Question

Describe the steps necessary for cancelling a credit card.

Answer 1

To cancel a credit card, contact the credit card company's customer service, provide necessary information, ask for confirmation, destroy the card, and monitor the credit report for closure. Consider the impact on credit score.

Step-by-step explanation:

To cancel a credit card, follow these steps:

1. Contact the credit card company's customer service department either by phone or online.
2. Provide the necessary information to verify your identity, such as your name, account number, and social security number.
3. Inform the representative that you wish to cancel the credit card.
4. Ask for confirmation of the cancellation, either through email or mail.
5. Cut up the physical credit card or destroy it.
6. Monitor your credit report to ensure that the credit card account is closed.

It's important to note that cancelling a credit card may impact your credit score, so consider the potential consequences before making a decision.