual fee, and many consumers don’t find them worth keeping beyond the first year.  Continue reading Closing a credit card: let’s get the facts straight