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Whether you’re upgrading to a new credit card, getting a balance transfer or simply reducing the number of cards in your wallet, there comes a time when you need to cancel a credit card. But it’s not quite as simple as cutting your card in half. We go through how to properly cancel a credit card, how to contact the providers, what to consider and how it could affect your credit.
Follow these steps to cancel your credit card successfully:
Each bank has a slightly different process for canceling a credit card. Check out our guides below that give you instructions on how to cancel your card with a specific bank, and see if they allow you to cancel without calling.
The phone number on the back of your credit card is usually a good bet, but here are details for contacting the major card companies to cancel your card:
Provider | Contact information |
---|---|
American Express | 800–528–4800 |
Citi | 888–248–4226 |
Bank of America | 800-732-9194 |
Capital One | 800-227-4825 |
Chase | 800-432-3117 |
HSBC | 888-385-8916 |
TD Bank | 888-561-8861 |
US Bank | 800-947-1444 |
Wells Fargo | 800-642-4720 |
Here are how a few major credit card companies let you cancel online.
We spoke to Katherine Craig, Public Relations Manager of Equifax, to get insights on how canceling a credit card could affect your credit report. She says your priority should be settling outstanding payments or mistakes on your account before you go to close it so that you can avoid default listings. “If you have a default on your credit file, it is a smart thing to pay the debt. Your credit report will then record the default as having been paid (and the date on which it was paid). It may impact your ability to get credit or get it at the most valuable price, but it is certainly better than leaving it unpaid.”
So what about canceling one card and applying for another? If that’s your goal, Katherine recommends limiting your applications to reduce the impact on your credit rating. “Credit reports don’t show the type of credit, or whether it was granted or taken up, what your current credit limit is or if it is now closed. However, too many applications for credit can impact a lender’s view — it may actually appear to the banks that you have a lot more active credit commitments than you do.” If you’ve submitted too many credit card applications in the recent past, Katherine suggests that you wait from three to six months before applying again.
Canceling your credit card can be good if you’re looking to control your spending and get a better grip on your budget. But before you make that move, consider how it can affect your credit.
Just because you cancel a credit card, your payment information doesn’t disappear from your credit report. That can be both good news and bad. If you’ve made late payments or have any other negative information on your credit card, that data stays on your credit report for seven years. If you’re closing an account with positive account history, positive credit data stays on your credit report for 10 years from when the account is closed. This allows good credit information to stay longer than negative, giving you the change to improve your financial situation.
Another way that closing your credit card can affect your credit score is changing your balance-to-limit ratio or credit utilization ratio. Credit bureaus are interested in your total credit available and how much of that you’re using. A low ratio is a strong indicator of a good credit risk.
So closing a credit card with a high spending limit and a zero balance could hurt your credit score, especially if you have high balances in other cards or loans. If you want to cancel your card because of an annual fee, offset the ratio by either requesting a credit limit increase on another card or paying off balances on other cards.
When it comes to your credit cards, age matters. The amount of time your credit card has been open affects your credit score, and is beneficial if you have a positive credit history. So closing that credit card you’ve had since college can actually hurt your score if you have a positive payment history. If you just submitted your application for a new credit card, you might be able to cancel your card application before you’re approved.
Here are a couple other things to consider before closing your account:
If you’ve got a credit card that’s not working for you anymore, you may want to find one that’s more suited to your needs. There are so many credit cards on the market with no annual fee, low APRs, rewards and frequent flyer miles and 0% balance transfer offers.
You may be canceling your old card because of high fees, unfavorable interest rates or lack of rewards for your spending. Assess your financial needs to find the right credit card that prove invaluable for years to come.
Leah Fallon is an editor for Finder. With 10 years of teaching English under her belt, it was a natural progression to move into editorial. She's written feature pieces for regional print and digital media and today helps fix annoying apostrophes, elusive infinitives and the muddled em and en dash. When she's not helping people with their finances, you can find her exploring the trails of Loudoun County, Virginia and wrangling her two sprightly girls.
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I haven’t received the credit card yet, upon waiting I read lots of bad reviewed and no longer want the card, how do I go about cancelling it
Hi Elizabeth,
Thanks for your comment. I’m sorry to hear you haven’t received your credit card yet. Have you checked with the bank if your address is correct? To know the process of cancelling your credit card, choose from the list of banks stated above and click the name, the link will bring you to another page showing the process of cancelling the card. If your bank is not on the list, please contact your bank directly.
Hope this helps and feel free to reach out to us again for further assistance.
Best,
Nikki