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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: Getty Images February 08, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: Meet you wherever you are in your credit card journey to guide your information search and help you understand your options. Consistently provide up-to-date, reliable market information so you're well-equipped to make confident decisions. Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you. At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Every credit card has a shelf life, and that’s true whether it surpasses its expiration date or you decide to cancel or upgrade to a new credit card. Sometimes even regular use can wear down your card so much that you need to get a new one. There’s nothing wrong with this natural cycle, yet it does leave us with a problem to solve. What do you do with those old credit cards? Unfortunately, handling old credit cards the wrong way can have a lasting negative effect on your credit score. With that in mind, it’s important to understand the best ways to deal with old cards and expired cards you accumulate over time. Think carefully before you close accounts
If you have a credit card that you simply don’t use, you may be tempted to cancel the account. However, this is actually the opposite of what you should do, mostly because of . The first detail to understand is the fact that the average length of your credit history makes up 15 percent of your FICO score. Closing older accounts will shorten this average, and it can work against you in terms of your score. Second, you should know that the amounts you owe in relation to your credit limits make up another 30 percent of your FICO score. This is often referred to as your credit utilization ratio. When you , you’re reducing the amount of credit available to you, which could increase your utilization into a range that could hurt you. This also causes your credit score to go down. Most experts suggest keeping your credit utilization below 30 percent for the best results, which means you’ll maintain $3,000 in debt or less for every $10,000 in open revolving credit available to you. If you don’t want to hold on to a specific credit card for whatever reason, there are other options worth considering, such as the following: Consider downgrading your card
Some consumers decide to close accounts they aren’t using in order to avoid an annual fee, but this is not always required. Depending on your card issuer, you may be able to downgrade the credit card you have with an annual fee to a different card product that doesn’t charge one. To downgrade your credit card to a no-fee option, call your card issuer using the number on the back of your credit card and ask. Upgrade to an unsecured card
Secured credit cards are a great asset for consumers looking to boost their credit scores. However, if you have grown out of your secured credit card, ask your credit issuer if it can . Some issuers have options in place to graduate cardholders from a secured credit card, but if you have found yourself in a position where you feel ready for the next step in your financial journey, don’t simply cancel the card; call your issuer and ask for an upgrade, given they have unsecured options available. Keep the card for small purchases
If you aren’t interested in upgrading or downgrading your card, but you aren’t quite ready to take scissors to it either, consider keeping the account open by using the card occasionally. You could simply put one small charge on it every month, say at the gas station or grocery store, in order to keep the account active. You could also use it for any recurring payments, such as a streaming service or newspaper subscription, and set up automatic payments so your balance gets paid on time every month. This is an even more seamless way to keep the account active with little effort required from the cardholder. What to do with expired debit and credit cards
If your credit card or debit card is plastic and it is past its , getting rid of it is pretty easy. All you have to do with expired credit and debit cards is cut them up with scissors and throw them away in the trash. Some paper shredders also have a slot for credit and debit cards that makes it easy to destroy them along with other important documents you no longer need. Disposing of metal credit cards
If you have a metal credit card like or the , on the other hand, you’ll have to take an alternative path to dispose of your card. Most issuers will destroy your card if you send it back to them. If you would like a prepaid envelope sent to you to mail yours back, or if you want the best address to send it to, call the number on the back of your card to make this request. If you don’t want to mail your card and you live near a branch, you may also be able to drop your credit card off for disposal. Local bank branches may not themselves, but they will know where to send them. Join the world of expired card hobbyists
Interestingly, expired credit cards have become a collector’s item of sorts—at least for some people. There is even an whose stated purpose is to “be a resource for the credit card collector and a communication link for members.” According to the group rules, older cards are generally worth more money, as are cards in excellent condition that have never been signed. Rare credit cards are also worth more in general, and especially if they feature a celebrity or have something special about them. Your expired may not be worth a premium, but who knows? If you stick your old cards in a sock drawer long enough, perhaps they’ll be worth something someday. How to find old credit card accounts
Here’s another question you may find yourself asking: What if you have open credit card accounts you forgot about? Without a physical card, it can be difficult to remember the details, like your account number, the type of card you had or the card issuer. To find old credit card accounts, you should start by looking at your credit reports. Head to the website , which will let you access your reports from all three credit bureaus—Experian, Equifax and TransUnion—for free. Consumers can access their credit reports for free each week due to COVID-19, which is in effect until April 20, 2022. Once you have your credit reports, you can look them over for old accounts you may have forgotten about while you check for accuracy overall. If you find you have credit cards you’ve forgotten about, you can decide whether to call the card issuer to ask for a new physical card—or do nothing at all. The bottom line
There are a few scenarios where it makes sense to close a credit account, such as high annual fees. But even in this scenario, you can always call the issuer to find out if it is possible to downgrade to a card with no annual fee. However, even if you choose to close one line of credit but continue using your other credit cards responsibly, your credit score can repair itself. Who knows, maybe shoving it in your sock drawer is the best solution. Just don’t forget about it entirely because some issuers will automatically close an account due to inactivity. SHARE: Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Related Articles