So what is the truth?
If you expose your credit card to a magnet will it still work?
The story goes that a magnet will destroy the information encoded on the card and it will no longer work when you swipe it. The fact is that the stripe on your credit card is actually a collection of magnetic particles that hold your valuable information and transmits it through the swiping process. So it makes sense that a magnet could hurt the stripe and it would no longer work.
In an article on Yahoo finance they tested the theory. They used a common refrigerator magnet, a larger magnet that can hold up to 72 lbs., and a mega-high-powered junkyard magnet that can actually hold up to 7000 lbs.
It turns out that a magnet can affect the credit card. Sometimes. Well, actually the truth is probably all of the time but not always just a quick brush with the magnet, but rather some sustained exposure.
But given the right circumstances a quick brush might just destroy it also.
Regardless, the best way to deactivate your old credit cards is to cut them up into tiny, little pieces using a shredder or some scissors and then discard them. It?s probably not a good idea to ?retile? your pool ala? Martha Stewart?remember that old commercial?
But do remember that if you cancel your card your credit score will take a hit. You don’t have to use it, but you shouldn’t cancel it.