How to Cancel Credit Card Without Affecting Your Credit Score?

According to the current trend of the credit market there are various reasons that pursue a consumer to keep multiple credit cards. Few of these reasons include, 카지노사이트추천 the partnered merchant rewards plus other cashback offers that consumers get entitled to and in lieu of these perks card users have shown a tendency of higher utilization of their cards. It is very crucial to determine whether cancellation of one of your credit cards does solve any of your financial puzzle, if at all one is facing a situation where managing monthly expenses and credit card bills becomes a struggle.

Few practices that should be adhered to during cancellations are: 카지노 –

Closed unused cards that cost money in the form of annual fee or maintenance charges. One should get in touch with their banks or lending corporation to check whether they have any provision to bring down the maintenance charges before taking a final decision.

One should always remind themselves to redeem any points, flying miles or cashbacks which would have accumulated over a period of time. Make sure these reward points don’t get lapsed as you might be few points away from attaining a threshold that could earn you a major reward.

Card holders should contact their banks or card issuing companies in order to cancel the respective credit card. This helps you check any outstanding amount which might be due on the card on which an interest might get charged. Its better to let the bank know that you are keen to cancel your card as it gives them an opportunity to offer lower interest rates or better rewards. Its very convenient to keep an eye on credit score these days, 카지노사이트쿠폰 one can check free credit score online.

Consumers should not close their oldest accounts that is there on the credit profile as that account acts as initial marker of their credit history. Cancellation of initial accounts will shorten the overall credit history tenure. Lenders and creditors consider active line of available credit to be a sign of good debt balance and 카지노사이트총판 credit health.

There are certain alternatives to cancellation of a credit card which a cardholder can think of adopting which are: –

Outstanding balances can be transferred to a different card which comes with a lower interest rate. This strategy is very useful when one wants to stop using a credit card which has a higher interest rate associated with it and start shifting their expenses to another card which has a lower interest rate. There are specific balance transfer credit cards which offer interest free grace period to pay off the due balance.

Upgrading or downgrading to a credit card can be considered as a reasonable option for consumers if they see an option to avail better rewards points and higher cashback values. In a scenario where a cardmember wishes to switch to a card with no annual fee from the one which charges an annual fee, they can get in touch with the card issuer to downgrade the existing card. one can log in to their bank’s website or other BFSI websites to compare the best credit cards in India.

Cardholders can also keep their old credit cards for few fixed expenses rather than cancelling it because they might switch their major expenses on another card. Keeping an account open allows a cardholder to maintain the longevity of their credit history. Fixed expenses can be the regular monthly subscription services that a consumer has subscribed. This method avoids any inactivity that could make the account dormant.

Cancellation of cards reduces the credit availability of an individual which may lead to a circumstance of higher credit utilization for them and this becomes one of the major reasons why the credit score takes a hit during account closure or 카지노총판 card cancellation. Switching your expenses on a different card or limiting purchases on particular cards is a wise method to avoid any bad debt or high interest rate that gets charged on a huge due balance.

Signing up for alternate cards by downgrading or upgrading to a card with more suitable benefits and reward is the most recommendable remedy to reduce alarming credit card balances. With the availability of emerging BFSI websites, a consumer can easily compare among the top 10 credit cards online . Shoaib Ahamed