Credit card cancel hack

[johnsfinancetips]

And if you’re looking for a top credit card check out my top offers here.

[Som]

I assume I have to live in Massachusetts for this to work, can’t just live in Cali and say I’m in Massachusetts

[liamfoxy]

"and I'm from North Dakota"
"Omg, I'm so sorry, I had no idea, my sincerest condolences"

[SpeedyCready]

"I'm from North Dakota..." best delivery

[mumj]

Downgrade your credit card to a no annual fee card instead. That way you dont lose credit history.

[jadedone]

Who the hell pays a $695 annual fee for a credit card??

[testname]

It says pro rata basis of 2/3rd of annual fee. So you'll get somewhere around $77 back. And not 2/3rd of annual fee.

[JHeyJoe]

As a couple people noted, it’s 2/3 pro rated. So if you pay $58/month like in the video, you can expect about $38 back per month remaining before your next annual payment is due.

[MultiJohn]

It literally says “on a pro rata basis.” You get the *prorated* portion of two-thirds back. Not the entire two-thirds. So in this case, you’d be refunded two-twelfths (corresponding to the two months you didn’t use) of two-thirds of $695. In other words, about $77.

[Creidne]

"They have no idea"

Still holds right hand in position to mimic phone.

[Gamdursol]

I don’t know, maybe companies are genuinely out to screw you where you’re from. But I worked for an insurance company for almost a decade, and we saw it as our complete responsibility to know it when our customers were owed any money from us. They didn’t have to remind us, and we always tried to get them their money as soon as possible.

[CouncilOfRem]

The agent sitting on the other end getting lectured by a customer

[tonyzheng]

DONT CANCEL CREDICT CARDS, downgrade them but never cancel.

[CheerfulLightBulb-pjky]

Thanks. I currently don't live in Massachusetts, but this is actually a pretty good life hack to know about.

[tetramin]

You forgot to inform people about the massive credit hit you take from canceling a credit card. You might get your annual fee back but the hit it takes to your credit will take a while to get those points back.

[Maxime_K-G]

I don't get it. Why wouldn't people from Massachusets just always cancel their cards in December and get 2/3rds of the fee back?

[boredgamergirl]

I worked on a call center albeit not on a bank. But I dealt a lot with payments and refunds. And this would probably be a pain to process 😖

[shreyanshallapulla]

Thank you sooo much man it helped me a lot!!!! 😊😊😊😊😊😊😊

[puffinbasher]

That law literally says 2/3 of the pro rata, not 2/3 of the bill. Are you going to spend hours on the phone for around five weeks of your cc fee? If you have a 700 a year fee, your time is very likely worth more than that.

[Jon]

If you don't pay any annual fees, instead of cancelling a credit card sometimes it's simply better to put a freeze on the card and just cut it up. Why? Because if you cancel a card you no longer have that amount of credit - and decreasing the amount of available credit you have can negatively impact your credit rating.

Plus if you have more than one credit card from the same issuer (a bank, for example), instead of closing one or more for lack of use it is better to call the issuer and see if they can consolidate all of you cards into one with the most favorable terms. This will allow you to keep ALL of your available credit but just on one card without taking a hit to your credit score.