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.Back to top