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Home » Closing Credit Card Tips: Keep these 5 things in mind before closing the credit card, otherwise there will be a loss
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Closing Credit Card Tips: Keep these 5 things in mind before closing the credit card, otherwise there will be a loss

adminBy adminSeptember 10, 2021No Comments2 Mins Read
closing credit card
closing credit card
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Closing Credit Card Tips

If you have multiple bank credit cards, it can be difficult to manage them. Remember bill date, pay the bill on time, redeem point etc. Sometimes we close one or two credit cards to get out of this mess. If you are also worried about many credits and want to close it, then it is very important for you to keep these five things in mind.

Before Closing Credit Card , Check these points

Pay the outstanding bill

Before closing a credit card, it is extremely important to clear all outstanding bills as these attract interest. You have to pay fine, if you are late in paying dues. Therefore, before closing the credit card, make sure to pay all its outstanding bills.

If you want to take a loan, then avoid closing it

Financial experts say that if you want to apply for a big loan, then do not close the credit card. Closing a credit card can directly degrade your credit score. If the score is low, you may have to pay interest at higher rates on the loan.

closing credit card
closing credit card | Pic Source – Pixabay

Close the new card, keep the old one

Before closing credit card, the usage time of card must be considered. This is due to the reason that it has a major impact on credit score. The older the credit card, the higher its contribution to the credit score. So always try to close new credit cards.

Stop AutoPay Payment First

Before applying for the closure of the credit card, stop all auto payment payments associated with it. Many times it happens that the credit card holder may have a subscription to Netflix or other such platforms, or they may also be paying EMI and other bills with the card. These payments do not stop automatically once you initiate the credit card closure process. This can damage the credit score.

East redeem the points on the card

Credit card offers are its reward points which can be redeemed through cashback, discounts, coupons etc. Many people do not track their loyality or reward points. That’s why you should use them before closing your credit card.

 

 

By:-

Prakhar Sharma

Founder, Upgrading India

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