2684: Should You Cancel Your Credit Card After Paying It Off by Kumiko of The Budget Mom on Frugality

Optimal Finance Daily - Financial Independence and Money Advice

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4.5 • 1.3K Ratings

🗓️ 8 April 2024

⏱️ 11 minutes

🔗️ Recording | iTunes | RSS

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2684: Kumiko of TheBudgetMom.com tackles the common dilemma of whether to close a credit card after paying it off. She weighs the pros, like avoiding temptation and minimizing fees, against the cons, such as the potential negative impact on your credit score. Her conclusion is nuanced, advocating for keeping the account open under certain conditions, especially when planning significant financial moves like buying a house. Read along with the original article(s) here: https://www.thebudgetmom.com/should-you-cancel-your-credit-card-after-paying-it-off/ Quotes to ponder: "The number one reason most people choose to close their credit cards is to avoid temptation." "If your credit card is charging you fees, you should think about closing it." "Closing a credit card account can hurt you if you are attempting to get a mortgage." Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This episode is brought to you by Cracken.
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0:28.9	goes wrong.
0:30.9	This episode is brought to you by Revolute. Revolute is the all-in-one finance app for those who want more from their money.
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0:56.5	18 plus until the 14th of April 2024, T's and C supply.
1:00.8	This is optimal finance daily episode 2684.
1:04.0	Should you cancel your credit card after paying it off?
1:08.0	By Camico of the Budget Mom.com
1:11.0	and I'm your host and personal finance enthusiast Diana Meriam.
1:15.0	Now let's get right to today's post as we optimize your life.
1:20.0	Should you cancel your credit card after paying it off by Camico of the Budget Mom.
	...

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