Don’t Cancel a Credit Card BEFORE You Do THIS...

Stop leaving yourself vulnerable to data breaches. Go to my sponsor https://aura.com/markreese to get a 14-day free trial and see if any of your data has been exposed. Then learn about the steps you should take before closing a credit card. Click “Show More” to see Ad Disclosure. 📲 MAXREWARDS - Manage credit cards & rewards! Get Platinum level for free with PROMO CODE = markr https://markscreditcards.com/maxrewards 💳👇 VIEW CREDIT CARD OFFERS! https://markscreditcards.com/offers 🚨 CREDIT CARD OFFER ALERTS! https://markscreditcards.com/offeralerts 🛍 RAKUTEN - Earn More Cash Back! https://markscreditcards.com/rakuten 💸 TOPCASHBACK - Earn MORE Cash Back! https://markscreditcards.com/topcashback 📲 PAY INVOICES BY CARD WITH MELIO! http://markscreditcards.com/melio 🏦 SOFI CHECKING & SAVINGS – Get $25! (or more w/ direct deposit) https://markscreditcards.com/sofibanking 📊 GET FREE STOCKS FROM WEBULL https://markscreditcards.com/webull 📊 GET FREE STOCKS FROM MOOMOO https://markscreditcards.com/moomoo 🔐 AURA – Identity Theft Protection & More! Get Your 2-Week Free Trial: https://markscreditcards.com/aura 00:00 - Intro 00:44 - Step 1 3:39 - Step 2 4:17 - Step 3 5:20 - Step 4 8:58 - Step 5 12:00 - Step 6 12:53 - Step 7 14:15 - Step 8 Is closing a credit bad? Not necessarily but follow the steps outlined in this video before you decide to do so. Here are some of them below. First of all, make sure you pay off the full balance of your credit card prior to closing. The last thing you want is for an account to become delinquent, get reported, and hurt your credit score. From there, look at how much value you got from your credit card over the past year. If the value is more than the annual fee, then it could make sense to keep it. Consider product changes, too. This involves upgrading or downgrading your current credit card to a different one. Best of all, it keeps your account open, avoids a hard pull on your credit report, and keeps a lot of important things intact (like your payment history, account age, and credit line). You’ll also want to look up the point expiration policies. While cards like the Chase Sapphire Preferred, Chase Sapphire Reserve, Amex Platinum Card, and Amex Gold card are fantastic for frequent travelers, it’d be a sad day if you lost a bunch of Chase Ultimate Rewards or Amex Membership Rewards that could have given you a great trip somewhere. If you don’t have another card open that earns the same points, you’ll want to consider redeeming the points you have prior to closing the account. Additionally, ask for a retention offer. You don’t have to accept it, but it’s nice to know what offer you could get if you agree to keep the credit card open for another year. If you choose to move forward with closing your credit card, ask a representative if you can transfer your credit line to another card with the same bank (if you have one). Doing so can help with your overall credit utilization (i.e., keeping it lower), and that can benefit your credit score. Lastly, if you cancel your credit card that has an annual fee, ask if you can receive a prorated annual fee. Disclosure: The thoughts, opinions, and information presented are those of the creator. This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com, YourBestCreditCards.com, and others. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor. #creditcard #travelcreditcards #creditcards