How to Cancel a Student Credit Card?

Answer 1

It can be a challenge managing and paying several credit card bills, especially while you are in college. Although it can be very beneficial to have student credit cards, it can also cause problems if you do not know how to properly manage your money and spending habits. Therefore, it might be wise of you to cancel at least one of your credit cards, so you will not accumulate too much debt while you are in college. However, there are a few things that you should do before you cancel a student credit card.

Determine Which Credit Card You Should Cancel

f you have more than one student credit card, it is best to cancel the card that is the least beneficial to you. Keep in mind that it is always a good idea to have at least one major credit card, just in case you have an unexpected emergency and you are short on cash. And when you are a college student, all sorts of emergencies could occur. So, consider keeping at least one credit card open while you are in school.

Take time to carefully review all of your credit card accounts. Be sure to look at the current interest rate on each of your credit cards to help you make your decision. You may also want to look at other things such as perks and the length of time that youve had each credit card. It might be a good idea to keep your oldest credit card open and cancel one of your newer credit card accounts (since a large percentage of your credit history is based on the age of your accounts, and closing an older account might actually lower your credit score).

Pay Your Balance in Full

Pay off the entire balance on your student credit card before you inform the credit card issuer that you want to close your account. If you have an unpaid balance on your card when you contact the credit card issuer, the company might raise the interest rate on your credit card. And as a result, you will end up having a larger balance to pay off. So, pay your balance in full and confirm that you have a zero balance on your account before you do anything else.

Contact the Credit Card Issuer

Look on the back of your student credit card to find the appropriate contact number. Simply call the credit card issuer and inform them that you would like to cancel your card. If you were a good customer and paid your bill on time, the company might try to convince you to keep your credit card open. However, do not let them persuade you to keep your credit card, if you truly want to cancel it. Be sure to document everything that you discuss with the customer service representative, such as the persons name, the date and time that you called, and any other pertinent details about your account.

Request a Confirmation Letter

Ask the customer service representative to send you a letter confirming that your student credit card account has been closed, and that you have a zero balance on your account. In addition, ask the representative to state in the letter that your account will be reported as closed at the customers request to the major credit reporting bureaus.

Check Your Credit Report

Once you receive the confirmation letter from the credit card issuer, you can check your credit report to verify that everything is accurate. Keep in mind that it might take up to 30 days from the time that your account was closed before you see the updated information on your credit report. Be sure to review your credit report from all three major credit reporting agencies: Experian, TransUnion and Equifax.

Whether or not you should cancel one of your student credit cards, is totally up to you. Having a credit card can come in handy, but managing your money, living within your means, and protecting your credit history is also important, too. If you follow the steps listed above, you should have no problem canceling your student credit card, if you choose to do so.