Question
Just a quick question.
I am very near to paying off my credit card. When I have made the last payment, I wish to close the credit card account. Is closing my mastercard as simple as phoning my bank and saying I wish to close the account or is there a procedure or anything I need to look out for?
I borrowed money on my credit after I was declined a career development loan. I was blowed if I was going to let the banks decide my education / future career (and in anycase, the interest rate was not too dissimilar).Answer
Well done on paying off your card!
Yes, it is as simple as calling the credit card provider, although you might want to tell them in writing too just to make sure as it’s not unknown for call centres to make mistakes. Nevertheless, bear in mind that the credit card company will probably leave the account in place for a while longer in case any outstanding payments come through, so it’s a good idea to call again after three months and ensure that the account is fully closed.
However, before you cancel, consider whether you’ll find it useful to have a credit card in case of financial emergency. If so then keeping, but not using, this card could make sense if you don’t want the hassle of applying for another in future or require money at very short notice.
Good luck with your new career.
Just a quick question.
I am very near to paying off my credit card. When I have made the last payment, I wish to close the credit card account. Is closing my mastercard as simple as phoning my bank and saying I wish to close the account or is there a procedure or anything I need to look out for?
I borrowed money on my credit after I was declined a career development loan. I was blowed if I was going to let the banks decide my education / future career (and in anycase, the interest rate was not too dissimilar).Answer
Well done on paying off your card!
Yes, it is as simple as calling the credit card provider, although you might want to tell them in writing too just to make sure as it’s not unknown for call centres to make mistakes. Nevertheless, bear in mind that the credit card company will probably leave the account in place for a while longer in case any outstanding payments come through, so it’s a good idea to call again after three months and ensure that the account is fully closed.
However, before you cancel, consider whether you’ll find it useful to have a credit card in case of financial emergency. If so then keeping, but not using, this card could make sense if you don’t want the hassle of applying for another in future or require money at very short notice.
Good luck with your new career.
Read this Q and A at http://www.candidmoney.com/questions/question202.aspx
No comments:
Post a Comment