How to Write a Credit Card Cancellation Letter

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There are many good reasons to cancel a credit card. Perhaps the balance is paid off, the rate of interest is just too high, or, in an attempt to tighten your financial belt and pay down some debt, you’ve got decided to streamline your finances and therefore the number of cards you carry. With all the Mastercard options within the market today, canceling a Mastercard that charges an annual fee or features a high rate of interest is sensible. Write a Mastercard cancellation letter, albeit you ask a customer service representative. This may make sure that you’ve got a written account of the cancellation.

Why you would like to Cancel Your Credit Card?

There might be various reasons for the cancellation of a Mastercard. Within the present scenario, a majority of banks in India are offering a good range of cards to the purchasers. Many of us are holding quite one Mastercard. After holding the cards for a particular period of your time, you’ll feel that a selected card isn’t much useful to you. As you would possibly find it difficult to manage too many cards, you are feeling like cancelling those cards which aren’t employed by you. Or sometimes you think that you’re not getting many benefits from the cardboard but on the contrary you are feeling it as a further burden. There are multiple reasons for cancelling a Mastercard.

Verifying that you simply May Cancel your Card

Stop using the cardboard for a minimum of a month. Before you’ll cancel a Mastercard account, for any reason, you want to confirm that you simply don’t owe anything. If you are trying to cancel an account that has an impressive balance, you’re likely to affect your credit rating or depart some collection effort on behalf of the corporate. The simplest thanks to reach a $0 balance is to prevent using your card.

If you can’t afford to pay off the balance within the first month, you’ll get to pay it over two months. Don’t use the cardboard in the least while you’re paying down the balance.

Sending a Cancellation Letter

Determine who should receive your letter. The customer service representative will probably tell you that you simply can cancel your account over the phone. Even so, you ought to invite the name and address of somebody to whom you’ll send a letter, in order that you’ll confirm the cancellation in writing.

After the customer service representative has verified that the account are going to be canceled, you ought to still send a letter of your own to verify the conversation. Ask the representative, “What is that the name and address I should use to send a confirmation letter for this cancellation? Does one have any particular format or information that I should include?”

Deciding to Cancel a charge account

Plan to cut your overall spending. Credit cards are convenient. But having too many cards available may provide just an excessive amount of convenience, which may end in overspending. If you discover that you simply have difficulty controlling your spending habits because the credit is simply too easy, then cancelling one or more cards may help.

Reduce your risk of fraud

In today’s world, fraud may be a growing concern, and credit cards are a key focus. The more cards you’ve got open, and use, the upper your risk are going to be that one among those cards could get “hacked” and open you to fraud. Limiting your number of Mastercard accounts should help keep this during a manageable state.

Tips

As an additional precaution, include the statement or a replica of the make sure shows the account has been paid off fully and features a $0 balance. Hack the Mastercard as soon because the cancellation letter is shipped.

How to Write a Credit Card Cancellation Letter

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