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Should You Cancel Old Credit Cards? Know the Pros and Cons

Deciding whether to keep an old credit card or get rid of it is not a simple choice to make, but with the right knowledge, it should be easier to come to a decision. Find the pros and cons of cancelling an old credit card below:

Pros of cancelling old credit cards

  • You’ll rid yourself of a possible liability

Whatever the reason for closing an old credit card, one less credit card could mean one less opening for incidences of fraud or theft. Because old credit cards are often forgotten and are generally more difficult to maintain and manage, they could be vulnerable to criminals.

  • You’ll have less temptation to fight

If you are one of those who feel richer than you really are because you have extra credit, then it might be best to cancel some of your credit cards. The same applies to people who tend to spend more than they should, so in order to prevent or reduce temptation, it is a good idea to close any extra lines of credit.

  • You can cut back on paying annual fees

Your old credit card accounts may have annual fees and you really shouldn’t be paying annual fees on a credit card you don’t use. Whether it is because you were not paying close enough attention or because you applied for the card when your credit was poor, you will save a good deal of money by getting rid of the card and if you must, replace it with a personal credit card with a better deal. Once you have good credit, the competitive financial landscape will sort out the rest.

Cons of cancelling old credit cards

  • Cancelling could hurt your credit score

If you have a negative payment history, closing an old credit card won’t work magic for you because the payment history of a card continues to affect your credit even after the account has been closed. While the effect the closed account has on your credit score will lessen over time, it is certainly not a solution for improving your credit. Other factors to consider include the utilisation rate and whether the card you intend to cancel is your only credit card.

  • You could lose out on existing customer deals

While they are often not as juicy as new customer deals, some lenders may offer current cardholders a fantastic deal every now and then. If your lender is one of the considerate ones, you might be losing out on opportunities to enjoy great deals on your credit card if you decide to cancel. While the offers may not be better than those for new customers, at least you won’t have to go through a credit check.

Before taking the leap and cancelling an old card, be sure to evaluate your position carefully so you don’t end up with regrets. Learn how keeping or cancelling the card will affect you in the long and short run.

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Announcing Bundesliga Champion Borussia Dortmund Regional Partnership with GMO Trading

London, 29th June 2018 – In a big announcement today, GMO Trading one of the fasting growing online CFDs trading platform providers, has touted its new partnership with Borussia Dortmund, the eight time German Bundesliga Football Champions. The pact will position GMO Trading as the official regional partner for the football club this season.

At the commencement of the upcoming Bundesliga season, the companies will work closely to grow GMO’s market leading CFDs trading platform throughout Europe outside of Germany. The 2018-19 Bundesliga football season commences on 24th August, but GMO has already begun its marketing activities on its website at www.gmotrading.com and on its social media pages.

The GMO Trading platform is currently a favorite among CFDs traders throughout Europe including Germany and the UK. It features advanced speed and security and is easy to operate. There are training and research tools making it a top choice for beginning and

For those current and new GMO Trading clients, the marketing partnership will pay great dividends. They will receive offers to purchase limited Borussia Dortmund merchandise and access to VIP tickets and perks.

GMO Trading will be rolling out a number of Borussia Dortmund themed initiatives across its website and social media pages over the coming months.

For more information, please email Rebecca Wharmby – Rebecca.Wharmby@Threepipe.co.uk

About GMO Trading

GMO Trading is the brand name of Royal Forex a Cyprus Investment Firm, regulated by Cyprus Securities and Exchange Commission.

The company prides itself in offering its clients a first class trading platform that ensures the best available tools and provides them with access to global trading markets and all the available trading products.

For more information, visit the GMO Trading website at www.gmotrading.com or visit its Facebook at www.facebook.com/gmotrading/.

Canadian Destinations to Rekindle Your Love For Nature

If you are a nature lover then Canada should most certainly be at the top of your list fo places to visit. This vast nation manages to encompass just about every type of natural environment within its borders and it offers a huge amount for tourists to discover. Owing to the size of the country, you need to be smart with your travel planning, to make sure that you are able to visit all of those spectacular natural sights that are ready and waiting for you to discover. When you do go on a trip to Canada, looking to get back in touch with nature, here are the best places that you should be aiming for.

Emerald Lake, Yukon

For animal and nature lovers, Emerald Lake in southern Yukon makes for a perfect destination. This area was given the name Emerald owing to its thick and dense green color, which both the trees and the lake have. The Yukon Wildlife Preserve is one of the best opportunities to see several of Canada’s most famous mammals. This reserve covers a vast area of over 700 acres.

Cape Breton Island, Nova Scotia

Nova Scotia is a rugged territory with a truly unique landscape. Just off the Atlantic coast here you will find Cape Bretton Island, where the Highlands National Park is situated, possibly one of Canada’s most beautiful spots. Here you will have stunning ocean views across the Atlantic Ocean as well as some of the finest vantage points to spot black bears, moose, bobcats, coyotes and the illusive red fox. As if all of this wildlife wasn’t enough, you can also take trails along the coastline which can give you a birds-eye view of whales and dolphins swimming below.

Banff National Park, Atlanta

Some of Canada’s most iconic images are those with jagged mountain ranges, peering over turquoise glacial lakes with thick forest interspersed between the two. This is exactly what you will find in Alberta’s Banff national park, a truly spectacular corner of the world. This is actually the oldest park in Canada and the region makes up over 6000 square kilometers of land. It is here that the Canadian Rockies call home, with their snow-capped peaks and dramatic landscape. Here you can take kayak tours through the lakes and rivers, hike and climb, animal spot, or simply camp out in one of the most scenic places on the planet.

Churchill, Manitoba

This area of Canada is known as the country’s polar bear capital, and a trip here will all but guarantee you a chance to witness these awesome animals in their natural habitat. As if the sight of a polar bear wasn’t enough, here you can also spot beluga whales and almost 300 different species of local birds. Beyond everything else however, seeing a polar bear up close and personal, going about its daily business, will undoubtedly be one of your biggest highlights of visiting this gorgeous region of Canada.

Why not get back in touch with nature this year and hit some of Canada’s most beautiful scenic spots.