Do You Know When To Cancel A Credit Card. Check Here

How To Cancel Credit Card

Credit Card: Know About Credit Card. In Recent Times, The Use Of Credit Cards Has Increased Due To The Good Offers Being Offered, In The Face Of Increased Spending. It Has Also Become An Important Necessity In Today’s World. If The Credit Score Is Good.. Banks Ask And Issue More Credit Cards. But What If You Have Too Many Credit Cards? Better To Get Rid Of Them. Let’s See About That Now.

Credit card
Credit card

Credit Card: After The Corona Crisis, The Use Of Credit Cards Has Increased Tremendously. What If The Expenses Increase Beyond The Income, The Offer Of Concessions, The Flexibility To Pay In EMIs? Credit Cards Are Widely Used. Banks And Finance Companies Are Appealing To People With Good Credit Scores And Offering More Credit Cards. But These Should Also Be Used Very Carefully. Otherwise There Is A Risk Of Fraud In The First Place. EMIs Have To Be Paid On Time. Otherwise, Additional Charges Will Apply.

Also Read – Credit Card: Couldn’t Pay The Credit Card Bill Within The deadline?

But Here Is One Thing To Know. Experts Warn That Too Many Credit Cards Are A Problem. It Is Said That It Is Best To Have As Few Cards As Possible And Ensure That The Maximum Limit Is Maintained. It Should Be Remembered That If The Limit Is High, It Does Not Mean That You Have To Spend More. A Higher Limit Is Better To Ensure That Your Debt Utilization Ratio Remains Low.

Cards With Lower Limits Will Increase Your Credit Utilization Ratio. This Affects Your Credit Score. At Such A Time, If You Have More Than Two Credit Cards, It Is Better To Cancel The Card With The Lower Limit. For Example, On A Card With A Limit of Rs.20 Thousand, If You Use Rs.2 Thousand, It Is Like Using 10 Percent. Even If You Use Rs.5 Thousand Out Of The Same Limit Of Rs.50 Thousand, It Is Like 10 Percent. At Times Like These, It Is Better To Have A Higher Limit.

Also Read – Do Not Use Credit Card At All In Such Places

Let’s Know How To Cancel The Card Here. Let’s Also See When To Do It. It Is Better If You Use The Credit Card That You First Took For As Long As Possible. As More Days Are Used.. Your Credit Score Will Depend More On It. Then Canceling It May Result In Lower Credit Score.

Also Read – Best Cashback Credit Cards List 

If There Are New Cards It Is Better To Cancel Them. You Should Make Sure That The Limit Of The Card You Take Is As High As Possible. If It Is Less. Banks Can Also Be Asked To Increase The Limit. Even If The Annual Fee Is High, You Can Ask For A Reduction.

Also, Before Canceling The Card, All The Reward Points On It Must Be Used Up. Most People Don’t Pay Much Attention To These. Due To This They Lose Their Benefits.

Also Read – How To Check Your CIBIL Score?

Still The Amount To Be Paid On The Credit Card Should Be Completed. It May Not Be Possible To Cancel The Card Even If One Rupee Is Pending.

Finally, You Can Contact The Bank And Cancel The Credit Card. These Can Also Be Canceled In Some Mobile Apps And Other Websites. Then Take A No Due Certificate From The Bank.

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