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You could do that if you do not intend on paying. Cancelling your credit card would take aware your payment method. If you signed a contract then you would be personally liable for the terms of the contract and simply not paying and cancelling the credit card will not release you from the terms of the contract. This could effect your credit if you do not pay according to the contract or they could possibly sue you for nonpayment depending on the terms of the contract you signed. It is also possible that you can cancel this arrangement, you need to rad your contract/agreement to be sure.
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