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How to Close or Cancel a Credit Card? - Step - by - Step Guide

How to Close or Cancel a Credit Card? - Step - by - Step Guide

'How do I close a credit card?' – Is that what you are looking for on Google and aren't getting the correct answer?

A credit card can improve your financial health and build a great credit score if used sensibly. But at times, credit card holders may decide on closing or cancelling a credit card for several reasons. The two most common reasons are excessive annual charges and inaccurate spending habits.

In other cases, an individual may have multiple credit cards, and one of them may seem unworthy. So, they cancel a credit card that's of no use any longer, here we have covered disadvantages of multiple credit cards. If you have any of these reasons, you have come to the right post.

Let's evaluate methods on how to close or cancel a credit card easily.

5 Methods to Undertake When Planning to Close Credit Card

Have you decided on cancelling or closing a credit card? If yes, you can take any of the following methods and follow the steps accordingly.

Method 1 – Closing a Credit Card via the Customer Care Support Team

Want to close a credit card from the comfort of your house? Simply contact your bank's credit card customer support team. You can request the cancellation by following these steps:

Step 1: Collect Important Details

Your ID details, credit card number, pending transactions, and outstanding balances (if any) are information to collect. Gather these details for your customer care associate to assist you more accurately.

Step 2: Raise the Request, and the Support Team will Contact You on Your Registered Mobile Number

The customer care support team will contact you via your registered phone number. You must communicate with the team on the phone from a place where your private details are secure.

Step 3: Speak to the Associate Regarding Credit Card Closure

After connecting with the customer care support team, tell them about your intention to cancel your credit card. The team will verify your details, so you must provide your required information like address, name, etc.

Step 4: Cancelling the Credit Card

Include the cancellation date, and return the card to the issuer if asked. You must request a confirmation number or email to cancel the records.

Step 6: Evaluate Your Account Statements and Check the Credit Report

After cancellation, you must check your account statements to ensure no unexpected charges. After the cancellation, you must destroy your credit card to prevent fraud.

Method 2: Submit a Written Request to Your Credit Card Issuer

You can send a written request to your credit card issuer directly. Mention the necessary details like your credit card number and other information while sending the request to the authorities. The letter should be logically written politely, stating the reason for cancellation.

The Best Example of 'How to Write an Application Form to Cancel or Close a Credit Card'

Wondering how to write a credit card close application? You can follow this template to write your letter stating the reason behind credit card closure:

The Manager,
Bank's name,
Branch's name,
Location of the Bank

Subject: Request for Cancelling/Closing the Credit Card

Respected (Sir or Ma'am),

I, (mention your name), am a credit card holder with this bank. My credit card number is xxxxxxxxxxxxxxxx, linked to my savings account (mention the account number) xxxxxxxxxxxxx.

I hereby confirm that I want to apply for credit card cancellation because of personal issues (mention the issue you are facing). I would be grateful if you acknowledged my request and closed my credit card.

(One quick note: Always send the letter after paying your credit card debts with zero balance.)
I have paid my debts and now have zero balance in the credit card account.
Kindly notify me of your request for any additional information.

Yours sincerely,
(Write your full name)

While writing this letter, choose an A-4-sized paper with your attestation.

Keep one copy to keep the records with you before sending the letter. Soon after getting the confirmation of credit card closure, destroy the card that contains your sensitive and personal information.

Method 3: Send Your Credit Card Cancellation Request via an Email

Wondering how to close a credit card account permanently via email? You must mail the credit card issuer or agent to cancel a credit card.

You can find an email address if your bank or lender allows this facility. You must opt for the credit card cancellation request via email by sending it to the given address. While writing the letter to the credit card agent or credit card issuer, include the given details:

  • The cardholder's name
  • Name of your card (platinum card or others)
  • The expiry date of the credit card (mention like dd/mm/yyyy)
  • Your credit card number
  • Registered phone number

These are the steps included:

  1. Write "credit card close application (or cancellation)" on the subject line
  2. Give important details (as mentioned above)
  3. Mention your reason for cancellation
  4. Don't include unnecessary details
  5. Lastly, sign the mail with your name and surname.
  6. Wait for the confirmation of the request

Once you get the confirmation, you need to verify the details and determine their accuracy. Lastly, dispose of your credit card safely and securely.

Method 4: Net banking via the Official Website of Your Bank

How to cancel a credit card online? A few banks need your ten-digit telephone number to deactivate your credit card. The following are the steps you can take to close your credit card:

1st Step: First, you must go to the official bank website and log in with your credentials.

2nd Step: Find the section on credit card deactivation. If there's a form, fill it out by including your ten digits registered telephone number

3rd Step: As you give your 10-digit phone number, an OTP will be sent to the number. Type the OTP and proceed with the next step.

4th Step: Select the credit card type you wish to close (single card, multiple cards, etc.)

5th Step: When selecting the card type, you will give the reason to close a credit card. Ensure it's an authentic one.

6th Step: Now, you need to authenticate with the OTP

7th Step: Lastly, you need to wait for the confirmation of your credit card closure request.

You need to verify the information is accurate as soon as you get the confirmation.

Method 5: Visit the Branch

You can visit the branch directly if you aren't tech-savvy to follow online procedures. Follow the given steps to proceed seamlessly:

1st Step: Go to the Branch during Operating Hours

Before you visit, ensure that the branch operates at that time. Banks or financial institutes provide the information on the official website.

2nd Step: Collect Your Details

Gather your information before visiting the branch for credit card closure. Ensure you have your credit card number, expiry date, and other details during the process.

3rd Step: Appeal Your Request

Soon after you arrive at the bank's branch, you need to make your request to the concerned person. You can consult a branch associate to assist you with the necessary things.

4th Step: Communicate with the Staff Cordially

When the associate asks for your credit card and savings account numbers, you must give them the correct one. They do so only to check financial transactions and other important information.

5th Step: Follow What Your Branch Staff Says

If the branch associate gives a form, fill that out carefully by mentioning your details, such as credit card number, expiry date, etc. Wait patiently to ensure a seamless experience while closing your credit card.

6th Step: Review before Signing

It's a critical step, as a minor mistake may result in denying your credit card closure request. So, you must review the information filled in the form.

Soon after completing these steps, you can wait for the confirmation of the application.

Note that some banks provide a toll-free number to dial to place your request for deactivating the credit card. But before calling, you need to check the operating hours for consultation.

The Final Tips Before You Perform Any of the Above Methods

Are you searching for 'how to close a credit card without hurting credit?' You can only proceed with closing a credit card with zero balance.

The last thing a bank would expect from a credit card holder is requesting to close/cancel a credit card without paying debts. But when you cannot pay the remaining balance, you can transfer it to another credit card. Alternatively, you can opt for an instant personal loan to clear your debts before closing.

Ensure you cancel your auto-payments by checking your bank's official website. Cancel those utility bills and transfers. Since credit cards offer travel and shopping benefits, you should not redeem your rewards before closing them.

Another thing you should consider before applying for a credit card closure request is checking your credit report. You may file a dispute if there are reports of late payments or payments made to the wrong account. It takes 30 days for the credit bureau to review it. So, after you assess these considerations, you can apply for your credit card closing request accordingly.

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