Congratulations! You just applied for a new credit card and were approved. But, what if you have a change of heart and no longer want that card? Here are some things to keep in mind and tips to navigate this thought:
- Remember, a credit card is not debt. It’s a piece of plastic. Debt only accrues if you spend more than you pay back. If you never spend anything there is no debt. If you use your new card like cash, then it’s the same as using your debit card, but your earning a ton of valuable points.
- There is no commitment when opening a new credit card. You can always cancel a card if you feel like it’s not the right thing for you. Every bank is different, but you can usually get a full refund of any fees if you cancel within 14 days of the annual fee hitting your statement. We recommend speaking with your bank’s representative to learn about their refund policy.
- There are tons of benefits to having credit cards including: improving your credit score, earning bonus points, purchase protection, fraud alerts and security, and ease of use.
If at the end of the day you just don’t want the card after you’ve completed an application, the best thing to do is to call the credit card issuer and ask them to cancel the card for you.