Radical Personal Finance 1072-Why I Stopped Canceling My Credit Cards Every December (and what I do instead!)
Dec 5, 2024
Discover why reassessing your financial health at year-end is essential, especially when managing multiple subscriptions. The discussion reveals that simply canceling credit cards might not be effective due to account updater services. Learn about innovative strategies for credit card management, including using virtual credit cards to control spending and protect your credit score. Plus, find out how you can enhance your financial planning skills by participating in the Radical Personal Finance Academy's live classes!
AI Snips
Chapters
Transcript
Episode notes
Canceling Credit Cards
- Joshua Sheets used to cancel all credit cards yearly to avoid unwanted recurring subscriptions.
- This worked well until credit card companies implemented automatic updater services.
Account Updater Services
- Credit card networks now have account updater services that automatically update recurring billing information.
- This makes it harder to cancel unwanted subscriptions by simply getting a new card.
Credit Card Closure
- Avoid closing credit cards frequently, as it can negatively impact your credit score.
- Closing cards shortens your credit length, affecting your score.