Once you pay off your balance and stop any recurring payments, you’re ready to close that TD Bank credit card. But what if you don’t want to call it in?
We understand. Banks prefer you to call and cancel your credit card so that a representative can convince you to stay. You may have to say no multiple times before you can cut them loose.
Can you cancel your TD Bank credit card without calling?
You might be able to cancel your card without picking up the phone.
Here’s how to at least get the ball rolling:
1. Log in to your TD Bank Online Banking account.
2. Click Send a Secure Message in the Message Center to the left of your screen
3. Send a message to TD Bank customer service. Include your credit card number and a brief message stating that you want to close your account.
If you’re unable to cancel your card online, call TD Card Services at 1-888-561-8861.
What to expect when you call to cancel your card
Set aside some time when calling to cancel your card. The representative you speak to will likely try to persuade you to keep you account open with offers of perks and benefits. They may even forward you to the bank’s customer retention division.
Arm yourself with reasons for closing your account. If you’re simply interested in a lower APR or annual fee, tell them. You may be surprised at what they’ll give you.
Have a game plan
Whatever your situation, know before you call whether you’ll change your mind. You don’t want to be persuaded into a decision you’ll later regret.
If perks don’t solve your problem of overspending, consider sticking to no — no matter what deals come your way. You may need to say it several times before you’re taken seriously.
Will canceling my TD Bank 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 — know as credit utilization ratio. So closing a credit card, especially one with a high spending limit, might hurt your credit.
In general, the lower your credit utilization ratio, the less risk you’re considered to be. Credit bureaus like to see your credit utilization ratio at 30% or below. So you might choose to pay down your credit card but keep it open to keep your ratio strong.
How does a credit utilization ratio affect my score?
After you’ve canceled your credit card
After you’ve canceled your card online or by phone, write a letter to TD Bank with your cancellation request, including your credit card number and account number.
Send your signed letter to:
TD Card Services
PO Box 84037
Columbus, GA 31908-4037
For more steps you can take, read our guide to canceling your credit card.