Will I get penalized if I canceled my card
If I canceled my apple credit card will I get penalized for cancellation? Even if everything is paid off ? Thanks !
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Hi, I’m not sure what penalty you’re referring to. However, closing an account may have a negative affect on your credit score. Closing an account, even if it’s paid off, will reduce your overall credit limit and thereby increase your utilization. Your average age of accounts may also be affected. Closing an account is not something I would personally do if I was contemplating a major purchase such as a home or car.
The Apple Card has no annual fee and you can leave it open and have no negative affect on your credit score. After a period of time, generally 6 to 12 months, Goldman Sachs may close your account due to inactivity.