How to Cancel a Credit Card

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Canceling a credit card is done by cutting up the credit card, calling the company to give verbal confirmation of canceling and making sure all of the accrued interest charges are paid in full. Request a letter of confirmation from a credit card company after canceling a card with advice from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management & Credit
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Video Transcript

This is financial advisor, Patrick Munro, talking about how to cancel a credit card. Basically, a credit card is of use to you as long as you keep your balance low, and the interest rate is such that it's manageable by you as well. But, if it comes a time when you no longer need this credit card, or the credit card vendor is charging you too much interest it's important for you to cancel the credit card. When you do so it's important to cut the credit card up, and then of course call the company and tell them that you are no longer going to be paying the credit card because you have paid the balance off. Make sure that the last accrue, accruing interest charges are paid, and you send a registered letter to the credit card company, which will tell all people concerned that you are no longer responsible for that. Also, have the credit card company send you an Email or a letter with a confirmation number that they have received your cancellation notice, and that they will no longer be sending you statements or, in fact, credit card offers. It's a lot of extra work, but it's important to be thorough, and to make sure the job is done correctly. This is Patrick Munro, talking about how to cancel a credit card.


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