Credit cards come with cool benefits these days ranging from fantastic rewards programs to those that let you upload the picture of your choice to dawn the front of your card. Many companies have made it cool to be a member. But what they can’t offer you is something you may already have, tenure.
Establishing a credit history (and improving your score) is easiest when you have a card for a longer period of time. FICO prefers this and is highly recommended over switching cards every year. Granted, you may have the option to transfer balances from a 12% interest card to 0% interest card for a limited time in order to stave off increases in the total amount owed, but applying for new forms of credit will get more difficult in the future. Still, if this is your master plan don’t cancel your old card. Just pay off the new 0% card and then cancel that new one.
The Bottom line: Older is better in the world of credit cards.