Cancelling your Credit Card is hard to do...
If you are switching credit cards to get a better rate or to transfer an existing balance it's a good idea to cancel your old card. Cancelling means you have access to less credit and means less temptation to get into debt. Whats more if you are a regular switcher (dare we say it, a Rate Tart!), cancelling old cards helps to ensure your credit rating is not adversely impacted.
However, this may not be as easy as you would imagine. Customer service call centres are typically open evenings and weekends. But tell them you are calling to close an account and you may be told you need to be transferred to a 'retention' team. And this team only works 9-5, Monday to Friday. Could it be that the credit card companies are hoping you will either forget or be too busy to call back during the working day? Don't give them the satisfaction. Follow these tips from TheRateTart to reach closure quickly;
- Make sure there is no outstanding balance on the account before you call. You won't be able to close the account until your final payment has cleared.
- Avoid calling Mondays or Fridays, first thing in the morning or at lunchtime. These tend to be the busiest times for call centres, so don't risk ending up in a long queue and running out of time.
- When you get through to the closure team it's worth having details of the card you are switching to available. Many companies will offer you a deal to keep your business. Tell them the deal you are moving to and ask them to beat it.
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TheRateTart
