How do I switch credit cards and not affect my credit score?

I want to get a frequent flyer credit card but I already have 3 credit cards with generous limits. I don't need these credit cards and I would like to cancel them and have this "possible credit" to go towards the new card. I heard once that canceling a credit card has a negitive effect on your credit score. Is this true? If so, how do I switch credit cards and avoid affecting my credit score in a bad way?

Best Answer

Yes, it is true. Having active credit cards on your record is no problem. It shows that card issuers are willing to extend credit. If these cards have no balance on them, you should have no trouble getting a new card. Apply and start using it.

If there are balances on your other cards, it is a different issue. You should pay them off, or transfer them to the card with the lowest interest rate and pay that off as quickly as possible. Then make sure you never have a balance on a card that exceeds about 30 percent of the credit limit.

Paying the monthly charges in full each month is the best policy. It also means not paying any interest.

Why needs Credit cards??

I've never wanted or needed to apply for a credit card in my life. however my fiance and I are planning to buy a flat in the next 6-12 months and realise that I'm going to need to improove my credit (apparently never owing money is a bad thing).
My question is what's the best and safest way to build up credit, are credit cards used as a supplement to debit cards and if you are in credit on your credit card do you earn interest? I know I sound a bit thick but honestly don't have a clue about these things!!

Best Answer -

I do not know of a single credit card that earns you interest on a credit balance. That doesn't mean there aren't any. Good luck finding one, but I'm not sure that will count a lot to establishing credit worthiness.

Before creditors lend money, they need to be assured that the funds will be repaid. In other words, is the prospective borrower creditworthy?

How to Establish Credit

Begin by opening individual savings and checking accounts in your name. Over time, your deposits, withdrawals, and transfers will demonstrate that you can handle money responsibly.

Applying for a loan is another option, but be aware that this method of establishing a credit history will cost, since loans require the payment of interest.

You could take out a bank loan secured by the funds you have on deposit or by items you own, such as a car. You could also ask a friend or relative who has good credit to cosign a loan, which means that he or she shares liability for the loan with you.

You could also apply for department store and gasoline credit cards, which generally are easier to obtain than major credit cards. Before you apply for any credit, however, make sure you understand the terms. For example, how long is the grace period or the time you have to pay the current balance in full before finance charges are added? Is there an annual fee or other fees associated with the credit? If you believe that you will carry a balance, you need to know how finance charges are calculated.

Patience is important in this process. It takes time to establish credit and build a record of consistency in making payments to demonstrate your creditworthiness. And it is much better to go slowly and develop a strong credit record than to apply for too many credit cards or a loan that is larger than you can handle.

Start slowly, be cautious, keep track of your overall debt, and pay on time. Most importantly, remember that credit actually represents real money and has to be repaid with interest.

Hotel rewards credit card

Hotel rewards credit cards are among the best deals with rewards. With the hotel rewards offers you earn points for dollars spent on your purchases. The rewards program provided with hotel plastics, allows buying from certain stores or spending money to stay at hotels.

Most deals offer one point per 1 dollar spent. Later you can redeem points to stay at hotels or for other travel expenses. Not all hotel credit cards offer the same program. Check up the terms and conditions when you make online applications.

Applying for credit cards, make sure the hotels bank card provides no blackout dates or points expiration. Apply for credit card at our site. The online applications are quick and easy to submit.

	Bank Name Card Name	Intro APR PURCH.	Intro Period PURCH.	APR %	Annual Fee	Primary Hotel	Apply
	American Express Starwood Preferred Guest® Credit Card from American Express	2.9%	6 months	13.24%	$071	Starwood Hotel	•2.9% Intro APR for 6 months. •Earn 10,000 Starpoints with your first purchase. •Earn 15,000 bonus Starpoints when you spend $15,000 in 6 months. •Earn 1 Starpoint for every dollar of eligible spending. •Transfer Starpoints® - almost always on a 1:1 basis - to the frequent flyer programs of over 30 major airlines. •First year fee-free and only $45 thereafter. Apply
	Capital One® No Hassle MilesSM Rewards	0%	Until May 2010	13.9% (V)	$0	All-In-One	•1 mile per dollar spent on purchases up to $1,000 each month. •2 miles per dollar above $1,000 each month. •No limit on the miles you can earn and miles don´t expire. •0% APR on purchases until May 2010. •No Annual Fee. Apply
	American Express Platinum Card®	n/a	n/a	n/a	$450	All-In-One	•Make everyday purchases count twice: For a limited time, you can earn double membership rewards points on gas and groceries for your first year. •Earn 25,000 Membership Rewards® Bonus Points when you spend $1,000 in 3 months - Redeemable for one round-trip domestic airline ticket! •Fine Hotels & Resorts Program - exclusive amenities at boutique, resort, and luxury hotels around the world. •By Invitation Only® Events - access to exclusive, once-in-a-lifetime events. •Complimentary Airport Club Access. •24-hour access to Concierge Service for the finest experiences in dining, entertainment, and luxury. •The Membership Rewards First® program - Enjoy exclusive access to rewards and experiences featuring luxury retail, lifestyle, and world-class travel. •No Pre-set Spending Limit. Apply
	Capital One® Orbitz® Visa® Platinum	0%	Until May 2010	13.9% (V)	$0	All-In-One	•3 points per dollar spent on eligible Orbitz.com bookings. •Get 1 point per dollar on all other purchases. •No limit on the points you can earn and points don´t expire. •Redeem for Travel, Merchandise, Gift Cards and more. •No Annual Fee. Apply

