Do you close credit card accounts?

[Anonymous]

If you no longer use a card, and never will, how do you close it? I've looked on the financial institute's website, and there is no info about this. I could just cut it up and be done, but they will eventually send me another card to my old address when the current one expires, which just seems risky. I don't want to spend time on hold waiting to do it by phone, but is that the only way? Is it safe to just cut it up and be done?

[Anonymous]

Never close one. Just cut it up. Keep address updated.

[Anonymous]

Anonymous wrote:If you no longer use a card, and never will, how do you close it? I've looked on the financial institute's website, and there is no info about this. I could just cut it up and be done, but they will eventually send me another card to my old address when the current one expires, which just seems risky. I don't want to spend time on hold waiting to do it by phone, but is that the only way? Is it safe to just cut it up and be done?

There's an 800 number on the back of it -- just call that and tell them that you want to close the account.

My experience is that after some period of not using it, the credit card company will send me a letter stating that if I don't use it by a certain date(usually the next month or two) the they will close the account.

[Anonymous]

I close them. Too many opportunities for issues when you have active accounts out there. It can have an impact on your credit rating because it lowers your available credit, but that doesn't last long.

[Anonymous]

I keep my oldest ones open because credit history is important, both the average age of your cards and the oldest account.

[Anonymous]

I keep my oldest no-few cards but close the ones I want to earn signup bonuses on a second time. I recently closed both of my Southwest credit card and will reapply next January after my companion pass expires so I can earn a new one that’ll be good until 12/25.