To cancel a credit card, you typically need to follow these steps:
Pay off the Balance: Before canceling your credit card, make sure to pay off any outstanding balance on the card. You can do this by making a payment online, over the phone, or by mail.
Redeem Any Rewards or Points: If your credit card offers rewards, cashback, or points, make sure to redeem them before canceling the card. Once the card is canceled, you may lose access to any unredeemed rewards.
Contact the Credit Card Issuer: Call the customer service number on the back of your credit card or visit the issuer’s website to find the cancellation process. You may need to provide your account information, including the card number and personal details, for verification purposes.
Request Cancellation: Inform the customer service representative that you want to cancel your credit card. They may ask for a reason why you’re canceling, but you’re not obligated to provide one.
Cut Up the Card: Once the cancellation is confirmed, destroy the physical card by cutting it into several pieces to prevent anyone from using it fraudulently.
Follow Up: After canceling the card, follow up with the credit card issuer to ensure that the cancellation is processed correctly. Check your account statement to confirm that no further charges are being made to the card.
Monitor Your Credit Report: Keep an eye on your credit report to ensure that the canceled credit card is reported as closed. This can help protect against identity theft and fraud.
It’s important to note that canceling a credit card can impact your credit score, especially if it’s one of your oldest credit accounts or if it has a high credit limit. Before canceling, consider the potential effects on your credit score and financial situation. If you have any recurring payments set up on the card, make sure to update them with a new payment method before canceling the card.