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Three Common Mistakes Made When Cancelling Credit Cards

Three Common Mistakes Made When Cancelling Credit Cards

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Home Page > Finance > Personal Finance > Three Common Mistakes Made When Cancelling Credit Cards

Three Common Mistakes Made When Cancelling Credit Cards

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Posted: Jan 20, 2011 |Comments: 0
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When you’re choosing to close one of your credit card accounts, most people assume it would be as simple as just ringing up the bank or financial institute and saying ‘I want to cancel my card.’ Sadly, however, this is not the case. Many people are finding this out, as they attempt to get their finances back into order. With the rising of interest rates on debt, and many banks attempting to get their lost funds back after losing so much in the financial crisis, it seems about time to cut down on the amount of plastic cards people have in their wallet. As some people have found out the hard way, mistakes can be made and most were totally unaware that they were even making a mistake.

In the following paragraphs, I am going to speak about three common mistakes that people make with opting out of their current card. The three common mistakes are forgetting to change any stored card information, using your card before it’s cancelled and changing your automated billing information.

Stored Credit Card Information

If you shop online, many stores may keep your card information, such as card number, expiry date and the name on the card. Let’s say you are shopping online, and you use a different account to usual. Now, this account is denied approval, in this case, some online stores many revert to your older details, meaning your older card is charged for the purchase.

What happens when you card is used before it is completely cancelled is the credit card company cancels the cancellation, and assumes that you want to keep your card open for use. If you’re cancelling your card due to a higher interest rate being put in place, then you are going to be charged at this higher rate with you even wanting to be. The bank or financial institute won’t usually tell you about this change, and will just send you a bill at the end of the month.

To avoid this, ring up the customer service line of any online store you make purchases from, and see what details of yours they have stored, and asked them to remove your older details. Find out more about the Bankwest More MasterCard and the NAB.

Accidently Using Your Card

Sometimes, you may have a few different cards in your wallet. You may be in a hurry when making a purchase, and pull out any card. By chance, you pull out the card you are cancelling, which means what I stated above, that your cancellation would become null and void. This occurrence is easy to avoid, any cards you are cancelling, remove them from you wallet and put it (Or them.) aside.

Automated Bill Payments

Paying bills on the internet has become normal for some, and this means that you may have one or more bills being paid automatically through your credit account. You may forget these bills are paid through your credit, which will again mean your card is used and the cancellation process is cancelled. To avoid this, know what payments are automatically withdrawn from your credit account, and make sure to change your payment details with your biller.

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About the Author:
Want to learn more about the best credit card offers? Visit Bankwest More MasterCard and NAB on CreditCardOffers.com.au
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