Want to travel without sabotaging your future? These smart summer strategies help you relax now and retire on track.
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Advertising Disclosure: When you buy something by clicking links within this article, we may earn a small commission, but it never affects the products or services we recommend. Summer vacations offer a chance to recharge, but they shouldn’t come at the expense of your retirement savings. With strategic planning, you can enjoy memorable experiences while keeping your long-term financial goals…
Your 50s are a prime time to take control of your finances. Here’s how to realign your spending now so your retirement years feel more secure.
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Advertising Disclosure: When you buy something by clicking links within this article, we may earn a small commission, but it never affects the products or services we recommend. Forget penny-pinching. These smart strategies could reshape how you spend and save as retirement gets closer. Budgeting in your 50s isn’t about sacrifice — it’s about strategy. As retirement draws near…
Debit cards may seem like a low-risk way to pay, but they often expose you to greater fraud risk, fewer protections, and costly surprises. These common missteps could leave your finances vulnerable.
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Advertising Disclosure: When you buy something by clicking links within this article, we may earn a small commission, but it never affects the products or services we recommend. Financial convenience often comes with hidden costs. Debit cards offer direct access to your funds but lack many protections that credit cards provide. Understanding the behavioral patterns that put your finances at…
As economists hold their breath for July’s tariff pause expiration, experts weigh whether the economy will stabilize or worsen amid potential price increases and supply chain disruptions.
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Advertising Disclosure: When you buy something by clicking links within this article, we may earn a small commission, but it never affects the products or services we recommend. As July approaches, economists and business leaders are holding their breath for what may be a pivotal moment in the American economy. The 90-day tariff pause instituted earlier this year is set to expire…
Wall Street steadied as U.S. and Chinese officials concluded trade talks in Geneva, with investors watching closely for signs that tariff relief might finally be on the table.
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Advertising Disclosure: When you buy something by clicking links within this article, we may earn a small commission, but it never affects the products or services we recommend. Investor caution defined Wall Street as markets paused ahead of high-stakes trade talks between the United States and China, which concluded in Geneva earlier today. Though some optimism crept in late in the week…
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In the past seven years, my wife and I have opened 22 credit cards. Twenty-two!Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. I know, it sounds reckless. But we are extremely responsible users. And we love chasing big welcome bonuses and playing the points game.Thankfully, we also built a pretty good system for managing all those cards. And just as important, a smart strategy for knowing which ones to cancel without totally trashing our credit scores.Here’s how we decide what stays and what goes.1. Cancel cards with high annual fees you don’t useAnnual fees can be worth it if the perks pay you back in travel credits, cash back, or rewards. But if you’re holding a pricey card “just in case,” it’s time to rethink it.Quick tip: Before canceling, I always ask if I can downgrade to a no-annual-fee version. That way, I keep my account open (helping my credit score) without the yearly charge.If no downgrade option exists and the benefits aren’t justifying the fee, I cut it loose.By the way, if you’re ready to replace an expensive card with something that fits better, take a peek at the best credit cards for May 2025, picked by our experts.2. Cancel newer cards firstYour credit score likes long-term relationships. That’s why I prioritize canceling newer cards over older ones. Closing a newer card does less damage to my average account age — more on that later.Pro tip: Make sure you redeem any remaining points or cash back before shutting down an account. You don’t want to erase all those hard-earned rewards!3. Cancel cards that aren’t rewarding anymoreIf a card truly isn’t fitting your lifestyle anymore, it might be time to cancel it and swap it out. Choose a new top-rated credit card that pays you more.Back when I first met my wife, we ate out all the time. Earning rewards on dining and restaurants was important back then because that’s where a lot of our spending went.But now with two little kids, we barely make it out of the house. Grocery runs have replaced date nights — and so we see more value from grocery and gas reward cards.Want to