What Can A Credit Card Do To Keep You As A Customer?

It’s not uncommon to want to begin canceling some of your credit cards.  After all, the more credit you have available, the greater the chance of you falling into a debt trap if you’re not careful with them.  What’s important, though, is to cancel the right types of credit card.  For instance, we covered a couple of reasons I gave up two of my rewards cards yesterday.

When you’re thinking of canceling some of your credit cards, give it a hard thought.  For one, it is always better for your overall credit score to leave lines of credit open than to close them.  However, if you feel like it benefits you directly in other means to part ways with your credit, that shouldn’t stop you from pursuing that avenue.

As soon as you call up the credit card company to sever ties, you can expect them to move you to the customer retention department to try and reel you back in.  Some of the offers you get might change your decision about which cards you’re going to get rid of so do give it time to sink in.

Better Deals

If you’ve been a good customer, credit card companies might offer you a better deal on your existing contract.  Various benefits such as a lower interest rate, waived fees and rewards upgrade are pretty typical techniques to try and entice you.  Sometimes, they might even upgrade you to a different credit card, one that packs even better features than those you have now.

Keep in mind that most credit card companies will give you a 90-day window to reinstate your credit card.  Basically, they won’t close it, just keep it on an inactive status during the period.  If you do tell them to cancel it and then decide to cut another card instead, you should be able to call them up and get the offered deal without any damage to your credit score.