You\u2019ve paid off your credit card and put a stop to your direct debit payments. But closing your account isn\u2019t as simple as cutting up your card.<\/p>
Calling to cancel your account can take time. Representatives are trained to convince you to stay by offering perks and gifts, requiring you to decline three or more times before you\u2019re free.<\/p>
Before cancelling your HSBC UK credit card by phone, here\u2019s an alternative to get the ball rolling in minutes.<\/p>
As a HSBC customer, you have several options for cancelling your credit card.<\/p>
It could, but it all depends on your lender. Credit bureaux determine your creditworthiness by looking at your payment history and the age of your credit. But they also look at how much credit is available to you compared to how much you\u2019re using; this is known as a credit utilisation ratio<\/a>.<\/p> Credit utilisation is the percentage you use of your credit limit. For example, if you have an overall credit limit of \u00a33,000 and you use \u00a31,500 of it, your credit utilisation is 50%. But if you cancel a card and your limit is reduced to \u00a32,250, you’ll be using 75% of it. Closing a card with a high spending limit and \u00a30 balance can temporarily increase your ratio, resulting in potential creditors seeing you as a higher risk.<\/p> In general, credit bureaux like to see a credit utilisation ratio below 25% after you’ve cancelled your credit card. If you\u2019re looking to get control of your finances, it may help you to keep your \u00a30 balance card open and just stop using it. Just make sure there are no annual or dormancy fees.<\/p> After you\u2019ve cancelled your card online or by phone, send a written letter to HSBC with your cancellation request. Include your credit card number and account number.<\/p> Send your signed letter to:<\/p> HSBC<\/strong> If you want to close your credit card because it doesn’t offer what you want, you may want to find a new credit card that better suits you. <\/p>\nAfter you\u2019ve cancelled your credit card<\/h3>
PO Box 6201,
Coventry,
CV3 9HW<\/p>Trading in your current card for a new one?<\/h3>