Even though credit cards have immense usefulness, having too many can be problematic. You can quickly lose track of your spending as you try to manage multiple credit accounts. And if you decide to stop using one suddenly, it can negatively impact your credit score.
Also, there is the risk of falling into the debt trap when handling too many credit cards to pay off your bills. So, often, consider deactivating a few cards for good, especially if you have found a good substitute.
This post talks about how to stop credit card to help you if you don’t know where to start.
Credit cardholders can connect with their bank or card issuing company via email to initiate the deactivation of the card. To do this, send an email request to the credit card issuing authority and share your credit card details along with your personal information.
Mention your request for deactivation of the credit card in the same email. Usually, banks and credit card companies will process your request after validating your information.
For example, if you use an SBI credit card, you can visit the official SBI website and find the ‘Email Us’ option. You need to submit your request to stop the card by visiting the 'Get in touch' option at the top of the page, right next to the 'Who We Are' and 'Blog' sections.
If you are wondering how to stop credit card more simply, then contacting the customer care of the bank is a better choice. Normally, the customer service executives of the bank can help start the deactivation process if you'd like.
They'll contact you once you submit your request and explain the steps to deactivate your credit card. They may even ask you the reason for deactivating and collect details about the card. Banks usually offer a customer service number that you can call to initiate the process.
You can also deactivate or stop your credit card while visiting the company or bank website. Banks often provide this facility to customers for convenience, as they can deactivate the card from their homes. Thanks to an active official portal of the bank, you don't need to wait for the process to start.
Here are the steps to do it for those who do not know how to deactivate credit card through the bank website.
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It is not necessarily bad to cancel a credit card, given you have not used it recently. Having too many credit cards can make managing your personal finance complex and also cause you to miss out on the due payment date. This can harm your credit score, so it is better to learn how to stop credit cards early.
Once your request to deactivate the credit card is accepted, you can no longer use the card. However, you would still need to pay off the remaining balance on the card that you used previously. Failing to do this will result in a higher interest fee on top of the outstanding balance. So, it is recommended to stop using the credit card for a while before deactivating it.
