Banks regularly introduce new variants of credit cards with enticing features, like waived annual fees or $100 in welcome bonus cash rebate. If you keep taking up these offers, you may soon end up with more cards than you need or can handle. Even if you are able to do so, having too many credit cards may be detrimental to a healthy spending habit as you find yourself scrambling to meet different minimum spending requirements every month.
If and when you do decide to cancel a credit card, keep in mind that it is not just a matter of cutting it into two and sending a cancellation request to your bank. Here, we discuss some of the most important precautions you can take to save yourself some money and a great deal of stress if and when you cancel a credit card.