How to cancel a credit card
Cancelling a credit card
There is more to cancelling a credit card than just cutting it
up. If you don't close your account properly, you could still
be charged fees or penalties, even if you no longer use the
card. You could also leave yourself open to undetected fraud
if someone else uses your card details without your knowledge.
Here we show you the right way to close your credit card to
avoid these problems in the future.
to closing your credit card
To close and cancel your credit card, follow these steps.
- Cancel direct debits - Cancel all direct debit
payments from your credit card
- Zero balance - Pay off your account balance.
Your balance must be zero before cancelling the card.
- Call your credit card provider - Tell them you
would like to close the account. They will need to verify your
identity because only the primary cardholder can close the account.
Take note of the date and time you called, and the name of the
customer service officer you spoke to.
- Put it in writing - Follow up your call with a
letter confirming you want to close the account. Include your
credit card account details, your signature, and details of your
phone call. Ask for written confirmation that the card has been
closed. Keep a copy of your letter in case there are any issues
- Confirmation - You should receive confirmation
from your credit card company once the card is closed. This could
be a letter or a final statement. If it does not arrive, follow up
with the credit card provider.
Cancelling joint credit
If your credit cards are linked to a single account, check
whether the account is in both of your names or which one of you is
the primary card holder and
which person is the secondary card
holder. This will determine who can close the account, and how.
Primary and secondary credit cards
If you are the primary card holder, you are solely liable for
any debt on the credit card account, so talk to your credit card
provider about cancelling the secondary card.
If you are the secondary card holder you may not be able to
prevent your card being cancelled.
Joint credit cards
If your credit card is in joint names, both card holders must
agree to close the account. You will also need to agree about how
you will pay any outstanding debts on the card, as you are equally
liable for the debt.
If you cannot pay the account in full, contact your credit
provider to inform them, and ask them to put a stop on the account
to prevent any further transactions.
Avoid unnecessary problems by closing your
account and cancelling your credit card properly.
Last updated: 01 Apr 2016