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The Right Way to Close a Credit Card

March 12, 2018
By Jason Steele –

Credit CardDid you know that there’s a right way and a wrong way to close your small business credit card? If you do it the wrong way, you could miss out on rewards and benefits, and possibly even incur late fees and interest payments. Use these steps to make sure that you close your credit card account the right way.

Consider Alternatives to Closing Your Account

There are some good reasons why you may wish to close your small business credit card account, but many of them can be addressed by your card issuer. The market for small business credit cards is extremely competitive, and card issuers are willing to go to great lengths to retain existing their customers. For example, if you are closing your account because the annual fee is too high, and you let your card issuer know, then it may waive your annual fee to keep your business. Likewise, if the standard interest rate is not competitive, then your card issuer might be able to offer you a lower rate. (more…)