Buyer’s remorse can occur with any product, including credit cards. If you apply for a credit card, get approved and then decide you don't want the card after all, can you simply refuse to accept the card and go on with your life? Technically no, although it's largely a matter of semantics.
Once you're approved for a card, the card issuer opens an account for you and assigns it a credit limit. The account is the important thing; the card is just a way to access the account's credit line. What you really need to do is close the account, not simply refuse to accept the card. If the card comes in the mail and you throw it away, shred it or choose not to activate it, the account will remain open.
So if you really don't want the card, call the issuer and ask to close the account. Provided there is no balance on the account, they can do this.
But is it a good idea? It depends.
If you have good credit
If you have a long credit history with a variety of accounts and strong credit scores, you can confidently cancel the credit card right away, and there will be minimal impact on your credit.
The reason is that canceling the card affects only the “new credit” factor in your FICO score, which accounts for just 10% of the overall score. Canceling a new card right away isn’t even going to account for all of that 10%. It’s going to be like adding (or removing) a bucket of water in a lake.
Because you have good credit, consider waiting a month for your credit report to update, and if there is not a material change in the FICO score, go ahead and apply for a card that better suits your needs.
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If you have less-than-good credit
The situation changes if you are still working on building your credit. If you are relatively new to the credit world, if you don't have a long credit history or lots of credit cards, and your FICO score isn’t stellar, you need to select your options more carefully.
You can still cancel the card, but the potential impact on your score will be greater. You want to try and avoid mucking up your score. If you want to refuse the card, but there are others that would work better for you, then you could call the issuer and try and swap it out for a different one.
Before you do that, though, make a list in order of preference of the ones you’d like. Be aware that the cards aren’t just interchangeable. Some have stiffer underwriting standards than others. If you're offered choices, weigh them carefully. There will be trade-offs in terms of annual fees, APRs, rewards and even credit limits.
If you truly find you have no use at all for the card, you can cancel it. But even then, consider holding onto it. It’s rarely a bad thing to have credit you aren’t using, unless the card charges an annual fee. Having credit available gives you options. It also reduces your credit utilization ratio, which helps your credit.
Be careful before applying
The moral of the story is to be careful before applying for any card. Look over all the information on the offer carefully. Use comparison charts. Think about how and when you plan to use the card. Don’t get sucked in by a great rewards offer without looking at things like APR if you plan to carry a balance.
