How To Close A Credit Card

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By Consumers Union on Wednesday, April 7th, 2010

When the CARD Act was delayed for a long implementation period Credit Card companies responded by jacking up your rates. Now, you may be in a position to close some of those cards. Consumerist gives these tips that we agree with:

How To Cancel A Credit Card:

Step 1: Pay off the card in full.

Step 2: Call Customer Service to make sure the balance is really zero. Interest may have still been accumulating.

Step 3: Once the balance is zero, cancel the account over the phone. Feel free to entertain any retention offers they might throw at you. That’s always fun.

Step 4: Follow up in writing and ask for written confirmation that the account is closed. Keep a copy of this stuff for your records. You never know when you might need it.

Step 5: Wait awhile, then check your credit report to make sure the account is really closed. Don’t do this the day after you close it, sometimes it takes awhile. Also, use www.annualcreditreport.com to check your reports for free. Don’t use any fake free credit report offers.

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