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Readers Respond: Why Would You Close a Credit Card?

Responses: 34

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Closing a credit card might hurt your credit score, but getting rid of a bad credit card might be good for the future. Why did you close your last credit card? Share Your Reason

close cards

report the card as stolen and the account will be closed immediately.
—Guest john dough

this is non sense

My credit card from bank of America was paid off. $0 balance and now they're charging me an annual fee of $59. which is not right. its been paid. i could use the $59 to buy food for my family. Don't BofA think of that besides themselve.
—Guest Karen

Angry with BOA

Had a simple credit card with them and wanted to upgrade to a cash back card. I was denied even though I have excellent credit. Well then I said and I closed my checking, savings and credit card with them, took my money to another bank and got an even better credit card with better benefits.
—Guest Francisco

why close a card

An unauthorized person used it and ran it up without me knowing it. They were smart and always got the mail-so I never saw the statement -didnt know it was happening. In 2008 and I just know got it paid off.
—Guest Beverly Ivey

CLOSING ACCOUNT

Asked for a lower interest rate, got denied, then asked for a different card with a lower rate got denied again, then asked if I can at least wave the annual fee, noooooooo!!!!! So I said I am done, Capital One sucks!
—Guest TERRY75

Angry with creditor too

I close my Victoria Secret Card after 3 years, because they would not take off a late fee. Besides that I got angry because of that, I already wanted to close my highest interest cards, such this one.
—Guest Dan Gon

work with me

had card for 5 yrs asked for lower rates or increase and they would not do neither.
—Guest Dee

Low limits!!!

I would close a credit card due to low limits. In the process of doing that right now.
—Guest Lu358

Held on to bad credit cards too long

I recently closed four credit cards that were nickle and diming me to death. Apllied was charging me $15.00 per month, 1st Premiere was charging me $6 and $7 per month. I closed Orchard too as I obtained all of these when my credit was pretty shaky and held on to them too long. I didn't think twice and believe I made the right decision. I kept 2 cards that are from Cap 1 and HSBC (oldest). I have decent limits on the two I kept and don't have monthly charges, for one I don't even have an annual fee. Don't be afraid of dinging your credit score, it will rebound. If you have bad credit credit cards, get rid of them as SOON as you can
—Guest MN

Too Many Cards

I got tired of the debt I caused for my family. So, I closed all 15 plus, and only kept 2.
—Guest nene411

Prevent wife from spending

Wife has a shopping problem and convinced me to take out a card for her in my name. After maxing the card out I chose to close the account and pay the balance as she wasn't being responsible. It also had a horrible interest rate (24%).
—Guest Joe

Better Rewards Elsewhere

Why keep a card which only gives 1 mile per 4 spent when I can get new cards with big bonus flyer miles.
—Guest longhorns

From 4.9 % to 12%

A few years ago I got a letter from cap 1 that stated my interest rate was going to 12 % from 4.9 %. My choices were to close or to leave open and pay balance down the balance with minimum payments at the 4.9% rate. I chose the latter. (20.00 per month / 18.00 comes off balance) I still am not sure how or if I should close it when my balance reaches zero?? (in approx. 2 year)
—Guest metlwiz

Can't Afford Payments

I am on Social Security and would like to close my credit cards because I know longer can afford to have them. I wonder what whould happen if I call them and tell them I can no longer afford them. My medicine is so high, I have to close my credit card accounts.
—Guest Alma

Bank of America, who else?

Tomorrow I am getting rid of my credit card with a $40 annual fee with BofA. This was my first card, which I got three years ago and have paid off in FULL for every payment and now has a $0 balance. I spoke two weeks ago with a BofA representative about upgrading to a better card with cash rewards and no annual fee. I was glad to have the chance to finally upgrade, but this week I received a letter saying my request had been denied because of "a short credit history" (I have had three cards for 2 years, always paid in full) and "the current economy". The economy? Well guess what, a $40 annual fee and 20% APR isn't good for ME in this economy either! And I want my $500 deposit back from '08.
—Guest Liz

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Why Would You Close a Credit Card?

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