How Do I Cancel My Premium Membership Credit Card?

By Carolyn Kay Neeley

  • Overview

    Canceling a premium membership credit card is easy, but it is important to consider the effects of the cancellation on your credit score and your credit worthiness rating. However, sometimes it is more financially responsible to cancel a credit card, rather than continue accruing interest or overspending. Once you decide to cancel your premium membership credit card, just follow these steps.
    • Step 1

      Find out if there are any cancellation fees, membership charges, or other penalties for canceling your credit card. If so, reconsider your options carefully to avoid negative credit effects.
    • Step 2

      Pay off any outstanding balance and required fees. Also, arrange to collect any rewards or points owed to you.

    • Step 3

      Notify the credit card company that you want to close the account and cancel the card. Some companies will allow you to do this online, some over the phone, and others will require you to send them something in writing.
    • Step 4

      Cut up the card.
    • Step 5

      Notify any company that receives automatic payment through that account, and make other arrangements.
    • Skill: Easy
    • Ingredients:
    • Credit card information
    • Phone
    • Paper
    • Scissors
    • Tip: After about 1 month, check your credit report to ensure the information has been noted properly.

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