Canceling a credit card is easy, but if you do it, do it right.
Close just one account at a time, even if you're closing several. First, cancel cards that charge you fees. Also, it's better to cancel new cards before old ones. And you may want to keep cards with good rewards programs.
Before you close an account, pay off your balance or transfer it elsewhere. If you try to cancel a card while it still has a balance on it, you might end up paying nasty fees and high interest rates.
Contact your credit card company. You can cancel some accounts online, which is convenient because often when you try to cancel by phone, the sales rep will do his best to talk you into staying. If this happens, be firm.
Send written confirmation. Follow up by writing a letter like this one to the card issuer.
Watch your credit report. It may take several weeks for changes to appear on your credit report. It's your responsibility to be sure the report is accurate, so keep tabs on it. You may also want to watch your credit score to see if canceling the card did any damage.
When you're certain the account is closed, cut up your card.
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