Remember to pay off all accumulated dues before cancelling a credit card.
At some point, you could realise that you have too many cards and that you want to get rid of one or more. Failing to do so can have a very big impact on your credit score and your ability to engage with a bank for other services in the future, like home loans, car loans or even other credit cards. Furthermore, some banks continue to levy charges on credit card accounts that have been closed if your account carries a credit balance for more than a year after closure. Although the amount that the banks charge is usually small, it’s best to double-check that your account is reduced to a nil balance before closure.The correct way to withdraw a credit balance in your card account is to request the bank to pay you.
Claim the rewards you are entitled to before communicating your intention to cancel your credit card. In their hurry to cancel a card, some individuals put off redeeming their points or miles till later. However, the problem is that card issuers will forfeit the points you have accumulated at the time of cancellation. It would be a waste to lose out on these.
Source: Loan Digest (loandigest.net)
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