How to cancel a Santander credit card
Unlike some credit card issuers, Santander doesn't insist that you get on the phone in order to cancel your card.
Most credit card issuers prefer you to call them because it gives them the chance to offer you better card terms and potentially entice you to stay on as a customer. However, with Santander, you’ve got three options:
If you want to exercise the right to cancel under your 14-day cooling-off period, call Santander at the number above or write to Santander UK plc, PO Box 983, Bradford, BD1 9FE. You’ll need to clear your outstanding balance plus any interest it has accrued.
If your card has been lost or stolen, use the number above. It’s open 24/7.
Steps to cancel your Santander credit card
If you opt to call Santander’s customer support (0800 9 123 123), have your card details to hand and expect to hear new offers like interest-free periods, increased credit limits or other bonuses. If you like what you hear, consider keeping your Santander card, but if you’re determined to close your account, Santander will ask for your reasons – anything will work!
It’s a smart idea to write down the representative’s name and make a note of when you called.
Need a new card?
Regardless of whether you decide to close your Santander credit card, you might still want to consider a better one. The right card can help you build your credit score while better fitting your spending and lifestyle.
Will cancelling my Santander credit card affect my credit score?
Cancelling your Santander credit card does actually have the potential to affect your credit score.
Consider your overall “credit utilisation ratio” – that’s how much debt you have compared to how much credit is available to you. If you have a low utilisation ratio — say, 20% or less — and a solid credit score, closing your card won’t affect your score by much. But closing a card can increase your utilisation, which can in turn lower your credit score.
Signing up for another card could increase your overall available credit and lower your utilisation level. Note that a hard search of your credit record is part of taking on a new card and that will also have a slight (and usually short-lived) impact on your credit score.
If you just want to be shot of your card, so that you can’t slip into debt, then realistically that’s probably more important.
Finally, it’s worth considering that when you come to apply for credit in the future, you’ll need your credit file to show responsible use of credit. Not surprisingly, lenders want to see that you’re perfectly capable of borrowing money and then paying it back.
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