What's in your wallet? It could hold one of the worst credit cards if you haven't been paying attention. The terms of rewards credit cards change over time; that card that seemed great a few years ago could now be a dog. While nabbing a card with a big bonus for new customers is tempting, you must also be sure it's the right card for the long haul. And with interest rates soaring and annual fees trending up over the past few years, you should take a close look at your cards. Here, we have rounded up a list of the Worst Credit Cards of the year thanks to a WalletHub study.
As a first step, cull any of these cards from your wallet, and then shop for a card with better terms or a compelling bonus offer. But if you have more than one lousy card, don't close them all at once. Canceling a card will lower your credit score — albeit temporarily. You can protect your score by closing bad cards and opening a new card over time. The goal is to hold on to the best cards and, even if you don't use them daily, keep your credit cards active to protect your credit score.
