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How to cancel a credit card
26.09.2023 - 17:03 / thepointsguy.com
Deciding whether to cancel a credit card isn't a quick and easy decision — or at least it shouldn't be. It's best to weigh several factors to ensure that closing your account doesn't have unintended consequences.
Knowing when and how to cancel a credit card (and when to keep an account open) is critical to your long-term success as a points and miles enthusiast. This knowledge is just as necessary as learning how to take advantage of attractive new credit card offers.
While it's usually best to leave your credit cards open, if you have a reason for canceling a credit card (such as closing a joint account during a divorce or setting yourself up to potentially re-earn a sign-up bonus later), the process doesn't have to be complicated. This guide outlines everything you need to know about canceling a credit card.
Before you cancel any credit card, it's essential to ask the following questions:
Credit utilization describes the relationship between your credit card limits and balances. If closing a card causes your overall credit utilization to climb, your credit scores might decline. Lower credit scores could make it harder to qualify for new accounts and might lead to higher interest rates on new credit in the future.
Our advice is to never close your credit card before the one-year mark. Card issuers aren't fans of people who open credit cards to score a sign-up bonus and don't become valuable customers. American Express, in particular, may claw back your bonus or even close your account if it thinks you're trying to game the system.
Closing a credit card won't immediately affect your length of credit history (worth 15% of your FICO Score) by lowering your average credit age. Even after you close a positive account, it may remain on your credit for up to 10 years. Yet closing a credit card could raise your overall credit utilization rate and possibly lower your credit scores.
To mitigate potential credit score damage, you should make a plan to keep your credit utilization rate low even after you close the account. One option is to pay off all your credit cards before closing an account, especially the one you're closing. To ensure the $0 balance is reported to the credit bureaus, paying early — a few days before your statement closing date is best. Of course, if your overall credit utilization is already 0%, closing a card won't change that figure.
Another option is to open another credit card (if you plan to do so) before you close your other account. Let's say you close a credit card with a $15,000 limit. If you open a new account and receive the same or higher limit, your utilization shouldn't be affected negatively. However, you will have a new hard inquiry, and the new account itself may lower your
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