New Delhi, April 11 -- Credit cards are credit instruments. They help users in securing credit on the promise of making payments within the stipulated time as per the contractual commitments between the credit card user and the lending institution.

Now, cancelling a credit card comes with its own complexities, issues and problems. It can definitely impact your credit score, depending on factors such as: credit utilisation ratio, credit history length, any pending payments, past defaults and your overall credit mix.

In an exclusive conversation with Mint, Rohan Bhargava, Co-founder of CashKaro and EarnKaro discussed the concept of cancelling out credit cards and its implications for credit card holders.

He stated that, "Closing a credit...