Credit Cards: Advantage Of Closing Accounts?

[Vini]

just transferred remainig balance of one cc to another, is there any advantage to closing it or keeping it open?

ive read that your credit rating is improved by keeping it open and not using it, it was a while ago, tho, and maybe a myth?

[5lab]

it helps avoid temptation

[Vini]

but i could cut it up...

[XA04]

I'd say keep it. Cut the card up though if it helps you avoid temptation. But there's nothing wrong with having a empty bank account, may come in useful sometime, as long as your not in debt with it or anything

[nichomach]

Freezer. Plastic bag. Jam jar full of water. Card in bag, in jar, in freezer. Done.

[mark22]

Haha bit excessive. I was wondering the same thing though, I mean if I keep changing cards for the 0% interest I might run out of options so if I close an account I could then apply for a new card from the same company maybe. I know it's doubtfull I'll get that far as there's plenty of companies and I could pay it off right now but I like the 0% option and I'm getting 5% interest in my savings account so it seems silly to pay it off.

[Vini]

i never wish to use it again, so i might just close it...

/me heads over to MSE