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

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.