Closing a card without any loopholes

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Cardholder Benefits » Closing a card without any loopholes

Closing a card without any loopholes

The content is accurate at the time of publication and is subject to change.

If you have a number of credit cards with outstanding dues, it does not reflect well on your account. Hence, it is important to close these credit cards and hold on to the ones that have the most favorable ones. Unlike presumed by many people, closing a credit card in not a child’s play. There are a lot of things associated to this that need to be done meticulously in order to avoid problems at any later point of time. Hence, it is imperative to be aware of these nuances well in advance so they can close the cards correctly without any loopholes.

First of all, when you have made up your mind to close a particular card, you have to ensure that there are no outstanding dues on that card. Closing cards with outstanding dues will reflect badly on your credit report since credit bureaus will consider such cards to be maxed out even if you had any available balance on it. You can either pay off the balance using cash or you can transfer the balance on to another card and then close the existing card.

You will have to first call up the credit card company’s customer service department and inform them about your decision. Ensure they make a note of it when you place the call. However, just doing this is not enough. When you call the customer service department, you will need to have the name and the card number handy. The representative, who is trained to coax customers into retaining their credit cards, will bend over backwards to make you change your decision. You need to be sure about what you want to do and avoid caving in to their requests.

Credit card companies do not necessarily take these requests seriously if you don’t follow up on it. Hence, after making a call, you will need to send across a letter as well requesting for the closure of the credit card. Make sure you mention all the relevant details in the letter and address it to the right person. Have a copy of this letter for future reference in case any problem arises. You can also send an email to the customer service department and inform them of your decision.

Once you have done all this, make sure you track the account with the bank until they confirm closure. Ensure you take the closure confirmation in writing as well so they don’t reopen your account at a later point in time and bill you for some transactions you never made.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Top 5 Cards for Travel from Our Partners: Winter 2019 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Winter 2019 – Expert’s Choice

Posted: December 17, 2018

Nights are still drawing out, the wind is cold, and the air smells like snow already – the winter is close. Christmas and holiday season are approaching swiftly, and overwhelming gift ideas are swirling chaotically in your mind. Ready or… Continue reading

Credit Card Tips For Holiday Shopping 2018

Credit Card Tips For Holiday Shopping 2018

Posted: December 15, 2018

November and December are the busiest months as gift shopping reaches its peak. People rush around looking for the best gifts and the best deals leaving a lot of money in the shops. Holiday season may force you to go over the household… Continue reading

Credit Cards to Save More on Holiday Shopping

Credit Cards to Save More on Holiday Shopping

Posted: November 25, 2018

Discounts and special offers are available all year round. Werther you are a bargain hunter or an impulse buyer, make sure you check online discounts and special offers. Also, if you are a cardholder, see if your credit card opens the door… Continue reading

You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!