Closing a credit card isn't as simple as cutting it in half. CNBC Select advises on how to cancel a credit card in six steps, so you ensure your account is closed properly.

Mail a letter to Chase. If you prefer to write a letter and send it via postal mail, ... Depending on how long you’ve had the Chase credit card account open, closing the card could hurt your score.

How to cancel a credit card application. No matter what the reason, it’s best to make sure that you cancel as soon as possible. Canceling a credit card application is possible, but you’ll need ...

Your credit mix takes into account the various types of accounts you have such as credit cards, mortgages, car loans, or student loans. Closing a credit card could mean you have a less diverse ...

Capping credit card interest rates will adjust the game’s rules, but there are still billions to be made even with a 10 percent interest rate cap. And let us not forget the money generated on ...

Closing a credit card account can have a negative impact on your credit for several reasons: It lowers your total credit limit. NerdWallet recommends spending no more than 30% of your total credit ...

For example, if you get a $15 Uber credit each month, make sure you've redeemed your statement credit before closing your account. Not sure you want to close your card? You could always check for ...

If you close a credit card but have balances on other cards, you're likely to see your score dip by as much as 50 points. A high credit limit isn't a reason not to close your card, but you need to ...

Ready to do a happy dance as you cut up your credit card? Take these five steps to close your account the right way (and don’t dance with scissors). This was originally published on The Penny ...

Closing one of your cards reduces your overall credit to $10,000, and now your credit utilization rises to 30%. A higher credit utilization will lower your credit score (as they say, less is more ...

Credit score: Closing a credit card can simplify finances but may harm your credit score. Assess your financial needs, keep credit utilization low, and consider the age of accounts.