Still Needing to Cut Back on Canceled Credit Cards?
Most credit cards have decent fraud protection these days. If someone steals and uses your card, most issuers make it easy to dispute transactions and flag your account. However, this does not mean that you should do it by accident. If you void your card or expire, break the scissors (or shredder).
Cut it up even if it’s expired
Despite the many protections offered by credit card issuers these days, yes, you should still cut your old cards. I checked this with Robert Siciliano, Identity Theft Expert and CEO of IDTheftSecurity.com . He told me:
The magnetic stripe becomes unusable when the cards are cut. But the card number, even if it has expired, can still be used. All one has to do is use the current date, which has not expired and the card sometimes passes. So slicing the card and disposing of it in different places is the best defense.
Just cutting it in half won’t work either. You must destroy it completely. In fact, consider cutting it into fifteen slices, as shown in the video above.
Too much work? You can try a shredder, but make sure it’s rated for the thickness of your credit card.
Remember to destroy the chip
The data is stored not only on your magnetic stripe, but also on the chip that credit cards now come with. This chip also needs to be destroyed, says Siciliano.
Cutting a chip is like cutting a magnetic strip. This completely makes the data contained on it inoperative.
You can try slicing the chip, otherwise Creditcards.com will suggest smashing it with a hammer , which sounds a lot more fun.
If it’s a chase card, you can send it back
Shrinking your credit card is good and good until you have a Chase credit card in your hand. If you have a Chase Sapphire card, you know that it is nearly impossible to cut it with standard scissors because they are made of metal. Even a standard shredder will not work.
The good news is that Chase will send you a prepaid envelope so you can mail it to them. My card expired and they sent one automatically with my new card. If you cancel it yourself or don’t receive it with a new card, you can call the number on the back of the card and ask Chase to mail you an envelope. When they get the card back, they destroy it. As one reader on the Points Guy forum notes, you can also go directly to the Chase thread and submit it.
To summarize, yes, you still need to destroy your credit cards despite the fraud protection many companies now offer. After all, there is identifiable information on your card, and even if it has expired, thieves can still use that information. Cut it open and if you really want to be on the safe side, throw the pieces into separate trash cans just in case.