Sean Pyles

So I'll save myself $200-ish and be using a card that actually more aligns with how I'm traveling and spending money now.

Oh, wow.

OK.

I know one thing people get concerned about when it comes to canceling cards is the hit to their credit score.

They should know that their credit score will take a hit in part because you're going to have a lower credit utilization.

Your credit history might be shorter, but it's often going to be temporary.

And I would say it's well worth the 200 plus dollars you'd probably be saving to have a slightly lower credit score, at least for a little bit.

I'm guessing no, because of how you're telling the story.

Worst of both worlds there, Elizabeth.

Wow.

I know.

Part of why I took out my credit card last August was because I had my wedding and my honeymoon coming up.

And I knew that between those two expenses, I was going to be spending a lot of money.

And I very easily hit my signup bonus with money I was already planning to spend.

I'd already had money tucked away to cover these expenses anyway.

So it worked out really well for me.

It takes a lot of the guessing out of the equation of how much you need to spend when, which can help you stop overspending too.

I'll also, of course, add on, as you are working to get the signup bonus, don't spend money that you don't need to be spending just to hit that signup bonus.

And please make sure you have cash to cover it because I think we mentioned this earlier,

These cards have often very high interest rates and can lead to a debt spiral, so please avoid that if you can.