Cancelling a Credit Card

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Forums › Finance and wealth management › Cancelling a Credit Card

sonyxperiageek

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#251122 10-Jun-2019 06:05

Hi All,

Is there any harm in cancelling a credit card? The annual fee waiver is coming to an end and I don't want to start paying an extra $200 annual fee for the credit card.

Sony

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#2255019 10-Jun-2019 06:24

Any harm? Contact the issuer and cancel it if you owe nothing on the card

sonyxperiageek

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#2255024 10-Jun-2019 06:50

In terms of credit scores etc.

Sony

tardtasticx

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#2255026 10-Jun-2019 07:06

It might if it’s one of the older credit lines on your credit score.
But won’t take long to bounce back if it does drop so long as the rest is in order.

Linux

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#2255027 10-Jun-2019 07:07

You told us you don't want to pay the annual fee so then cancel it

sonyxperiageek

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#2255028 10-Jun-2019 07:26

If it was going to do significant harm, I was planning on simply downgrading to the free card.

Sony

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#2255030 10-Jun-2019 08:27

sonyxperiageek: If it was going to do significant harm, I was planning on simply downgrading to the free card.

Free is better than $200 on a credit card it sounds like you don't use

xpd

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#2255032 10-Jun-2019 08:27

sonyxperiageek: In terms of credit scores etc.

If youre the one to cancel it, and there nothing owing etc, then no, shouldnt do.

Gavin / xpd / FastRaccoon / Geek of Coastguard New Zealand

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