If you're like most people, you probably have a drawer full of credit cards that you don't use anymore. Maybe you got a new card with better rewards, or maybe you switched to a cash-back credit card for your everyday spending. Whatever the reason, it's important to handle those old credit cards properly to avoid any potential issues. In this article, we'll explore what you should do with a credit card you no longer use.
Firstly, it's crucial to cancel the unused credit card. This will prevent any unauthorized charges from occurring on your account and can also help protect your personal information. To cancel a credit card, you can typically call the customer service number on the back of the card or log into your online account. Make sure to verify all transactions before canceling to ensure there are no outstanding payments or fees.
Once you've canceled the card, you should shred any physical copies of the card immediately. This includes cutting up the card or using a cross-cut shredder to destroy the magnetic stripe and the card number. Keeping these documents can put you at risk of identity theft if they fall into the wrong hands.
Next, make sure to remove the card from any online accounts or payment methods associated with it. This includes removing the card from your digital wallets, subscription services, and any other online platforms where it might be saved. It's also a good idea to check your email inbox for any confirmation emails or receipts related to the card and delete them as well.
After you've taken these steps, it's time to think about what to do with the card itself. If you're planning to keep the card as a backup in case of emergencies, make sure to store it in a safe place, such as a fireproof safe or a locked drawer. However, if you don't plan to use it again, consider destroying the card completely. You can do this by following the same steps mentioned earlier: cut up the card or use a cross-cut shredder.
Another option is to donate the card to a charity or non-profit organization that can repurpose it for their own purposes. This could include using it as a membership card or for fundraising events. Just make sure to inform the organization that the card has been cancelled and is no longer active.
Lastly, if you have any remaining balance on the card, make sure to clear it out before disposing of the card. You can do this by transferring the balance to another card or paying it off directly through your bank. Failing to do so could result in penalties or fees being applied to your account.
In conclusion, handling an old credit card requires a few key steps to ensure your personal information remains secure and to prevent any unauthorized charges. By canceling the card, shredding physical copies, removing it from online accounts, and either destroying or donating the card, you can safely dispose of an old credit card without any lingering risks. Remember to always stay vigilant and protect your financial information to avoid potential fraud and identity theft.