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Kingthedog

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transferring a credit card to another for a low interest rate and canceling that card out

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Impact can be Minimal

Depending on how long you've had the card and how many other accounts you have that are as old or older than that card will determine the potentially negative impact that closing the account will have on your credit score.  Transferring a balance to a lower interest rate loan/card is a great idea as is consistently paying the balance down.  The credit impact from more of your payment being applied to the principal and not interest is going to far outweigh the potentially minor implication that closing a higher rate card will have, since your debt-to-available-credit percentage will decrease much quicker with a lower rate.  Closing the higher rate account can impact a credit score because it can decrease your average age of account; minor enough that it should not stop you from taking advantage of a better opportunity with a lower rate card/loan.

Top Contributor
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Why do you need to close the older credit card? because, it has annual/monthly fees, it's difficult to deal with, you have 8 other credit cards or you have no need for any more credit cards because you have solid amounts in savings for the raining days and the "what ifs"?... If those don't apply then what's the harm to keep it open.

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