Canceling a credit card is not as easy as it may look. Read our guide to make sure you're making the right decision and following the the steps to successfully close your account.
If and when you do decide to cancel a credit card, keep in mind that it is not just a matter of cutting it into two and sending a cancellation request to your bank. Here, we discuss some of the most important precautions you can take to save yourself some money and a great deal of stress if and when you cancel a credit card.First and foremost, you should always pay off any outstanding balance on your card before cancelling it.
This makes balance transfer loans and debt consolidation plans ideal for consumers who need to get rid of their credit cards but are unable to do so because they don't have enough money to pay off their balance right away. By breaking up your repayment into small portions spread over a long period of time, you can more easily manage your card balance repayment while still cancelling your credit card immediately.