Whether to cancel Credit One Card

[Anonymous]

I just recently (Friday) applied for a Credit One card and was approved. This card carries an extremely high interest rate of 34%. On doing some more research I was pre-approved for an HSBC card from Orchard Bank at 8.9%.

I am wondering if I should cancel my Credit One card that I have not yet activated or received and go with the HSBC card? I am also wondering if it will have affect my credit score if I cancel it?

Thank You

[FretlessMayhem]

It shouldn't have any effect on your score aside from the ding for the inquiry and new account.

If you intend to PIF then interest rates don't matter. However, Credit One charges their AF per month, while Orchard will let you pay it entirely.

I guess it's a matter of personal preference.