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What happens when I close a credit card?

You lose that card's available credit (raises utilization), and your average account age can drop. Generally don't close your oldest card. Downgrade to a no-AF version of the same product instead.

If a premium AF card no longer pays, ask the issuer to downgrade to a $0 AF sibling within the same family (Sapphire Reserve → Freedom Unlimited; Amex Gold → Blue Cash Everyday). Downgrades preserve your account history. Only close when no downgrade is offered AND the card is not your oldest account.

Reviewed by the ClearValue Editorial Team · Last updated 6/29/2026