Not completely.  It may reflect negatively on your creditworthiness if moving the credit card balance to other credit cards increases your debt to available credit ratio.  Ideally credit analysts would like to see you using only thirty percent of your available credit.  If you cancel a credit card for which you have a $5000 credit line you lower your available credit by $5000.  If you have high balances, canceling some of your available credit can especially hurt.  If you want, find a new credit card with a lower credit card interest rate and keep the other credit card with a zero balance.

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