New Delhi, Aug. 18 -- Banks evaluate the rewards program for their existing credit cards regularly. They also keep launching new credit cards regularly based on the evolving customer preferences. So, a change in the rewards program on your existing credit card or the introduction of a new credit card may make you wonder whether you should close an existing credit card and/or apply for a new credit card.

In this article, we will look at some of the reasons why people close their old/unused credit cards and their impact on the credit score.

There are various reasons why people close their credit cards. In the last few years, there has been a steady shift in why customers close their credit cards. The decision is no longer just about dissa...