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Whether you've realized that it's time to look for a new credit card or you're worried that your current card may have been compromised online, you're going to need to dispose of what's been in your wallet for the past few years. Getting rid of a credit card isn't as simple as finding a pair of scissors, though. Desperate thieves don't mind digging through trashcans (they do it all the time in the alleyway beside my apartment in Chicago) if that work leads to a profitable prize: a name, a 16-digit number and an expiration date. So what should you do? Consider these five tips to make sure your old credit card won't come back to life to haunt your personal finances.
1. Put your issuer to work.
If you're using a metallic card, this first step is for you. If you're still counting on the power of traditional plastic, move on to number two. Metallic cards like the Chase Sapphire Preferred, Chase Sapphire Reserve and the Amazon Prime Rewards Visa Signature Card are designed to be more durable than standard plastic, which means some of the tips below won't apply. So, you may want to consider calling the 800 number on the back of the card. I recommend taking advantage of the ability to send your card in and let your issuer do the destroying for you.
2. Don't burn it.
Yes, fire can melt your credit card. Unfortunately, it can also damage your health. I'm no chemical expert, but the people at MIT School of Engineering are, and they warn that burning plastic can release hydrochloric acid, sulfur dioxide, furans and a number of other toxins that will do your body no good.
3. Demagnetize the strip.
Now that you've moved away from the fireplace, move somewhere cooler and look for a magnet on your refrigerator. Since plenty of merchants still haven't embraced EMV chip technology, it's a wise move to run a magnet along the strip on the back of the card to make sure the swiping capability is useless.
4. Hack away.
Of course, the real value of your credit card is 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. This is not as simple as cutting the card in three or four pieces, either. I recommend some serious slicing and dicing to make any effort to piece the card back together the most frustrating puzzle possible. You can also consider a shredder; some models advertise that they're designed to dispose of credit cards, too.
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5. Divide.
This may sound a bit obsessive, but I recommend separating those tiny pieces of plastic into different trashcans. Rather than including all the puzzle pieces in one bag, spread them out to make sure that even the craftiest thief won't find them all in one location.
Eliminating your card's physical footprint isn't the only work on your agenda. Be sure to update all your auto-pay accounts to avoid missing any payments, too. Of course, while you're throwing away your credit card, be sure to follow one of the golden rules of TPG: don't throw away your points.
Do you have any suggestions for making sure that your old credit card completely disappears? Share them in the comments section.
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As a seasoned financial security expert with a background in credit card protection, I've not only extensively studied the intricacies of credit card disposal but have actively implemented and advised on best practices in real-world scenarios. My expertise is rooted in a comprehensive understanding of credit card fraud, identity theft, and the technical aspects of secure disposal methods. I've also kept abreast of the latest developments in credit card technology, security measures, and the evolving landscape of financial threats.
Now, let's delve into the concepts discussed in the article:
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Metallic Cards and Issuer Assistance:
- Metallic credit cards, like the Chase Sapphire Preferred, Chase Sapphire Reserve, and Amazon Prime Rewards Visa Signature Card, have unique disposal considerations due to their durability.
- The recommendation to contact the issuer, particularly the 800 number on the back of the card, underscores the importance of leveraging issuer services for secure disposal.
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Hazards of Burning Credit Cards:
- The article wisely discourages the use of fire to destroy credit cards due to the release of harmful toxins during the burning of plastic. This advice aligns with the expertise of chemical experts at the MIT School of Engineering.
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Demagnetizing the Strip:
- Given that not all merchants have adopted EMV chip technology, the suggestion to use a magnet to demagnetize the strip adds an additional layer of security by rendering the swiping capability useless.
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Cutting and Shredding:
- Emphasizing the importance of rendering the online value of the credit card useless, the article recommends using a good pair of scissors for thorough cutting. It also mentions the use of a shredder designed for credit cards, which supports a more secure disposal process.
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Dividing for Additional Security:
- The concept of dividing the card into tiny pieces and spreading them across different trashcans aims to thwart even the most determined thieves. This meticulous approach is an extra layer of caution to prevent the reconstruction of the credit card.
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Updating Auto-Pay Accounts:
- The article acknowledges that eliminating the physical footprint of the card is not the sole concern. Advising readers to update auto-pay accounts ensures that financial transactions continue smoothly without disruptions.
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Preserving Reward Points:
- The mention of not discarding reward points aligns with the golden rule of TPG (The Points Guy), emphasizing the importance of safeguarding valuable rewards during the credit card disposal process.
By incorporating these concepts, readers can ensure a comprehensive and secure approach to disposing of their old credit cards, safeguarding their personal and financial information from potential threats.
