How to cancel a credit card

By Brinda

Are there too many credit cards in your wallet that are hardly being used? Or are you facing difficulty handling credit cards? Whatever the reason be for you to cancel your credit card, there is always a right and a wrong way of dealing with it. Before canceling your credit card, be sure that it will do no harm to your credit report. Here is a step by step procedure for you to follow to cancel your credit card account.

Things You'll Need

Your credit card statement.
Your credit card number
Phone number and mailing address of the credit card company.

Steps

Clear all the dues before canceling your credit card. Never try to close your credit card account if you have not cleared the outstanding dues or are in the process of clearing the outstanding amount. Make sure you have paid the credit card company all the balance accrued by you. Once you have paid the balance in full, you are ready to get rid of your credit card account.

Intimate the credit card company. Call the customer service number of the credit card company and confirm that you have zero balance. Next, let them know that you plan to close the account. Finding the customer care number is simple. You will find it on the credit card statements, or behind the credit card, or you can find it from the Internet. The customer care executive with help you cancel your credit card account.Please note: on calling the credit card company, some companies might just allow you to cancel your card via the IVR, without the assistance of the customer support executive, while some companies might direct you to a special department that convinces you not to cancel your account with them.

Write to the credit card company. It is important for you to write a cancellation letter to the credit card company informing them of the cancellation of your account. Be sure to include your name, contact details and your conversation with the customer service executive in the cancellation letter. Also, in the letter mention that you want your credit report to reflect, "Closed on customer's request".

Follow up with the credit card company. Closing the account takes some time. Be patient. Once you have had the telephonic conversation and sent a mail to the credit card company, let 30 days pass before you follow up. When you receive a copy of your credit card report, be sure it has all the details you asked for. Confirm if the report mentions, "Closed on customer's request" and not any other reason.

If the report has any mistakes, follow up with the credit card company over the phone and they will guide you further. If every thing looks good, and the credit card company confirms that your account has been cancelled, go ahead and chop your credit card destroying the black magnetic strip at the back of your credit card.

Tips

Your credit report is your credit history which is an important record for you to apply for a credit card again. Credit report is the responsibility of the credit bureau. They report only the things that the creditors tell them. If your credit report is inaccurate, ask the creditors to correct the inaccuracies and update the credit bureau.

Caution

It is easy for your credit card to be misused when in wrong hands. Do not share your credit card with any one. Destroy the magnetic strip of your credit card once the account has been cancelled.

Comments

Very informative

On September 30th, 2009 - Paresh Redkar said:

Just what I was looking for. Thanks.

thanx..this certainly will

On September 30th, 2009 - alok said:

thanx..this certainly will be helpful !

Do let me know if you have

On October 1th, 2009 - Brinda said:

Do let me know if you have any more "How to" questions, and I will be more than happy to find the answers for you.

I have made mistakes in the

On May 23th, 2010 - sleeprunner said:

I have made mistakes in the past and haven't canceled cards correctly and it has come back to cause problems so this is a very useful guide. I am now getting rid of all my cards and having one of those new credit card merchant account offers that consolidate multiple accounts into one that is easy to manage.

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