The reason not to cancel a credit card is because the average age of your credit is important.
If you do not have a loan like a house payment that you have paid for several years your oldest credit history account is probably a credit card.
If the average age of all of your credit cards is less than six or seven years your score will not have an over 800 credit score.
I have acquired a lot of credit cards through the years. Many of them after I get the bonus I will quit using. It usually takes a year or two for the company to delete that credit card account.
However I have four cards that I have had for over ten years. I make sure I use them some so they do not get cancelled. A few times a year is enough to keep the cards active.
If you do not have a home loan it is a good idea to keep a good credit score to have at least two old credit cards active. You do not need to ever carry a balance on your cards to keep them active, just make a purchase or two every year.
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