How to Cancel a Credit Card
A step-by-step guide on how to cancel a credit card the right way so you can avoid fees and keep your credit score intact.
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Reasons for wanting to cancel a credit card
There are many reasons why you might want to cancel a credit card. Maybe you’re trying to save money, or you no longer need the card . Maybe you’re concerned about security and you want to cancel the card before something bad happens. Whatever your reason, there are a few things you should know before you cancel your card.
No longer need the card
If you find that you no longer need the credit card, whether because you have too many cards or you simply don’t use it enough to justify the fees, then cancelling it may be the best move. If you cancel, be sure to cut up the physical card so you are not tempted to use it in the future.
Can’t afford the card
If you can no longer afford your credit card, it may be time to cancel the card. You may have lost your job, had a reduction in income, or incurred some other financial setback that makes it difficult to keep up with your credit card payments. Before you cancel your card, try to work out a payment plan with your credit card company. If you can’t afford your card and can’t work out a payment plan, then canceling the card may be the best option.
Too many cards
You might want to close a credit card account if you have too many cards and it’s becoming difficult to keep track of them all. Or, you may have a small balance on a number of cards and decide it would be easier to just pay off one card. It’s also possible that you’re trying to fix your credit score and you think canceling unused cards will help. Unfortunately, that’s not the case. In fact, closing an account could actually harm your credit score.
How to cancel a credit card
There are a few reasons why you might want to cancel a credit card. Maybe you have too many cards and want to simplify your finances, or maybe you’re trying to cut down on your spending. Whatever your reason, cancelling a credit card is not as difficult as you might think. In this article, we’ll show you how to cancel a credit card.
Call the customer service number
Most credit card companies will require you to call the customer service number listed on the back of your card in order to cancel. Have your account number ready when you call, as well as the date you would like the cancellation to go into effect. If you have a balance on your credit card, you will also need to provide information on how you plan to pay off that balance.
Send a letter
The best way to cancel a credit card is to call the customer service number on the back of your card and tell them you want to cancel.
However, if you’re cancelling because you’re not happy with the card issuer, it’s worth considering whether there might be another option. For example, you might be able to switch to a different card from the same issuer with different terms that are more favorable to you.
If you decide to cancel, make sure you understand what that means for your balance and any rewards you may have earned.
Finally, once you’ve cancelled your card, make sure to cut it up so you’re not tempted to use it again.
If you decide you no longer want a credit card, you have a few options for cancelling it. If the issuer allows it, the best way to cancel is online. That way, you have a record of your cancellation request.
Here’s how to cancel a credit card online:
Log in to your account on the credit card issuer’s website.
Find the account management or customer service page.
Look for an option to close your account or cancel your card.
Follow the instructions on how to cancel.
Be sure to keep a record of your cancellation request, either by printing or saving a copy of the confirmation page or email. Some issuers may require you to call customer service to complete the cancelling process.
What to do with the credit card after it’s cancelled
Cancelling a credit card can be a difficult and emotional decision. Once you have cancelled your credit card, you might be wondering what to do with the credit card. In this article, we will go over what to do with the credit card after it’s cancelled.
Cut up the card
Once you know your new card is on its way and your old card’s balances have been transferred, it’s time to cut up the old credit card. This will help you avoid the temptation of using it and racking up more debt. Be sure to cut through the middle of the credit card number and the expiration date, as well as the security code on the back, just to be safe. Once that’s done, you can throw it away or shred it.
Keep the card
It can be tempting to just cut up your credit card and be done with it after you cancel the account. But there are actually a few good reasons to keep the card — even if you never use it again.
First, if you have a balance on the card, you’ll need to continue making payments until the balance is paid off. (We’ll talk more about that in a minute.)
Second, keeping the card can help you maintain a good credit score. If you cancel the account and close out all your credit cards, it will shorten your average credit history — which can have a negative impact on your score.
Lastly, having the cancelled credit card can come in handy if there’s ever any fraud or unauthorized activity on your account. You can use the card to prove to your bank or credit card issuer that you didn’t make those charges.
So what should you do with the cancelled credit card? Putting it in a drawer and forgetting about it is probably your best bet. Just make sure you keep an eye on the account (more on that in a minute) and cut up the card if it starts to show signs of wear and tear.
Sell the card
Whether you have a credit card that you no longer use or one with an annual fee that’s no longer worth it, you may be wondering what to do with the credit card after it’s cancelled. The best option is typically to sell the card.
Selling your unused or unwanted credit card can be a great way to earn some extra cash. You can sell your credit card through a number of online marketplaces, such as Cardpool or Raise. These companies will typically buy cards from major issuers, such as Visa, Mastercard, or American Express. To get started, you’ll need to provide the account number and expiration date for the credit card. Once your card is sold, you’ll typically receive payment within a few days.
Another option for selling your credit card is to list it on eBay. This option may require a bit more work on your part, but it can be a great way to get more money for your card than selling it through a marketplace. When listing your credit card on eBay, be sure to include all relevant information, such as the account number and expiration date, as well as any fees or restrictions that may apply. You’ll also want to set a starting bid that is lower than the balance on the credit card so that you are more likely to attract buyers.
If you decide not to sell your credit card, there are still a few options for what to do with it. One option is to simply cut up the physical card and throw it away. This will prevent you from using the card and will also help protect against identity theft. Another option is to keep the credit card open but stop using it. This can help improve your credit score by keeping your credit utilization low. If you decide to go this route, just be sure to pay off the balance in full each month so that you don’t accrue any interest charges.