10 Lessons I’ll Teach My Daughter To Be Happy, Successful and Rich.
Canceling a credit card is a simple process. You need to call the credit card company, and advise them that you would like to cancel your card. The credit card company will ask all sorts of questions, as to why you want to do this, and they’ll probably try to convince you to keep using it.
One thing I would suggest, before you decide to cancel your credit card, is determine why you are choosing to cancel, and what other sources of credit you currently have available.
Most people I speak to, who are looking to cancel a credit card, is because they have qualified for a lower interest rate on another card product at the same bank, or they are taking advantage of a low interest rate promotion to transfer what they owe on their current card, to another credit card, at a different company.
Before transferring money to another credit card, make sure you understand how long the promotion lasts, and determine whether or not you have the ability to pay off the credit card before the promotion ends. If not, LOOK OUT. That really nice offer could now become a nightmare, if you do not pay the balance off with-in the time frame of the promotion the interest rate goes up to the normal rate.
Another thing you might want to consider is your current credit rating. If it’s not that good, and it’s the only card you have, you may want to hold off for a bit and keep the card. You may not qualify for credit over the next little while. Even though your credit might not be great, you still have a change to rebuild your credit by making regular payments and making sure they are always on time.
To hear more on how to cancel a credit card, check out my vid.
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