Should I cancel My citibank clear card?

It's fine to cancel it. From your statement of applying for this card "many years ago", I assume you've been working for a fair amount of time now, and probably have other credit cards, which would have contributed to building up your score. Also, if you're currently servicing a a loan (e.g. mortgage or car loan), that would further build your score.

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Instead of cancelling this Citibank card outright, you might wish to call up Citibank first to see if they're willing to waive the annual fee for you. I've had success with this. When you ask customer service to waive charges, most of the times they'll do so b/c the credit card market is so competitive, they want you to hold onto their card.

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If you're running your own business now, have a look at this list of the best business cards in Singapore: https://www.providecover.com/12-best-sme-credit...

Hi Anon,

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I believe it will affect your credit score, but if you already have other credit cards that you've had around for a while, then I think it's worth canceling it because it won't be a permanent impact. Not only does this save you the annual fee every year (though little), it also gives you the possibility of applying back to Citibank as a new-to-bank customer and be able to take advantage of signup rewards (assuming you don't have other existing Citibank cards).

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The only time I would advise against canceling it is if you are planning to take up a loan soon (housing loan, car loan, etc), because every bit of credit score can help you get a better deal.

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Hope this helps!

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Regards,

thefrugalstudent