What are the precautions to take when canceling a credit card and how will it affect my credit score?

Hey there! Leveraging off some of the tips from the community, here are some thoughts:

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1. Do not apply too many cards within a short time frame
2. Do not cancel the card within 12 months
3. Do no miss any payments
4. Do not overindulge
5. Do not disclose your card details
6. Do not hesitate to report loss of card/suspicious transactions
7. Do not treat the customer service officers rudely

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Hope these helps! Credit: Damien Png

As Long as your outstanding payments are paid there are no ill effects for the cancellation.

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As kenneth mention the draw back is when you apply for too many credit cards in a short time frame.