How to Close Credit Card: Before closing the credit card, know these 5 things, otherwise there will be a big loss

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How to Close Credit Card: Before closing the credit card, know these 5 things, otherwise there will be a big loss

how to Close Credit Card Before closing the credit card, know these 5 things, otherwise there will be a big loss

Before closing the credit card, know these 5 things, otherwise, there will be a big loss: There are many things to be kept in mind before closing the credit card, and many times in such a situation, the possibility of a loss of closure increases greatly.

The use of credit cards is increasing rapidly in today's era, companies are tempted to use it by offering many types, due to which its use is increasing very fast, it has also made shopping very easy and Even if there is no money out of pocket, the worry of easy expenses is reduced, many times it happens that due to increasing expenses, they want to stop it, apart from this some people have more credit cards, many of these cards Want to close because it is not easy to track all the credit cards at once, in such a situation it is very important to take care before closing the card, otherwise the possibility of big loss increases.


Pay off all credit card bills before closing the credit card

According to Gaurav Chopra, Founder and CEO, IndiaLends, it is important to clear all your pending payment dues before closing the credit card, as they also incur interest and penalty charges. If you can close the credit card, then there will be no relationship between the credit card company, one of the benefits of this is also reflected on the credit score, if you are unable to pay all your pending dues, then the card balance in the credit card can also transfer.


No standing instruction

IIf you pay Netflix subscription EMI or utility bills with your credit card, all those bill payments need to be stopped before you can close this card, according to Chopra, after starting the card closure process, All payments do not stop automatically, till the no due certificate is not received with you, the bill keeps on making on your card, so if any payment is stopped then there is a negative effect on credit score, so later in some way In order not to have a problem, before applying for the closure of the card, everyone related to the card should be canceled.


First, close the new credit card

If there is more than one credit card then it would be better to close the new credit card first, because how old the credit card affects your credit score, having an old credit card is considered that you are responsible and not responsible for taking the loan. And you get to see the benefit of the credit card offers as well.


If you want to apply for a big loan then do not close the card

If you use a credit card, it means that you must have been a person for the entire period and this has a better update effect on your cricket score, according to Chopra, closing the credit card may affect it. If you have closed a very old card, So in such situation, there will be more reduction in this credit score, if this score is lower then interest may have to be paid on the loan at higher rates, keep in mind that if you are thinking of taking a loan for studies or home, then this card should be started. have to keep.


Redeem all benefits before closing the credit card

Using credit cards earns reward points as you all know, which are redeemed in exchange for cash back, recharge, coupons, etc. that people don't track, But if you are going to close the credit card, then you must check the rewards points once and after redeeming it, apply for cancellation of the card, to redeem it, you can select the option according to the rewards catalog.


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