Financial Institution Question - How to cancel various underutilized credit cards

[[AK]Clay]

I have several credit cards that I just do not use. Most are store cards I got in order to get that 10% discount on some big ticket item. To cancel them, I could telephone the 1-800#, Enter my CC # through the computer, navigate through the touch keys on my telephone (the options for which have recently changed, so please listen to them all). Then wait while they are experiencing an unusually high volume of calling. Be told by the computer to call back between 9:00 and 3:00 Mon-Thurs. Repeat tomorrow. Then tell the computer that no, I am not interested in credit guard for free for 30 days. Then reach an agent and have to repeat my CC# to them audiably. Verify my ID and blood type. Then explain in tremendous detail why I wish to cancel, to her utter shock and amazement of course.

Or could I do it via good old postal? If I can, I'd like to just write a letter saying to please cancel my card, and be done with it. But it is not clear to me if this can be done - can it? Any template I should use for this?

Actually, I'm feeling a bit mischevious, I think I'd like to write them a notification that I am unilaterly changing the terms of our contract, and that my interest rate will be 0% for all purchases, and that they are to send me a $50 credit every year for the card. They have the right to refuse these new terms, but must notify me in writting within 30 days or cancel the account? They do it, can I?

-Clay

[[AK]Hylander]

Unfortunately every institution is different, but writing a letter will almost always accomplish getting the account closed as long as you have the proper address.

Just an FYI, do be careful when closing inactive accounts just to close them. Decreasing your available credit can and will hurt your credit score which can cost you in terms of getting the best rates. What happens is the amount of credit you have outstanding will now be a higher percentage of total credit available when you close accounts with no balances, but have available credit. This is a factor in your credit score. If you don't have a ton of revolving debt, it won't hurt you too much, but you should be aware of it none the less.

As far as dictating terms.. you can have fun, but your letter will probably end up in the shredder since it has no legal standing.

I just got notice yesterday from American Express that "because of your great credit standing, we are increasing your Blue credit line to $25,000". Our unsecured limit that we offer at the Credit Union is $10,000. (VISA or Signature loan). I hope they are REAL careful with who they make those offers too because with the new bankruptcy laws, it could be a very cruel lesson for irresponsible borrowers who get down on their luck.