How Do I Close My MasterCard Credit Card?

If you are thinking of closing your MasterCard credit card, you can do so by calling your financial institution, sending the bank a letter in the mail, or closing your account via the bank's website. Before closing your account, understand how it may temporarily affect your credit score and how to recover any lost credit score points. Closing your MasterCard account can give you more spending power and less overall indebtedness.

Each year, a number of people decide to get debt free and close their credit cards. You may be exploring closing your MasterCard credit card but don't quite know how to go about it in a way that won't hurt your credit or limit your spending. How do you close your MasterCard credit card? You can get help through MasterCard cardholder support here, and you can follow the steps below.

Before Closing Your Card

Before closing your MasterCard credit card, there are some things you want to take into consideration.

Closing your card will affect your credit utilization ratio even if your MasterCard has a zero balance. This is because it will reduce your overall available credit while the amount you owe on other cards or loans will stay the same. This has the potential to increase your credit utilization ratio above the recommended 30 percent.
Your credit score may take a dip in points; however, it recovers quickly. This is especially true if you apply the amount you were spending on your MasterCard to other loans or credit cards to reduce overall debt.

How To Close Your Card

Here are the steps to closing your MasterCard credit card:

Pay off the remaining balance on your card.
Redeem any rewards points you have earned (remember, you will lose points if you close your card, so you want to maximize your rewards).
Contact your bank (either online, on the phone or via mail).
Check your credit score.
Destroy your closed card through a crosscut shredder.

Closing Account Online

You can close your MasterCard credit card online through your financial institution's web page.

Log into your account.
Open account management.
Select the choice to close the account.
Confirm your choice.

Closing Your Account Over the Phone

Call your financial institution to request closing your account. If you have a remaining balance, be prepared to pay that off during the phone call. Additionally, you can call MasterCard customer support here to be linked to your card issuer.

Closing Your Account Through the Mail

Closing your account via mail is the slowest method of closing your MasterCard credit card. When you draft your letter, make sure you ask the financial institution to note on your credit report that the account was closed at the customer's request. Also, keep a copy of your letter on file with the date you mailed it. Check with your financial institution within one to two weeks of mailing your letter to make sure it was received and the account closed.

When you close your MasterCard credit card, you are taking more control over your credit history as well as your spending and daily money management. You will need to contact your financial institution to close your MasterCard; however, you can get support and information by calling MasterCard customer support here.

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