When to Keep or Cancel Your Card

You just paid off that credit card with a $95 annual fee, but wait—are you about to throw away your credit history? Canceling a card can drop your credit score by 30 points, and if you’ve got a balance on another card, that could mean higher interest payments. But here’s the kicker: If you’ve got a card that earns 2% cashback and you rarely use it, it might be time to cut it loose. Keep cards that boost your credit utilization ratio or offer perks you actually use. The key? Assess whether the rewards outweigh the fees. So, don't just cancel for the sake of it—think strategically and keep the cards that truly work for you.