So we've already established reasons for not canceling credit cards [Don't Cancel That Card!]. But, things happens from time-to-time: we have to call up a credit card company in order to cancel an account for some reason. Maybe the promotional offer has ended, or you don't use the card anymore, or you're just not happy with the service. In any case, there are some things you should know before placing that call…

• Try not to cancel older accounts:
  This is partially addressed in the previous post [Don't Cancel That Card!]. Even if you aren't using the card anymore it pays to keep those accounts open (as long as there is no annual fee associated with keeping it active). Just stick the card in a drawer somewhere. Older accounts can have a positive impact on your credit report, lengthening your credit history. Heard that canceling accounts can help your credit score? Well, it's a myth.

• Not happy with your current interest rate or annual usage fee? Recently charged for a late payment? Try negotiating:
  The fact is that like most business models, keeping a customer is far less costly than gaining an entirely new one. Most customer service representatives are trained to try and keep you on board as a customer and have some leeway as far as waiving recently charged fees (over-limit fees, late-payment fees, etc.) or decreasing interest rates. Call them up and tell them that you aren't happy about 'X' and would like to cancel your account because of it. They will then usually offer you something to stay on as a customer. Tip: sometimes the best incentives can be found by declining the first or second offers they bring up.

• Check around for replacement cards:
  Why? Because many times a customer service rep is able to transfer your account over to a new card (of the same company)…which may or may not be a viable option in your case. This is good if you want a card with different benefits from the one you are currently using. It saves you the time and hassle of having to re-apply all over again.

Still want to cancel the card? Well, just do it. There are usually better deals out there anyways with all of the sign-up bonuses and 0% APR promo rates out there right now (and many of those great offers can be found right here at TheCreditCarder.com! *wink wink*).