make your next card really count? Check out our list of the biggest sign-up bonuses available today — these can be worth hundreds in rewards.How canceling a card affects your credit scoreYour credit utilization ratio (the amount you owe divided by your total available credit) makes up about 30% of your credit score. And the average age of credit makes up about 15%.Here are the two main risks when canceling a credit card:Lower total available credit: Canceling a card shrinks your available credit. This means your overall utilization ratio becomes higher and can ding your score.Shorter credit history: Older accounts lengthen your average credit age. While closed accounts might still show up on your report for a few years, eventually they drop off, which can hurt your credit score.So before getting too trigger-happy with cancellations, be mindful of these important factors.How many credit cards do you really need?There’s no magic number, but for most people, keeping two or three solid cards covers all the bases. Here’s a solid setup:Your oldest card: Preferably one with no annual fee, keeping your oldest account open preserves all that good history.A top rewards category card: One that earns the biggest on your largest spending category — like travel, dining, or groceries.A catch-all everyday card: A simple, flat-rate cash back card for all other purchases.Arming yourself with these staple cards will ensure you’re ready to take on anything, from your weekly grocery store visit and gas fill-up to your next big tropical getaway.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”
Image source: Getty Images
In the past seven years, my wife and I have opened 22 credit cards. Twenty-two!
Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
I know, it sounds reckless. But we are extremely responsible users. And we love chasing big welcome bonuses and playing the points game.
Thankfully, we also built a pretty good system for managing all those cards. And just as important, a smart strategy for knowing which ones to cancel without totally trashing our credit scores.
Here’s how we decide what stays and what goes.
1. Cancel cards with high annual fees you don’t use
Annual fees can be worth it if the perks pay you back in travel credits, cash back, or rewards. But if you’re holding a pricey card “just in case,” it’s time to rethink it.
Quick tip: Before canceling, I always ask if I can downgrade to a no-annual-fee version. That way, I keep my account open (helping my credit score) without the yearly charge.
If no downgrade option exists and the benefits aren’t justifying the fee, I cut it loose.
Your credit score likes long-term relationships. That’s why I prioritize canceling newer cards over older ones. Closing a newer card does less damage to my average account age — more on that later.
Pro tip: Make sure you redeem any remaining points or cash back before shutting down an account. You don’t want to erase all those hard-earned rewards!
3. Cancel cards that aren’t rewarding anymore
If a card truly isn’t fitting your lifestyle anymore, it might be time to cancel it and swap it out. Choose a new top-rated credit card that pays you more.
Back when I first met my wife, we ate out all the time. Earning rewards on dining and restaurants was important back then because that’s where a lot of our spending went.
But now with two little kids, we barely make it out of the house. Grocery runs have replaced date nights — and so we see more value from grocery and gas reward cards.
Your credit utilization ratio (the amount you owe divided by your total available credit) makes up about 30% of your credit score. And the average age of credit makes up about 15%.
Here are the two main risks when canceling a credit card:
Lower total available credit: Canceling a card shrinks your available credit. This means your overall utilization ratio becomes higher and can ding your score.
Shorter credit history: Older accounts lengthen your average credit age. While closed accounts might still show up on your report for a few years, eventually they drop off, which can hurt your credit score.
So before getting too trigger-happy with cancellations, be mindful of these important factors.
How many credit cards do you really need?
There’s no magic number, but for most people, keeping two or three solid cards covers all the bases. Here’s a solid setup:
Your oldest card: Preferably one with no annual fee, keeping your oldest account open preserves all that good history.
A top rewards category card: One that earns the biggest on your largest spending category — like travel, dining, or groceries.
A catch-all everyday card: A simple, flat-rate cash back card for all other purchases.
Arming yourself with these staple cards will ensure you’re ready to take on anything, from your weekly grocery store visit and gas fill-up to your next big tropical getaway.
Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
Tarra “Madam Money” Jackson is a financial educator, international speaker, author, and wealth empowerment strategist helping you heal, build, and grow your wealth.
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