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Can I freeze my credit card?

How to cancel or freeze your card to gain control of your finances.

There are a few reasons you might want to freeze your credit card. If your credit card is lost or stolen or used for a fraudulent transaction, freezing your card could help protect your finances. Another reason you might want to freeze your card is if you’re trying to relieve yourself from debt. This guide will go through the steps you need to take to freeze your credit card and get a handle on your finances.

How to freeze a credit card

For lost or stolen cards

If your card has been lost, stolen or you suspect it has been used to make a fraudulent transaction, you should contact your credit card issuer immediately. Be prepared to give them as much information about your account as possible and to answer a list of questions to verify your identity. A declined credit transaction is one clue that your credit card information may have been stolen as well.

However, credit card providers such as Discover, American Express or Chase have made it easy to freeze or lock your credit card. Simply log in to your online account or through your mobile app and freeze the card. Unfreeze whenever you decide.

If your card has been used fraudulently, you shouldn’t be liable for these costs. Instead, you’ll usually be covered by a no liability agreement such as Mastercard’s Zero Liability Protection and Visa’s Zero Liability.

For getting out of debt

If you’re struggling to repay a growing debt or want to curb your temptation to spend on plastic, contact your card issuer to freeze your access to your funds. You might need to provide some information about your account, including how long you’d like your account frozen. They will not allow you to unfreeze the account until that date.

Once the account is frozen, you can focus on repaying your debt without the temptation to keep spending. Not only will this help get you out of debt, but it’ll also help improve your credit score as your debt to income ratio starts to decrease.

If you’re having trouble paying down your debt because of high-interest rates, you can also consider a 0% balance transfer credit card. You can use this type of card to transfer your balance with a 0% interest rate for a promotional period. This will mean you can repay your debt without the burden of interest while the promotion is in place. For further information, see our guide to reducing your credit card debts.

Cancel your credit card

If you’ve repaid all of your debts and want to avoid spending on plastic, you can also cancel your credit card. Make sure to transfer or redeem any points if it’s a rewards card and move any direct debits to another account to ensure your bills are still being paid.

You can then contact your bank over the phone or in writing to request a credit card closure. Be mindful that you might be put through to a customer service representative whose job it is to try and convince you to keep the account open.

However, if you’re determined to keep your finances in control, remain firm on your decision and insist that you’d prefer that the account is closed. Once they’ve confirmed that the account is canceled, check any future statements to ensure that the account is well and truly closed and you aren’t being charged any maintenance fees. See our guide on how to cancel a credit card for more tips on closing your account without hurting your credit score.

Compare credit cards

Closing one card could increase your utilization rate, which in turn may lower your credit score. You can change this by getting another card.

Name Product Filter values Rewards Purchase APR Annual fee
Blue Cash Everyday® Card from American Express
3% at US supermarkets on up to $6,000 per year (then 1%), 2% at US gas stations and select US department stores and 1% on other purchases (redeem as statement credit)
0% intro for the first 15 months (then 13.99% to 23.99% variable)
Earn a $200 statement credit after spending $2,000 in the first 6 months. This is a higher-than-average welcome offer for a card with no annual fee. Terms apply, see rates & fees
Blue Cash Preferred® Card from American Express
6% on select US streaming services, 3% on transit and US gas stations, 6% at US supermarkets on up to $6,000 annually, then 1% after that and on other purchases (redeem as statement credit)
0% intro for the first 12 months (then 13.99% to 23.99% variable)
$0 intro annual fee for the first year ($95 thereafter)
Earn a $300 statement credit after you spend $3,000 in purchases on your new card within the first 6 months. Having 6 months to earn a welcome offer is a rare benefit as most cards give you only 3. Terms apply, see rates & fees
Citi® Diamond Preferred® Card
0% intro for the first 12 months (then 13.74% to 23.74% variable)

Best of Finder 2021

An impressive 21 months intro APR on balance transfers and purchases, as well as no annual fee make this one of the top 0% APR cards available.

Compare up to 4 providers

Bottom line

The strategy you use to freeze or cancel your credit card largely depends on your situation and financial goal.

Regardless of whether you decide to freeze, balance transfer or cancel your credit card, make sure to do some research beforehand to determine which option is right for you.

If you’re looking to switch your credit card with a better one, make sure to compare your credit card options.

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