Cancelling a Credit Card


ADVERTISING DISCLOSURE: is an independent, advertising-supported web site. receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Cardholder Benefits » Cancelling a Credit Card

Cancelling a Credit Card

Updated: September 27, 2018

The content is accurate at the time of publication and is subject to change.
It seems that there is information everywhere when it comes to opening a new credit card, but cancelling a credit card isn’t so simple. Contrary to popular belief, just taking a scissors to your credit card, doesn’t mean that the credit card is cancelled. Read on to see some ways that you can effectively cancel a credit card.
  1. Make sure you cancel accounts one at a time. This is important if you have more than one open account that you would like to close. Make sure the first credit card is fully closed before you close the second card. You should cancel credit cards with the highest annual fees and interest rates first. Then you should cancel newer credit cards, before you cancel old credit cards. If you cancel your older credit cards it will have a negative affect on your credit history, as the credit reporting agencies look at how long you have had your credit cards when factoring your credit score.
  2. Transfer/Remove the Balance. Get rid of the balance on the credit card that you want to cancel, by transferring the balance using a zero balance transfer credit card. These cards usually have introductory offers where no interest is required to paid on the balance. Or you can pay off the balance with at the current credit cards interest rate. Don’t try to cancel a credit card with an existing balance, as the credit card issuer will more than likely charge you extra penalty fees.
  3. Speak to Someone. Call the credit card issuer if you are looking to cancel your credit card. Online transactions have a higher incidence of error. With something as important as your credit card and your finances, it’s best to speak to an actual person who knows how to cancel your card. One downside of calling the credit card representatives is that they are usually trained on how to get on-the-fence cancelling consumers, to stay on board. So if you are serious about cancelling your credit card, keep a strong mind, and don’t be swayed.
  4. Write it Out. When your account has been cancelled, make sure you get written confirmation for your records. Also, it may be in your best interest to write a note out to the credit card issuer documenting the fact that your credit card has been closed and make a copy for your records. The letter should state that you were a former accountholder and you were following up to confirm that your account has been cancelled.
  5. Watch your statements. Honestly, you should be always be paying close attention to your credit card statements and balances. But any new changes resulting from the cancelling of this credit card should show up in four to eight weeks. Use your credit card statement to make sure that the account was closed and no other charges go through on that card.
Once you’ve done all of those things, the credit card in question should be successfully closed, and you can feel free to cut that card into itty-bitty pieces if need be. Each person has a different reason as to why they cancel their credit card, but if payments are becoming to hard to keep up with, or the interest rate is too high, consider closing that credit card and moving towards a lower interest rate credit card.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Posted: November 8, 2018

Thanksgiving is coming, and whether you are hosting a meal or coming as a guest, your spendings are going to accumulate faster than you can notice. A holiday feast is a costly matter – each year Americans spend around $50 on a Thanksgiving ... Continue reading
The Best Credit Card for Earning Cash: Discover it® Cash Back

The Best Credit Card for Earning Cash: Discover it® Cash Back

Posted: November 2, 2018

You’ll have hundreds of dollars in your pocket in no time because you’ll earn money back on every purchase you make with this card. There are no restrictions on the amount of cash back you can get, and Discover even matches every penny you ... Continue reading
Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Posted: October 10, 2018

Nights are drawing out, the wind is colder every day and you already feel the lightest breath of winter on your face - autumn is here. Holidays are over, kids are back to school and all you are left with are hefty holiday bills that you ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!