Sears founded Discover Card in 1985. Discover Financial Services is the owner and manager of the credit card brand. Discover Financial Services is a leading provider of electronic payment services. Its products and services include personal loans, student loans, prepaid cards and certificates of deposit. Discover has over 50 million cardmembers worldwide. Every day, Discover is accepted by 5,000 merchants.
In fact, Discover is the largest US card issuer. You can use Discover cards in over 185 countries. Each year, billions of financial transactions are made using Discover cards. If you don’t know it, one in four US households owns a Discover Card. It is also a top cash rewards program, with $92.5 billion in sales volume and $45 billion in loans. Discover Network cards are also accepted in many countries, including the United States. American Express, Visa MasterCard and American Express are the main competitors of Discover networks. Discover earned $765 million in net income in 2010.
Direct Banking is a business segment of Discover that offers a variety of business and consumer credit cards. Some of these offerings include the Discover More card, Miles by Discover and Discover Gift Cards, Discover Motiva, Discover Business Card, Discover Open Road, Discover Financial Services also has two US banking affiliates – Bank of New Castle and Discover Bank. Discover is headquartered in Riverwoods (Illinois) and employs approximately 11,000 people. Visit the website for more information or contact a Discover customer representative.
Here are some key points: How to cancel a credit-card
- You must notify your credit card company to cancel your credit card. However, you are still responsible for any credit card debt.
- Cancelling a credit card could have a negative impact on your credit score and increase credit utilization.
- Cancellation of credit card accounts can remain on credit reports and credit history for up to ten years.
Although cancelling a card and paying off the credit card balance might seem simple, there are important details to remember.
Before you cancel a credit card account
There are many reasons to cancel credit cards. There are many reasons to cancel credit cards. You might decide that you don’t want an annual fee credit card, prefer a travel card or have been approved for a card with a higher credit limit. You might want to reconsider cancelling if you don’t have enough credit cards or you just want to get rid of some debt. This is especially true for those with good credit and who want to keep a high credit score.
Did you know?
Cancelling a credit card can impact your credit score by decreasing your total credit available, impacting credit utilization ratio and decreasing the average age your accounts. This applies to any credit card, even a seldom used one.
Did you know?
Cancelling a credit card can impact your credit score by decreasing your credit limit, impacting credit utilization ratio and decreasing the average age your accounts. This applies to any credit card, even unused or rarely used.
If you have a balance on your credit cards, cancelling a card will lower your credit available credit. This can increase your credit utilization ratio. Your credit score can be affected by a higher credit utilization.
It is also important to consider the age of your credit card accounts. You should cancel any old cards. Credit Score can drop as a result.
How to cancel your credit card Step-by-step guide
- Pay your balance. Closing your credit card does not erase any outstanding amounts, accrued interests, or fees that are still on the account. Before closing your account, make sure you take care of any credit card debt. After closing the account, you will need to make payments to your credit card issuer to pay off the balance. You’ll also lose any credit that you might have. To pay the balance, you may want to set up automatic payments. To reduce the interest on the statement balance, you can also choose to have a Balance Transfer.
- You must redeem any remaining rewards before you cancel your credit card account. To reduce your outstanding balance, you may be able cash them in as a statement credits.
- Notify all cardholders of your intention to close the account. To ensure that your card doesn’t allow you to continue making purchases, notify your spouse and other family members if they are authorized users.
- Request cancellation. Contact customer service number on your credit card.
- Dispose of your card. This is a good security measure to do.
