Want to close or cancel your credit card? Here's a step-by-step guide

Having a credit card is beneficial in many ways. However, at times, one can consider closing or canceling the card due to various factors. But one should keep in mind that closing a credit card is not as simple as cutting it in half. When you are considering canceling a card, it should be taken into account how the cancellation of your credit card will affect your credit score.

What is a credit card?

Credit cards are issued by banks to consumers with a fixed credit limit that allows them to conduct cashless transactions. The credit limit of the card