Cutting credit card?

please tell exactly how to cut and deface a credit card with scissors as i want to cancel mine. SHould I sent the cut pieces of card to credit card company??

Answers

• cut right through the numbers. u don't have to send the pieces to them.
  
  And you should contact the credit card company and tell them that you want to terminate service (assuming that your credit balance is $0. hehe)


• No, you should make sure that you paid off the balance that you owe them, if you have any, close your account with them and shred your credit card. I hope that helps.


• No, you don't need to send the pieces to the company. Most paper shredders are equipped to cut credit cards quite effectively. As for closing your account, unless you have an annual fee or something like that, cut the card and leave it open until they cancel it for lack of use. It looks better on your credit report in the long run provided you have a $0 balance.


• Most times your local bank will accept a credit card and shred it for you in their "confetti" style commercial shredders.
  
  I wouldn't send the card back to the company--if it's effectively defaced, they won't know whose it was or what to do with it. I WOULD be sure you cancel the account. It's still open unless you close it, even if you destroy your card. Some cards make you not use it for 30 or 45 days before you close the account, so check with the card company to find out what you have to do to close it.


• Cut through the numbers and through your name. I usually just see how many tiny pieces I can make. But, be sure you have a zero balance first. However, your credit score is lowered every time you cancel a credit card account. So, go ahead and cut up the card if you think you'll never need the card again, but don't close the account. It's better for your credit score, which needs to be good to buy a house, car, etc.


• cut the credit carrd through the number, mail the card to the company with a letter informing them that you no longer require their services, pay off the final bill when it comes in.


• Before you deface the card make sure your last statement indicated a " zero balance" . You don't want the company coming after a time saying you owed a year's interest. If you have a reason for discontinuing the service, write a note telling them why and enclose the pieces of the card.


• You can cut through the numbers, and the magnetic strip. If you are paranoid about dumpster divers you can throw 1/2 away each time the garbage is collected.
  
  Think twice before you close the account even if you no longer want to use it, especially if there's no annual fee. Your FICO (credit) score is computed based in part on how much available credit you have versus how much debt you have. Closing the account will lower your available credit, and lower your credit score along with it. A nice limit on the card with no balance makes lenders think you are good at managing your money, which raises your credit score.
  
  This is important if you are planning to buy a home or car any time soon. Not only does a lower score mean a lower interest rate on new purchases, but insurance companies are starting to give discounts to people with higher scores.