How to Cancel a Credit Card You Should Know

Today I will show you how to cancel a credit card . If you feel that you are not using a particular credit card anymore or are holding too many credit cards, so you want to cancel a few of them. Here is a step by step guide to cancel a credit card  . how to cancel a credit card

Step 1

Contact the customer care department of the card issuing company or bank and furnish your credit card details to know the exact amount outstanding on your credit card.

Step 2

Repay the outstanding balance and clear all your debts . If the outstanding balance is too high then you might decide to repay it gradually over the next 1-2 months. Ensure that you do not swipe the credit card again till you clear all your dues.

Step 3

Once the complete payment is done, contact customer care to place a request for cancelling your credit card. You shoud note down the confirmation request number and follow it up with a written email. The confirmation number  and the written communication  would help you a great deal in future.

Step 4

Stand firm with your decision to cancel the credit card. The card issuing company will try to lure you by offering new offers and attractive interest rates . Stick to your guns!

Step 5

Wait for the confirmation stating that your credit card has been cancelled. In that case, you don’t hear from them, then liaise to know the status on the same and always insist on a written acknowledgement.

Step 6

Check your credit report to ensure that the closure of the credit card also reflects on report of  your credit . Credit institutions report data to credit bureaus on a monthly basis and keeping that in mind you should check your credit report after 45-60 days from the date it is confirmed that your card is closed.

Step 7

Cut your credit card across the your signature and  magnetic strip . Now your credit card is cancelled and closed.

Closing your credit card will lower your credit score.  Because your credit utilization ratio (i.e. credit used against the available limit) is also forms a part of your score calculation. However, this should not stop you from cancelling your credit card. Closing your credit card will be much wiser than keeping them dormant.

No emotions, so this break up is easier!

how to cancel a credit card you should know .


How to Cancel a Credit Card You Should Know
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