If you have several credit cards, should you cancel cards with 0 balance? Will this affect my...

Canceling a credit card does not necessarily have bad impact on your credit score. You should cancel credit cards with 0 balance if:

1. You have 5 credit cards or more. Having too many credit cards is bad for your credit report. It is a well known fact that better perks such as cash bonuses or 0% APR introductory periods come with new cards. If you have 5 credit cards already it might be hard for you to get a new one with better terms. 2. The credit card does not have significant credit limit. If you have several cards feel free to cancel the ones that have the smallest credit limit so it won't affect your debt to credit ratio.3. You are not likely to use this card again. If this card has high APR or does not give you the rewards you need why keep it? You will be able to get a better card.

Here are the cards that might work for you if you do not want to keep your available credit for better credit score.

American Express Blue from American Express®. This is our top choice for consumers with good credit history. It gives you a 0% intro period on purchases for 15 months. With this card you can earn 1 point for every dollar spent. The card has one of the lowest APRs. This offer is for good credit.

More Card Discover® Card. If you are looking for a great card with cash back rewards consider this card with 5% cash back bonus in categories like movies, travel and more. The card has 0% on balance transfer and purchases.

Platinum Capital One®. If you have average credit but need a card with low APR this card is the best one for you. It also gives 0% APR in purchases till December, 2008.