How to Cancel a Credit Card

How to Cancel a Credit Card

How to Cancel a Credit Card

Properly closing a credit card account can be a relatively easy procedure. Whatever your reasons are, it is imperative to follow the correct steps to ensure you account is completely closed for good.

Step One: Pay Off Your Balance - Before you begin the process of closing our account, it is necessary to bring your owed balance down to $0. Make a note of the exact day you sent in your final payment and also the date it posted to account. Organization is key to the process.

Step Two: Notify Your Issuer - Contact your credit card issuer by phone and notify them that you would like to cancel your active account. Most of the time, your issuer's phone contact information can be found on the back of the actual credit card or your monthly statement. Remember to be diligent in writing down each person's name you talk to and the exact time and date of the call. Card issuers hire many customer service representatives to assist their customers, so having all your information organized and thorough definitely helps the situation.

Step Three: Confirm Your Cancellation Request - Re-affirm your account cancellation conversation in writing by sending the issuer a letter informing them that you wish to close the account. Requesting a confirmation letter to validate the cancellation is very important. Remember to request a written confirmation of the account's closure from the credit card issuer. Patience is a virtue: It typically takes anywhere from 30 - 45 days for a issuer to completely close out a credit account.

Step Four: Check Your Credit Reports For The Account Closure - After your have allowed adequate time for the card issuer to close your account, it is now time to confirm that your account has indeed been cancelled. Begin by contacting the three credit reporting agencies to check that each has been notified of the closed account. Your credit report should reflect that no further action has been applied to your credit card account and the proper terms have been designated to your account closure.

Step Five: Cut Up Your Card - Now that your credit account is completely closed, it is now time to destroy your card. Either physically cut up your credit card with a pair of scissors or have it properly shredded to guard yourself from future identity theft As you go through the process of canceling your credit cards, it is important to have all your phone contacts, conversations, confirmations and dates recorded. That way, if anything goes wrong, you will have all the facts needed to help you properly close your account

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