Do I have to accept a credit card I was approved for?
You can't decline a credit card after being accepted, but you can always cancel your new credit card if you don't want the new account. Canceling a new credit line might be the right move if you're worried about going into debt you can't pay off.
Can you refuse the card? Not really, although you can effectively do so in certain cases, depending on your credit history. It's really a matter of semantics if you are approved for a card, then call up the company and say you want to “refuse it.” What you're really doing is asking them to cancel the card.
Can you cancel a credit card after approval? Yes, it's possible to cancel a credit card. The Consumer Financial Protection Bureau recommends giving the credit card issuer both a call and a written notice. Keep in mind that you'll have to pay off any outstanding balance.
Any business is within its rights to refuse a method of payment.
Should you take it? A pre-approved credit card can improve your credit score, but think twice about taking the offer if you're already struggling with debt. A pre-approved credit card can improve your credit score, but think twice about taking the offer if you're already struggling with debt.
The one way I find would use is by first acknowledging the product a salesperson is offering then proceeding to explain to them that I am currently not in need of a credit card, but should I need the service, I will keep the sales person's contacts and give them a call.
You sure can! As a credit card customer, you have the right to cancel an account anytime you wish, including seconds after it being granted. However, just because you didn't activate the card doesn't negate the fact that you applied -- and were approved for -- a line a credit.
If you don't activate a credit card within a certain timeframe and don't use it, your account may be closed automatically and be reported as 'closed by credit grantor', which could have a negative impact on your credit.
Provided all of your credit cards show $0 balances on your credit reports, you can close a card without hurting your credit score. If you're responsible with credit and you always pay on time, you could also ask your card issuer(s) to increase your credit limit.
Closing a credit card could lower your credit score. That's because it could lead to a higher credit utilization ratio, reduce the average age of your accounts and hurt your credit mix. Before closing a credit card, it's wise to consider these factors and the potential impact on your credit score.
Can a business force you to pay with a credit card?
Is it legal for retail stores to refuse to accept cash and insist on debit or credit cards only? Yes; until such point that there is a debt, it's legal for stores to refuse legal tender. Typically in a store there never a situation where there is a debt owed to the store by the customer.
Credit cards are easily stolen and accepting them increases the chance of fraudulent card use. Card payment gateways facilitate the communication of sensitive personal and financial data. If this information isn't safeguarded by solid security features, it can be compromised.
Down payment, cash advances or balance transfers
A good rule to abide by is to not rely on a credit card for any kind of down payment. It will add to a larger cost and may be a sign that you shouldn't make the purchase. In addition, cash advances usually charge a higher rate than purchases.
Chip Lupo, Credit Card Writer
Credit One Platinum's maximum credit limit is around $2,000, according to customer reviews. Some people report being approved for this amount right away, while others have worked up to it over years of responsible card use. The minimum credit limit for Credit One Platinum is just $300.
Increasing your credit card limit can help you boost your credit score, but it can also hurt it. Remember to look at things like your credit mix, utilization ratio and other criteria we mentioned above before applying for a credit limit increase.
Yes, a pre-approval will run a hard credit check that will lower your credit score by five points or less. But as long as you keep paying your bills during that time, your credit score will return to normal. Getting multiple pre-approvals shouldn't hurt you if you shop for different lenders to get the best deal.
The other risk of leaving a card inactive is the issuer might decide to close the account. If you haven't used a card for a long period, it generally will not hurt your credit score. However, if a lender notices your inactivity and decides to close the account, it can cause your score to slip.
If your application is approved, you'll find out your card's annual percentage rate (APR) and credit limit. Some issuers may share a credit card number and details right away, so you can use your account for online purchases. Or, you might be able to add your new card account to a mobile wallet.
Yes, you can cancel your credit card by sending a written letter of request to your credit card company. You will have to note down details like the name of the credit card that needs to be cancelled and then send this to your credit card issuer.
Canceling a credit card will cause a direct hit to your credit score, so more often than not, you'll want to keep the account open. Correctly managing an open, rarely-used account may require some extra attention, but the added effort will help your credit in the long run.
Will I be charged if I don't activate my credit card?
You still owe any annual fees
Your account is opened when your application is approved, so even if you don't activate the credit card you receive in the mail, you still have an open account and you'll still need to pay the annual fee associated with it. This applies to secured credit cards that come with fees as well.
You won't be charged for credit card inactivity. Credit card inactivity fees, also called dormancy fees, used to apply to inactive accounts.
When you activate your new card, your existing card is automatically deactivated, so you should destroy it by cutting it up or shredding it to protect yourself against fraud.
Walking away from your debt, also known as defaulting, could seem like your best option if you're struggling to keep up with bills. However, walking away from debt won't solve all of your problems; the lender can still try to sue you for the remaining amount or sell the loan to a collection agency.
Lenders want to know both how reliable and profitable you are. If you have a zero balance on credit accounts, you show you have paid back your borrowed money. A zero balance won't harm or help your credit.
