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How to cancel a BBVA credit card
Canceling your credit card from this provider is relatively simple, but be prepared to hold your ground.
When you decide you’re done with your BBVA credit card, you can close your account by either sending a message through your online account or by making a phone call. However, it’s highly likely that you’ll need to talk to a person even after sending a message online.
Steps to cancel your BBVA credit card
- Pay off your balance. Make sure there aren’t any outstanding balances before you close your account by either paying it off or transferring your balance to another card.
- Redeem your rewards. To avoid losing your rewards, redeem them before you close your account.
- Contact customer service. When you’re ready to close your account, log in to your online account and send a message to the BBVA customer service team or call 800-239-5175 to speak to a representative.
How to call in to cancel
When you call in, expect the representative to tempt you with offers like a lower APR, a no-interest period or other bonuses. The offers usually depend on the reason you provide for closing your account. If you do get a generous offer, you can always consider closing another card and keeping this one.
If you still want to close your account, decline the offer and make sure you have the following nearby:
- Your credit card and account information.
- Reason for canceling the card — you can give any reason you want.
- Pen and paper to write down the representative’s name and ID.
Once you’re all set, call 800-239-5175.
BBVA Select℠ Credit Card
Will canceling my BBVA credit card affect my credit score?
In most cases, it will. That’s why, before closing your account, you should ask yourself:
- What is my overall credit utilization? With a low utilization rate across all of your cards — for example, less than 20%, and especially if your BBVA card isn’t more than 10% of your overall credit limit — the impact on your score should be minimal. More than 20% and there could be a drop in your credit score.
- Solution: Get another card. If the new card has a higher credit limit than your BBVA card, it will lower your utilization levels and it could improve your credit score. Note that getting a new card also drops your credit history age and likely requires a hard pull on your credit, so there may not be many positive changes.
- Do I plan to apply for a loan soon? Canceling your card could negatively affect your credit score. If your score drops when you cancel, you could potentially get poor loan conditions.
- Solution: Wait until your loan is approved. Once you do, you can safely close your card.
- Your name and address.
- Credit card number.
- Date of cancelation and the name and ID of the representative you talked to.
- Request for an account closure confirmation letter.
What should I do after I’ve canceled my BBVA credit card?
Consider getting your card cancelation in writing. That way, if something happens and your card account remains active, you’ll have proof of your request. When writing the letter, make sure you include:
Send your letter to:
P.O. Box 2210
Decatur, AL 35699
BBVA Compass Secured BBVA Optimizer Credit Card
Now that you’ve closed your BBVA credit card, compare your credit card options to find the best option for you.
Looking for a new card?
When you close your BBVA card, you’ll have a chance to get a better one. If the new card comes with a higher credit line than your old one, this could positively affect your credit score. To find the best card, consider your financial needs and compare your card options.
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