How to Close a Credit Card Permanently?

There are four ways to close your credit card permanently. However, you should analyze all the pros and cons before deciding to close a credit card. Here’s a concise guide to help you through the process.

4 Ways to Close Your Credit Cards  

There are several ways to close your credit card. Let us look at each method in detail.

• Close a Credit Card by Calling Customer Care

Contact your credit card issuer's customer care to request the closure of your credit card. They will guide you through the steps or forms that need to be filled.

We have also included the customer care numbers to close credit cards of some major issuers in a later section.

• Submit a Written Request to the Credit Card Issuer

Send a written request to your credit card issuer detailing your intention to close the account. Ensure you include all necessary details, such as your card number and personal identification.

• Send an Email to Close the Credit Card

Email the credit card issuer formally requesting them to close your card. Make sure to follow any specific guidelines they might have for such requests.

• Submit an Online Request for Closing the Credit Card

You can submit a closure request through their online banking portal at most banks. This way can be considered a quick and efficient one to start the procedure.

6 Steps to Follow for Closing a Credit Card Permanently

Closing a credit card is much more than just discarding it. To go through the process with minimum effect on your financial standing, follow these critical procedures -

• 1. Call Your Bank

Inform the bank of your decision to close the credit card and also ask them if they can confirm the closure process for you.

• 2. Send a Cancellation Letter

To obtain an official record, send a cancellation letter to your credit card issuer. Give details of your account and ask for written confirmation of the closure.

• 3. Check Your Credit Report

After the closure, review your credit report to ensure the account is marked as "closed" and that there are no errors.

• 4. Destroy Your Old Card

Once the account is closed, cut up your old credit card to prevent any unauthorized use.

Closing a Credit Card without Hurting the Credit Score

Closing an old credit card may severely harm your credit score as your credit limit gets reduced suddenly. Here is how you can safely close your card with minimum impact on your credit score -

• Make sure to pay off all debts before requesting for credit card closure.

• Closing a credit card will reduce your total credit limit and increase your credit utilization ratio. Check if you have enough credit available and pay off the balance in other credit cards to balance your credit limit.

• Closing your oldest credit card will reduce your credit age which will affect your credit score negatively. If possible, keep your oldest one active. 

• Get in touch with your credit card issuer to confirm that the balance is nil before closing it. Also, get a written confirmation from your issuer.

• Monitor your credit report closely after closing a credit card. This was you can avoid any wrong entry against your recently closed card.

• Your credit mix also has an impact on your credit score. Make sure the card you closed was not the only one you had, as that will be one less type of credit you have.

What to Consider Before Closing a Credit Card Permanently

There are some critical issues that you should consider before deciding to cancel a credit card for good. These measures can be useful in preventing some of the problems and guarantee that the closure process will not have negative repercussions on your finances. 

• 1. Cancel Automatic Payments 

Eliminate any connections you may have made between your credit card and other bills. 

• 2. Pay Off Any Remaining Balance

To reduce charges that result in fines, make sure that all of your balances are zeroes. 

• 3. Redeem Any Rewards 

Once you close your card, all rewards will lapse. So utilize all offers and rewards before the account is closed. 

• 4. Check Your Statement 

Check your credit card statement thoroughly. If you see any errors or fraud, report it and get it rectified before closing the account.

• 5. Talk to Customer Care 

Clarify the exact date of closure and seek to know whether there are any extra charges that the company may charge on the final closing. 

• 6. Mind Your Credit Score 

Please note that closing a credit card account can decrease the credit history and influence the credit utilization ratio.

• 7. Check the Card Closing Information 

 Make records of all the correspondences and other affirmations regarding the card closure. Also, check if there are any penalties or charges associated with closing the card.

Customer Care Numbers to Close Credit Cards from Top Issuers

Here are some top credit card issuers and their customer care numbers if you want to close your credit card -

You can easily close your credit card account through any of the methods mentioned above. Just make sure to pay off all existing dues, use up your rewards, and cancel all automatic payments before starting the closure process.