Reasons to Cancel Your Credit Card

There may come a time when you realize that you no longer need your credit card. If you find yourself in this position, it’s time to move forward with the cancellation process.

Of course, there’s a big question on your mind: should you cancel the credit card or should you keep the account open?

Here are five reasons why it may be time to cancel your credit card and move on:

• You’re tired of the fees. For example, you may have a credit card with a high annual fee. If you don’t want to pay this any longer, it’s best to cancel your account before the fee is due once again.
• You’re going through a divorce. Do you share a joint credit card account with your soon to be former spouse? If so, you’ll want to work together to close this as soon as possible.
• It doesn’t work for you any longer. There may have been a time when your credit card suited your every want and need. However, as your life changed, you’ve come to realize that this doesn’t hold true at this point.
• No more debt. If you’ve run into issues with credit card debt in the past, you will want to do whatever you can to avoid this in the future. For many, this means getting rid of their credit cards altogether. If you don’t have access to a credit card it can’t get you into trouble.
• You found something better. There may come a point when you realize that your credit card isn’t up to par. For instance, there are new reward credit cards with many high level features. If your old card can’t match this, you may want to move on.

As you can see, there are many reasons to cancel your credit card. If you’re interested in taking this step, contact your credit card company for guidance on how to complete the process.