Can I Freeze My Credit Card?

Information verified correct on October 21st, 2016

If you have ever wondered, can I freeze my credit card, the answer is yes you can. This article will tell you how to cancel or freeze your credit card.

There are a few reasons that people freeze their credit cad and a few reasons that you might want to think twice about it. If your card has been lost are stolen it is probably a good idea to put a stop on it right away. That way you can prevent or at least limit the amount of fraudulent charges that could be made on it. Another reason to take this route is to force yourself to stop using your plastic when you are trying to relieve debt. While some people actually take the step of licking their cards in a block of ice, the smarter choice is to put a temporary stop on transactions so that you can get out of debt without worrying about giving into the urge to spend.

How to freeze my credit card?

For lost or stolen cards

If your plastic has been lost or stolen the first thing to do is contact your issuers customer service line. They will need you to answer a list of questions or provide some verification of your identity. You will also need your account number. If you do not have this information do not panic, they will still be able to verify they account and assist you. The representative will need information about the last transaction that you made so they can attempt to track the card. This information is especially important if the card is being used fraudulently because they can figure out easier where the card is and possibly catch the fraudster that is using it.
Action steps to deal with a stolen or lost credit card

For getting out of debt

If you ask your card issuer to freeze my credit card so I can limit my access to funds they will do so almost instantly. They will ask you to fill out some paperwork that tells them for how long you would like your account frozen and they will not allow you to unfreeze the account until that date. At this time you should work very hard to make sure your cards are paid off in that time period. While this might not immediately improve your credit score, having a lower debt to income ratio is a step in the right direction. Once you begin using them again try to only spend what you can afford to repay in full each month. This will do wonders for your finances and your credit file.
Guide to reducing your credit card debts

If you are thinking it is better cancel my credit card do so with caution. If you are being charged excessively high fees on a particular piece of plastic then doing so is probably a good option. However, you might want to consider before you cancel one with a good rate that you have held for a long time. If you can clear out the debt you stand to benefit from having such a long standing relationship with the issuer.

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Credit Cards Comparison

Rates last updated October 21st, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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