Cancel your old credit cards

Shopping around and switching credit cards to get lower interest rates, rewards, or longer interest free periods is a great idea.

BUT - when you switch make sure you cancel your old card and cut it up as soon as your new card come through.

There are 2 reasons for this.

• Firstly - if you keep the old credit card you may be tempted to keep using it and rack up 2 credit card bills and increase your credit card debt.
  
• Secondly - most credit cards has an annual fee. If you just forget about your old credit card and you do not cancel it, you will continue to get $0.00 statements for a while, then you will be hit with a $50.00 or $100.00 annual fee which you will have to pay.

Cancelling your old credit card immediately will mean no more annual fee for a card that you do not use.

Another $100 saved!