A high interest rate is one of the most popular reasons a consumer chooses to cancel his or her credit card. If you have good or even average credit, there is really no need to hang on to a credit card with a high interest rate. While many companies will lower your annual interest rate to keep your business, it is possible you may have to simply cancel your credit card and move on to another company.
Instructions
1. Call your credit card company during normal business hours. Tell the customer service representative you are thinking of canceling your card because of the interest rate.
2. If you have reached a quality professional, he or she should try to work with you to see if they can reduce your card's interest rate. Often, this might require a transfer to another department or a supervisor.
3. Patiently explain to each person you speak with that you are a good customer and would like to keep it that way, but do not wish to pay such a high interest rate any longer.
4. If they do not cooperate, tell them you want to cancel your credit card. Confirm that they will send you a letter or email stating your account is closed.
5. Alternatively, you can write a letter to your credit card company asking for them to cancel your card. Explain that you tried to get a lower interest rate and were unable to.
6. Once you have received confirmation your account is canceled, be sure to cut up the credit card.
