Are Too Many Credit Cards Costing You Extra? Here’s How to Deactivate Unused Ones
Many people apply for multiple credit cards to avail cashback offers, discounts, and reward points. From supermarket shopping to online purchases and travel, different cards serve different purposes. However, maintaining too many cards can lead to unwanted annual fees, higher financial risks, and credit mismanagement.
If you have inactive or unnecessary credit cards, it's wise to deactivate them before they start incurring charges. Here’s a simple guide to help you close unused credit cards safely.
Why Should You Deactivate Unused Credit Cards?
✅ Avoid Annual Fees: Many credit cards have an annual maintenance fee that gets deducted even if the card is not in use.
✅ Reduce Fraud Risk: Unused cards are vulnerable to fraud if they remain active without monitoring.
✅ Simplify Financial Management: Fewer credit cards mean less financial clutter and better tracking of expenses.
Steps to Deactivate Your Credit Card
Step 1: Clear Outstanding Dues
Before deactivating a card, pay off any pending bills or EMIs linked to it.
Step 2: Redeem Reward Points
If your card has accumulated reward points, use them before closing the account, as they might expire upon deactivation.
Step 3: Contact Customer Care
Call your bank’s customer service helpline or visit the nearest branch to request cancellation.
Step 4: Submit a Written Request (If Required)
Some banks may require a written cancellation request via email or physical form.
Step 5: Get a Confirmation
After submitting the cancellation request, ensure you receive a confirmation email or SMS from the bank.
Step 6: Cut & Dispose of Your Card Securely
Once deactivated, cut the card into pieces, ensuring the chip and magnetic strip are destroyed.
Which Credit Cards Should You Keep?
🔹 One All-Rounder Card – A credit card that offers good cashback & reward points on all types of transactions.
🔹 A Shopping Card – If you shop online frequently, keep a card that offers discounts on major e-commerce platforms.
Final Thoughts
Having too many credit cards can lead to unnecessary fees and financial stress. Identify and deactivate unused cards before they start affecting your credit score and finances. Follow these easy steps to manage your credit portfolio smartly.
