Should I close my Macy's store card?

Question

Hello everyone, I have a Macy's store card. I opened it about one year ago, but I didn't use it a lot, so I try to close it.

Some people told me that I should not close it because this will hurt my credit score.

But some people told me that I should close it because store card have a high interest rates.

So, should I close this card, or I just leave it open and don't use it. someone please help me.

PS: Can someone tell me what is interest rates? If I don't use the card will I get high interest rates>

Thank You

Answer 1

I would not close it.

In most cases, canceling a credit card won't help your credit score. In fact, it may actually hurt your score. You see, your credit score depends on how you shake out in five different credit-scoring categories, each weighted differently when calculating that score.

"Read this article: Link below."

Interest rates on credit card plans change over time. Some are explicitly tied to changes in other interest rates such as the prime rate or the Treasury Bill rate and are called variable rate plans. Others are not explicitly tied to changes in other interest rates and are called fixed rate plans.

Here is a second link  below for further credit card information.

Answer 2

Keep it open..even if you dont use it. If you do decide to charge..pay it off when you get the bill. You want your credit report to show that your responsible in making on time payments...not just opening and closing accounts.  

Answer 3

Keep it open.  It will not cost you anything and closing it will hurt your credit score.  Interest only applies when you buy things and don't pay off the whole charge when you get the statement.  If you don't buy anything or if you pay the balance off, no interest applies.