Navigating the process of canceling your Capital One credit card is a straightforward task, especially when you choose to do it online. In this guide, we’ll talk you through how to cancel your credit card.
Is it possible to cancel your card online?
Yes, you can cancel your Capital One credit card online by signing in to your account and clicking on the card you wish to close. Select “I want to,” scroll to “Control your card” and follow the directions under close account.
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.
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Izzy Thomas is a Senior Associate Publisher at Finder specialising in credit-based products including credit cards, business loans and personal loans. Izzy has a Masters in Publishing and a Bachelor of Arts in International Business Management. See full bio
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Izzy has written 25 Finder guides across topics including:
Find out how Capital One’s Luma credit card holds up against other credit builders.
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