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How to cancel a Scotiabank credit card

Cancelling your Scotiabank credit card is easy if you're sure that's what you want to do. But your balance must be paid off to complete the process.

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Once you pay off your balance in full and stop any pre-authorized payments, you’re ready to close your Scotiabank credit card account. Banks generally prefer that you cancel credit cards by phone, so a representative can try to convince you to stay. But if you hold your ground, closing your Scotiabank credit card account is relatively easy.

How do I cancel my Scotiabank credit card?

You can cancel your Scotiabank credit card by phone or by visiting your local branch. The specific phone number you need to call to process your cancellation depends on the status of your credit card account, which can be determined by speaking with a Scotiabank representative.

  • Start with the Scotiabank Credit Card Centre: 1-800-387-6466 (or 1-800-645-0288 if you’re hearing impaired)
  • You may be required to phone this alternative customer service number to process the cancellation instead: 1-866-267-4935

What to expect when phoning to cancel your Scotiabank credit card

Set aside some time when calling to cancel your card. As a general rule, banks will try to persuade you to keep your credit card or switch to another product offered by the same bank. Customer service representatives may offer you some special perks and benefits to stay. Or, you may be forwarded to the bank’s customer retention department.

What if I get offered a better interest rate, lower fees or other perks?

If you’re simply interested in a lower APR or annual fee, tell the bank representatives. You may be surprised at what they’ll give you. If the offered perks don’t solve your issues with the card and you still want to cancel, stick to “no.” You may need to assert your decision several times before the bank representative processes your request.

Knowing beforehand what your reasons are for closing the account and whether you’re open to changing your mind will help you avoid making a decision you’ll regret later.

To learn more about the steps you can take, read our guide to cancelling your credit card.

Will cancelling my Scotiabank credit card affect my credit score?

It might. This is because credit bureaus look at how much credit is available to you compared to how much you’re using — this is known as your credit utilization ratio. Having credit and not using it all the time or paying off your balance regularly signals that you can handle debt responsibly and keeps your credit utilization ratio low. Credit bureaus generally like to see a ratio below 30%.

So, closing a credit card account – especially one with a high credit limit – might hurt your credit score a bit. While you might choose to pay down your credit card and get rid of it, you might want to consider keeping the account open with a $0 balance to improve your credit utilization ratio.

Will cancelling my credit card affect my credit score?

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