Can you cancel a Capital One credit card without calling?
In the age of online banking, why do banks still require a call for you to cancel your credit card?
The short answer: Credit card companies don’t want to lose you, so they’ll make it as difficult as possible for you to cut ties. When you call, a representative will bend over backwards to convince you to stay, which means you’ll need to dig in your heels.
Is it possible to cancel your card online?
No, Capital One doesn’t allow you to cancel your credit card online. To cancel a UK card, call 03444 812 812.
What can you expect when you call to cancel your card?
Phoning to cancel your card probably won’t be quick. A representative may ask you to keep your card open, and potentially dangle enticing perks in front of you to persuade you to stay. You could also be transferred to the bank’s customer retention division for a harder sell.
Have a game plan
Before you call, decide whether you definitely want to close your account or not. Could you be enticed to stay with perks or a lower APR? If you’re cancelling your card to thwart financial trouble, consider sticking to no – no matter what you’re enticed with.
Will cancelling your Capital One credit card affect your credit score?
It could, but it all depends on your lender. Credit bureaus determine your creditworthiness by looking at your payment history and the age of your credit. They also look at how much credit is available to you compared to how much you’re using, which is known as a credit utilisation ratio.
Credit utilisation is the percentage of your credit limit that you use. For example, if you have an overall credit limit of £3,000 and you only use £1,500 of it, your credit utilisation is 50%. But if you cancel one of your credit cards and your overall limit is reduced to £2,000, you’ll be using 75% of it. Closing a card with a high spending limit and £0 balance can temporarily increase your ratio, resulting in potential creditors seeing you as a higher risk.
In general, credit bureaus like to see a credit utilisation ratio of below 25% after you’ve cancelled your credit card. If you’re looking to get in control of your finances, it may help you to keep your £0 balance card open and just stop using it. Just make sure there are no annual or dormancy fees.
What do you do after you’ve cancelled your credit card over the phone?
After you hang up the phone, send a letter to Capital One reiterating your cancellation request. Include your credit card number and account number, sign it and send it to:
Attn: General Correspondence
Capital One Card Services
P.O. Box 5283
Apply for a new credit card today
Now that you know how to close your Capital One credit card, you may be looking for a new card that better fits your needs. The table below allows to you to sort through different credit cards and order them in a way that suits your needs. To look at several cards side-by-side just check the “Compare” box next to your desired cards and click “Compare” at the bottom of your screen.
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