Why close your credit card account?

There are several reasons why people choose to do away with their credit cards. If you are trying to cut back on your spending, you may want to close your account so that you will not have an additional bill to pay. If you were only using the card as a backup or emergency card and don’t have a need for it anymore, you might choose to end your account if you are not using it to make any more major purchases. Or, you may have found a credit card with a better interest rate, and want to close the account so that you can save money every month while still having the convenience of a credit card.
People also have to close their credit card accounts if the card has been lost or stolen. If you have lost your credit card or have had any of your financial items stolen, you should contact your credit card company right away so that you can close the accounts and protect your credit. What should you include in the letter that you send to the credit card companies? Here are a few suggestions.

Here’s how to compose the letter

First of all, you should make sure that your payments are up to date before you ask the credit card company to close your account. Once you have made the necessary payments, you should mention this in your letter. You should also include the method you paid the card off with—if you paid the balanced with another credit card, include the credit card number and expiration date. If you used money from you’re checking or savings account to satisfy the balance, be sure to include the routing number and account numbers in your letter. You should also request that you receive something in writing from the company once they have received your request stating that the account has been officially closed. It is also important to make sure that you mail the destroyed credit card back to the company in order to avoid identity theft.
If you do not receive written confirmation in 30 days from the credit card company stating that your account is closed, or if you are continuing to be charged for the account, you can contact the company once more to resolve the matter, or you can start taking legal action to clear the debt. For more information on how to close your credit card account, visit the many available sites on the internet.