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What are the benefits of closing my other credit cards after a Balance Transfer?

Some of the benefits from closing your other credit cards and loans are:

  • helping reduce the total amount of credit card and loan annual fees you pay;
  • simplifying your finances and decreasing the number of cards you hold;
  • preventing you from accruing additional debt, by decreasing the available credit options;
  • helping prevent increases in your monthly debt obligations; and
  • reducing the amount of credit recorded against your credit bureau record.

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