6 tips for destroying old credit cards

1 month ago 14

Woman cutting her credit card at home, she is in debt and can pay the bills and taxes

The cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don’t cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view our

advertising policy and

product review methodology for more information.

Editor's Note

This is a recurring post, regularly updated with new information.

Whether it's time to look for a new credit card or your current card has been compromised online, you're going to need to dispose of your credit card at some point.

But getting rid of a credit card isn't as simple as tracking down a pair of scissors. Desperate thieves will dig through trash cans if it leads to a profitable prize: a name, a 16-digit number and an expiration date.

So, what should you do? Here are six tips to ensure your old credit card won't come back to haunt you in the future.

Put your card issuer to work

This first step is for anyone who uses a metal card. If you're still counting on the power of traditional plastic, move on to the next tip.

Metal cards, such as the Chase Sapphire Preferred® Card, the Chase Sapphire Reserve® and the Prime Visa, are designed to be more durable than standard plastic. Therefore, you may want to consider calling the 800 number on the back of the card and initiating the process of sending the card back to the issuer so it can destroy the card for you.

Just make sure that any automatic or recurring payments have been moved to another card so you don't experience interruptions.

Don't burn it

Never burn your credit card. Yes, fire will melt a plastic credit card, but it can also damage your health.

Burning plastic in a fireplace can release hydrochloric acid, sulfur dioxide, furans and several other toxins that are harmful to the body.

Demagnetize the strip

Moving away from the fireplace, you may have considered a cooler option — demagnetizing your unwanted credit card using the magnet on your refrigerator. To do this, run the magnet along the magnetic strip on the card back and forth to ensure it is demagnetized.

Daily Newsletter

Reward your inbox with the TPG Daily newsletter

Join over 700,000 readers for breaking news, in-depth guides and exclusive deals from TPG’s experts

By signing up, you will receive newsletters and promotional content and agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.

Destroy the EMV chip

Even with a demagnetized strip, you should destroy the card's EMV chip. The chip contains sensitive personal information and data. To do so, use a hammer and smash the chip until it is broken into small pieces.

Cut the card

Your credit card can easily be used online, where someone with bad intentions won't need to show an ID. With that in mind, it's time to find a good pair of scissors, but it's not as simple as cutting the card into three or four pieces.

I recommend severe slicing and dicing to render futile any effort to piece the card back together. You can also use a shredder, as most can handle shredding plastic cards. If you don't have a shredder, scissors will suffice.

Divide

Lastly, this may sound like overkill, but I recommend separating the tiny pieces of plastic into different trash cans. This will ensure that even the craftiest thief won't find them all in one location. Remember to also update all of your auto-pay accounts to avoid missing any payments.

Bottom line

Proper disposal of your old or unused card is essential to protecting your personal information and ensuring no one can make unauthorized or fraudulent charges to your account. If you have a metal card you want to dispose of, contact your issuer and let them do the work for you. If you have a plastic card, follow the tips above to properly destroy it.

And remember, when disposing of your credit card, be sure to follow one of TPG's golden rules: Never sacrifice your rewards points.

Related: How to cancel a credit card

Featured image by

HIRURG/GETTY IMAGES

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Read Entire Article