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
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.
Related: When can you downgrade your credit card?
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.
Related: How to check your credit score for free
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
