How to Cancel Your Credit Card
Before deciding to cancel your credit card, the first thing you need to do is pay off what you owe. This way, your cancellation will cause you to get a bad mark on your credit report and rating. Be sure to keep your cancellation plans to yourself, however, as some credit card companies have been known to raise interest rates on balances once they realize you are working toward paying it off and canceling the card. Obviously, the higher the interest rate, the more your finance charges will be. As a result, it will take you longer to pay off the balance and you will lose more money in the process.
Once the balance is paid off, you can simply call the automated customer service center of your credit card. Often, an option will be provided for canceling the card. If it makes you more comfortable, however, you can press “0” and talk to a customer service representative. If you go this route, you will probably have to deal with a representative who will try everything to get you to remain a customer. These will range from a better interest rate, to an increased credit line, to waiving fees. If this is what you were really looking for to begin with, then great! Otherwise, this can be a bit of a hassle. If you really want to avoid this discussion, you might want to send a letter instead. This letter should be addressed to the billing inquiries address that is supplied with your monthly statement.