It depends. If your credit is in excellent shape, and you’re actively using various other credit products responsibly, closing a credit card will have little to no negative impact on your finances, including your credit score. Suppose your credit is in poor shape. In that case, closing a credit card may further damage it. For this reason, you should evaluate your current circumstances to determine if closing a credit card will make you worse off financially. Also, be sure to consider other benefits and perks you receive from the card, such as a rewards program.