What To Do With Your Old Credit Cards?

With fraud on the rise, credit card users must be very cautious while using them either for their personal needs or meeting their financial requirements. If you have a credit card you don’t use it very often, you have two alternatives to choose from: either keep the card with you in your wallet and don’t use it or destroy your old Icici credit card, in case you are not using it anymore. It’s very important to note the pros and cons of both the options before arriving at a final decision that may affect your credit or finances in different ways. If you’re planning to keep active credit cards lying around your home or office, do not forget to secure it against any personal theft or misconduct.

Noticing a long period of inactivity by a credit card issuers may get your account automatically blocked. Generally, this happens if you haven’t used the card in one or two years. In most of the cases, this time frame varies from bank to bank. To avoid having your account closed, keep using the credit card consistently, by making smaller purchases very frequently in order to keep it active.

Before switching on to a new credit card, don’t forget to dispose of the old credit card to protect yourself against any theft.

Here are some of the tips that will help you to dispose of your old or expired credit cards in a more convenient manner:

1) Properly cut your credit card: A pair of good scissors can be used against destroying your credit card. You can simply cut it to destroy the card completely.

2) Demagnetise the magnetic strip: Firstly, you need to disable the magnetic strip of your credit card for its safer disposal. It is important to note as it contains all of your personal data including your account number, card limit, and name. You need to properly demagnetize the magnetic strip to make the card unusable. You can do this by running a magnet along the strip.

3) Destroy the chip: You also need to destroy the chip in your card, if you have a chip and PIN card. This is a small silver or gold square present on the left-hand side of your credit card. This chip contains all the personal information as possessed by the magnetic strip. In other cases, you may also destroy it using the hammers.

4) Divide the shredded pieces: To make sure that the thief won’t be able to find those pieces at one location, separate those shredded pieces of plastics and throw it away in different trash cans and different locations.

5) Don’t simply burn it: Although it is a very simple and convenient way to destroy your credit card in no time. Unfortunately, it may cause severe damages to your health also at the same time, as while burning the plastic, certain toxins and chemicals are released that will do your body no good.

Make sure that any of your old or expirea d credit cards which you don’t use it and are lying idle with you in your wallet, house or at workplace, securing them is very important as not doing that will put you at risk for identity theft. In this article, the discussed following points will help you know about the possible ways of shredding your old credit card in a hassle-free manner.

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