Everything you do related to credit cards will affect your credit. My advice would be to leave the credit card account open and here's why;
While just cancelling your credit card (with no balance) shouldn't hurt your credit, here are a couple things to think about;
1) your credit history makes up 15% of your credit score. No history means no points.
2) your payment history is makes up 35% of your credit score. I know you said you don't have a balance, but an occasional purchase and on-time payment will help your credit.
The only thing that could hurt you if have too much available credit. If the card has a $50,000 limit, this could work against your. But I doubt it, seeing this is your first card.
Keep them. This will raise your credit score. Having an active account that you do not use is an excellent way to raise your credit score.
You will have to talk to you credit card company. They will be able to assist you in transferring your balance on your credit cards.
Chase offers cash back credit cards, rewards credit cards, travel credit cards and Special Balance Transfer Offer Intro APR on Purchases and Balance
There are many credit cards that offer free balance transfers. Credit cards such as the 'Discover it Card' and 'Citi Diamond Preferred card' offer free balance transfers.
You can compare balance transfer credit cards easily and directly on the CreditCards website. The CreditCards website offers a detailed comparison of balance transfer credit cards. The CreditCards website compares balance transfer credit cards such as the Citi Simplicity card, the Citi Diamond Preferred card, the Discover It card, and many more.
Keep them. This will raise your credit score. Having an active account that you do not use is an excellent way to raise your credit score.
You will have to talk to you credit card company. They will be able to assist you in transferring your balance on your credit cards.
"Whether a debtor keeps credit cards after filing bankruptcy is up to the credit card company. If you are discharging a credit card they will cancel the card unless you reaffirm the debt. Even if you have a zero balance the credit card company might cancel the card."
From prior discussions...it would seem you don't have to do anything. However, the issuer, upon finding out (from credit checks and services that provide this info to them), will likely cancel it. Although sometimes, it slips through the cracks.
Chase offers cash back credit cards, rewards credit cards, travel credit cards and Special Balance Transfer Offer Intro APR on Purchases and Balance
There are many credit cards that offer free balance transfers. Credit cards such as the 'Discover it Card' and 'Citi Diamond Preferred card' offer free balance transfers.
call and cancel them ASAP
You can compare balance transfer credit cards easily and directly on the CreditCards website. The CreditCards website offers a detailed comparison of balance transfer credit cards. The CreditCards website compares balance transfer credit cards such as the Citi Simplicity card, the Citi Diamond Preferred card, the Discover It card, and many more.
Bankrate.com has a good website that shows you best interest rates and best credit cards. Go to the site, then go to credit cards. Then click on best for balance transfers.
High Credit card balance affect your credit score negatively. See, the debt to credit ratio makes up 10% of your credit score. This means the amount of money you owe on a credit line. The more you owe, the worse it hurts your credit (maxed out cards do the most damage). It is recommended to try to be below 30% of your line of credit.
The credit cards that offer low interest balance transfers are from Bank of America, Wells Fargo, Chase. There are many credit cards that offer 0% interest.
There are several zero interest on balance transfer credit cards available on the market. The best credit cards include Barclaycard, NatWest, and Virgin Money.