I have one credit card that I have used since my early 20's. My credit has improved significantly since I was a college student, and I know I can get a better interest rate on a different card.
Since my credit card balance is $0, I was thinking of cancelling the account and getting a different credit card that accumulates travel rewards.
My question is two-part. First, will my credit score take a hit if I close out my oldest credit card account? I would leave it open, but it is really a terrible card with high interest rates and annual fees.
Second, is it a good idea to use a travel rewards card for daily spending (so I can accumulate reward benefits) as long as I can pay it off each month? I've heard of people doing this and I am not sure how sound this strategy is. I know I won't spend out of control on it, I am pretty responsible, but if this strategy has a long history of failing for one reason or another I'd like to know.
Submitted December 13, 2018 at 08:00AM by montblanc87 https://ift.tt/2C9VIQV