http://www.credit-land.com/1002/1002_page_13373_32284.php

Wow, Today the banks has prepare the credit card for students. I thinks this is good for them. here the list of credit cards :

Student Credit Cards

Following is a list of credit card offers designed for high school and college students. Compare offers and apply online with a student credit card application.

Search through the Student Credit Card Offers below. Compare offers side by side in order to determine which card is best for you. Apply for the Credit Card of your choice by filling out a secure online application.

Citi ForwardSM Card for College Students
	The credit card that rewards you for good behavior Up to a 2% purchase APR reduction when you make a purchase, stay under your credit line and pay on time 3 billing periods in a row 6,000 bonus points after $50 in purchases are made within 3 months of account opening 5,000 bonus points when you sign up for paperless statements within 3 months of account opening 5 rewards points for every $1 you spend on dining, books, movies and music. 1 reward point for every $1 you spend on other purchases 0% APR for 6 months on purchases and balance transfers
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed 0%* 0% APR* for 6 months on purchases & balance transfers 17.24%* (V) None* Yes* Good Credit*

Discover® Student Card
	5% Cashback Bonus® in categories like travel, home improvement stores, department stores, gas, restaurants, pet stores and many more Up to 1% unlimited Cashback Bonus® on all other purchases 5% to 20% Cashback Bonus® through our exclusive online shopping site
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed 0% on Purchases* 6 months* 14.99%* None* N/A* No Credit History*

Citi® mtvUTM Platinum Select® Visa® Card for College Students
	0% APR* on Purchases and Balance Transfers for 6 months Earn 5 ThankYou Points® for every dollar you spend at restaurants, bookstores, record stores, movie theaters and video rentals stores. Earn 1 ThankYou Point for every dollar you spend on all other purchases. Earn 25 ThankYou Points every month when you pay on time and don't go over your credit limit. Earn up to 2000 ThankYou Points twice a year for having a good GPA. Redeem points for gift cards, travel, electronics, music and more. No Annual Fee
Intro APR Intro APR Period Regular APR Annual Fee Balance Transfers Credit Needed 0%* 6 months* 17.24%* (V) None* Yes* Good Credit*

	Prepaid & Debit Cards for Students
	Following is a list of Prepaid Debit Cards for High School & College Students. A Prepaid Debit Card can help you control your spending because you can only spend up to the amount you have Deposited into the account.

AccountNow® Prepaid Visa® Card
	100% Guaranteed Approval* Free Credit Builder Free Bill Pay Free Direct Deposit $0 Activation Fee - when you load your card by direct deposit New iAdvanceSM loan option - no credit check No Overdraft Fees or Minimum Balance Required Re-loadable with a $10,000 balance limit
Intro APR Intro APR Period Regular APR Monthly Fee Balance Transfers Credit Needed N/A* N/A* N/A* $9.95* N/A* No Credit Check*

Exact Prepaid MasterCard
	100% Approval with no credit check or bank account required Save money with no interest charges or late fees Free Direct Deposit and online bill payments No monthly or transaction fees with Direct Deposit PayPass-enabled card with Direct Deposit
Intro APR Intro APR Period Regular APR Monthly Fee Credit Needed N/A* N/A* N/A* None* No Credit Check*

All-Access Visa Prepaid Card
	100% approval - No credit check required Make purchases anywhere Visa Debit is accepted No overdraft fees or minimum balances Online Bill Pay - Easily send a check to anyone 5% APY Savings Account - Exclusive Free Direct Deposit from your paycheck or government check Add up to $10K to your account in over 65,000 locations As seen on TV and in stores nationwide
Intro APR Intro APR Period Regular APR Monthly Fee Balance Transfers Credit Needed N/A* N/A* N/A* as low as $0* N/A* No Credit Check*

* See the online student credit card applications for details about terms and conditions of offer. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the " Apply Here " button you can review the credit card terms and conditions on the credit card issuer's web site.

Source:
http://www.creditcards.com/college-students.php