Canceling your U.S. Bank credit card isn’t as easy as cutting it up. For you to officially close your card, you’ll need to contact U.S. Bank.
For most credit card companies, you’re required to call and speak to a representative. That’s because bank reps want to convince you to stay. It’s a silly game — you say no, and they throw you a bone. You might have to say no multiple times before you can actually cancel your card.
Can I cancel my U.S. Bank credit card without calling?
You might be able to at least start the process of canceling your card online.
1. Log in to your U.S. Bank Online Banking, click the Customer Service tab and select Contact Us.
2. Include your credit card number and a brief message stating that you want to close your account.
3. If you’re not be able to cancel your card online, call U.S. Bank at 800-872-2657.
What to expect when you call to cancel your card
Don’t expect your call with U.S. Bank to be a quick one. The bank’s representative will likely try to entice you to keep your card open.
Are you 100% sure you want to close your card, or could you be persuaded with a lower APR or lower fees? If you’re a firm no, you could be forwarded on to customer retention for more persuading.
Have a game plan
Know ahead of time if you’ll change your mind with the right offer — say, better rewards or no annual fees. They might be willing to work with you to avoid losing a customer.
If you’re canceling your card to control your spending, stick to your guns and say no, no matter how much they ask.
Will canceling my Bank of America credit card affect my credit score?
It could. If your credit card debt is becoming hard to manage, canceling your card could be a good move for your overall financial health.
But canceling a credit card with a high spending limit might hurt your credit score. Credit bureaus determine your creditworthiness by looking at your payment history, the age of your credit and also how much credit is available to you compared to how much you’re using — known as your credit utilization ratio.
In general, the lower your credit utilization ratio, the less potential risk a creditor takes on. Because credit bureaus like to see your credit utilization ratio at 30% or below, closing a card with a high spending limit and a zero balance could temporarily lower your score.
After you’ve canceled your credit card
After you’ve canceled your card online or by phone, mail a letter to U.S. Bank reiterating your cancellation request.
Include your credit card number and account number, sign it and send it to:
PO Box 6352
Fargo, ND 58125-6352
A U.S. Bank rewards card with no annual fee
Find a new card that suits you
Perhaps you are in the market for a new card that better fits your needs now that you’ve decided to cancel your U.S. Bank credit card. Check out the chart below, which allows you to compare some of the most popular credit cards available.
Should I get a credit card from my bank or a different one?