Should I cancel my Citi Card?

[bluestateguy]

In the last year I have paid off all my credit card balances, and adopted a "pay as you go" system with regard to credit cards, always paying off any balance I may have each month.

So with all that is going on with Citigroup now, should I cancel my card. I actually have not used it in two years anyway. I have two other credit cards, btw.

[GoesTo11]

1. Who cares? By the way, a Citicard ad came up w/your post.

Just because you have a card with them, it's not like you would be losing anything if they go under. They might raise rates etc. and then you could tell them to shove it.

[Demeter]

2. If You Never Intend to Use It, Cancel It

Otherwise, any thief can really wreck your life.

If you want it for an emergency, freeze it in a block of ice and store in the frig.

[pnwmom]

3. No, because that will lower your credit rating. Better to keep the line of credit

open and little used.

Something I didn't know is that it's better to spread the same amount of credit purchases among three cards than to rely on only one. (Even if you pay off everything every month.) And if possible keep your purchases to less than 1/3 of a card's limit at any one time.

[AlCzervik]

4. Why would you cancel it? I have a Chase Card that has had a zero balance for 2 years

but i didn't cancel it.

[Gogi]

5. Get a safe deposit box and...

lock it away.

[Pithy]

6. Keep it for emergencies

It might be really, really hard for anyone to get a new credit card for the next 12-24 months.