E-Trade has a credit card system that makes purchasing products and services easy. Some reasons can make you cancel your credit card, like divorce when you shared a credit card with your ex, or due to too much temptation to overspend. In case you want to cancel your E-Trade credit card, you can follow the guidelines given in this article.
The E-Trade online brokerage platform is suitable for beginner investors and persons who trade frequently. You may also select the E-Trade platform if you want to avoid commissions and annual fees that are charged by other platforms. E-Trade also has a credit card option that allows you to purchase products and services, and then pay E-Trade back later. The E-Trade credit card is accepted in many places, and this makes it a convenient payment method.
Despite the benefits that you get by using E-Trade, some circumstances can make you cancel your credit card. For example, if you are a customer going through a divorce, you may need to cancel a shared a credit card with your partner. Some people also cancel credit cards because they want to avoid too much temptation.
While being unable to resist overspending may be a valid reason to cancel your credit card, there other measures that you can take instead of canceling your credit card. Finance experts discourage canceling credit cards because it lowers your credit score, and this may make it difficult for you to get a loan in the future. However, sometimes you may have no other option than to cancel your card. This article will take you through the process of canceling your E-Trade credit card.
How to Cancel Your E-Trade Credit Card
If you want to cancel your E-Trade credit card, you can follow the steps given below or contact the E-Trade customer support team for more guidance. Here is how you go about canceling your Credit Card with E-trade:
1. Redeem Your Rewards
Before canceling your E-Trade credit card, it is advisable to redeem any rewards that you could have earned. This will prevent the rewards from going to waste. Though this may not be mandatory for the E-Trade credit card, it is advisable to pay off the remaining balance of your credit card before canceling it. This will prevent you from incurring fees when you forget to pay this balance.
2. Contact the E-Trade Customer Service
Contacting the E-Trade customer support team is the best way to get help in canceling your credit card. Once you call E-Trade, explain to them that you wish to cancel your credit card and tell them to indicate that you requested your account to be canceled and that it was not closed because you defaulted your payment. The representative may try to persuade you not to cancel the card but the final decision lies in your hands.
It is important to note the name of the E-Trade representative that you spoke to and the time and day when you made the request. Other ways of contacting E-Trade include live chatting with them or sending them an email. E-Trade is also available on Facebook and Twitter, but these are not the recommended ways of asking for your credit card to be canceled. You can also send a credit card cancellation letter to E-Trade.
3. Check your Credit Report
It may take up to a month for your credit report to reflect the canceled credit card. Once this happens confirm that it indicates that the credit card was "closed at consumer's request" and not "closed by issuer."
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