Should I close my Macy's store reward 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

This is a judgment call for you to make on your own.

If you have good credit and you have other credit cards, then maybe you would be better off closing it and just keeping your utilization low on the other cards.

If you have decent credit or worse, then I would keep it open and just use it occasionally to ensure that they do not cancel it on you.

The interest rate on the Macy's card may, ultimately, be a low price to pay for a better credit score. I cannot answer that for you because I don't know what your FICO score is.