Why we’ve launched the Cancel Credit Card feature in Germany

How come you’re now able to cancel your credit card in the Anyfin app? Mikael "Husse" Hussain, CEO of Anyfin, reveals the background of Anyfin’s latest product.

August 31, 2022

Mikael Husse Hussain, CEO of Anyfin

So far, Anyfin has helped users to refinance their existing installment payments, overdraft credits, and credit card debts in Germany. Now, it will also be possible to cancel your credit card in the app. Anyfin’s CEO Mikael "Husse" Hussain discusses the new Anyfin feature.

Anyfin: How come you now also can cancel your credit card in the Anyfin app?

Husse: At Anyfin, we want to accompany people on their way out of debt and into financial freedom. There are different ways to do that. One of them is to refinance loans with excessively high interest rates and thus enable people to pay off their debts faster. But we also want to protect people from getting further into debt. And if you don't have a credit card, you can't build up credit card debt.

Anyfin: Why do you need Anyfin to do this? Can't people cancel their credit cards directly with the provider?

Husse: Of course, you can cancel your credit card with the provider at any time. But a survey we recently conducted shows that one-fifth of all Germans do not cancel their credit card, even though they no longer use it, as the cancellation is too much effort. At the same time, owning a credit card can impact your credit score negatively. No reason to keep it if you don’t need it! We want to relieve our customers from this "annoying" work and offer simple, paperless, and free cancellation in our app. Simply log in, select your credit card, sign the cancellation, and you're done. We take care of the delivery of the cancellation letter.

Anyfin: What else do you do to help people achieve financial freedom?

In our home market of Sweden and in our second market, Finland, there are already other features for your everyday finances in our app. These include a savings account, a cancellation service for monthly subscriptions, and widgets for mindful money management. All of this is free of charge for users. We believe that finances should be fun and in accordance with the motto: When your finances are good, you're good. We want to bring all these functions to Germany, too,and our entire team is constantly working to improve our app and develop it further.

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Representative example

If a loan of SEK 13,000 is transferred to Anyfin, the savings will be SEK 1,652. The variable interest rate falls from 18.88% to 9.88%, and the administrative fee falls from SEK 19 to SEK 0. The new monthly cost will then be SEK 599 with a 24-month repayment period; consequently, the new effective interest rate is 10.34% and the total amount paid is SEK 14,380. Anyfin makes offers exclusively in situations where Anyfin can lower an individual’s interest rate. Anyfin will never increase an individual’s total costs by extending their repayment period.

The maximum amount that can be refinanced with Anyfin is SEK 300,000. The term can be a minimum of 1 month and a maximum of 120 months, depending on the current term. The nominal interest rate can vary from minimum 3.95% and maximum 19.90%. The effective interest rate can be minimum 4.02% and maximum 22.01%.