How to close credit card in right way?

Most people choose to close or deactivate their credit cards for a variety of reasons. For some, it may be to reduce the temptation to overspend. Others may want to reduce the number of monthly payments they have to make. Many also close their credit cards to protect themselves from identity theft and fraud. Finally, some may close their credit cards because they no longer need them or have found better cards with better terms.

Reason for closing the credit card credit card

1. Non-payment of credit card bills
2. Exceeding the credit limit
3. Fraudulent activity
4. Requested by the card holder
5. Low credit score
6. Frequent late payments
7. Cancellation of credit card insurance
8. Bank insolvency
9. Bank merger
10. Inactivity of the card holder

Keep these 10 things in mind before closing the credit card

• Understand the consequences: Closing your credit card can have an effect on your credit score, so be sure to understand any potential implications.
• Pay off your balance: Make sure you pay off any outstanding balance on the card before closing it.
• Contact customer service: If you have any questions or concerns, call your card issuer’s customer service team to discuss.
• Check for additional fees: Ask your card issuer if there are any additional fees for closing the card.
• Consider other options: Make sure you understand all your options before closing the card.
• Check your rewards: If you have rewards associated with the card, you may want to consider redeeming them before closing the card.
• Transfer your credit limit: If you want to keep the same credit limit, you may want to consider transferring it to another card.
• Close unused cards first: If you have multiple cards, consider closing the cards you don’t use first.
• Don’t close all your cards: You don’t want to close all of your credit cards at once, as this could have a negative effect on your credit score.
• Monitor your credit score: Monitor your credit score regularly to ensure that it remains healthy after you close the card.

How to destroy credit card after closure?

1. Cut the card into small pieces using scissors.
2. Dispose of the pieces in multiple trash bags.
3. Place the trash bags in different trash bins.
4. Do not keep any record of the card number or other information.
5. If the card had a chip, make sure to destroy the chip as well.

NOTE: If you have an auto-debit set up on your credit card, you should make sure to change it before you close the card. You can contact your card issuer to find out more information about how to do this.