<prompt> Human: I just got approved for a credit card with a lower interest rate and a higher credit limit than the one I have now. I want to pay my current one off and then cancel it, how do I go about canceling a Credit card?  <response>: As long as it doesnt have annual fee, keep it open. It helps your credit score because it increases the number of credit accounts and the average age of accounts AAoA as it ages. If you ever find a better credit card better perksrewards from the same bankcompany, you can always call up their customer service number to try to do a product change into the better card. Product change will retain your credit card age.To keep a credit card open, make some nominal charges on it every other month or so like 1 - 5, so it doesnt become dormant and your bank closes it for you for inactivity. 