How do you cancel a credit card?

How to cancel a credit card

When it comes to cancelling a credit card, the process can vary depending on your card provider. Generally though, the following steps will usually apply:

1. Pay off your credit card balance

Before cancelling any credit card, it’s important to pay off your balance in full. If you cancel a card with an outstanding balance, you may still be required to pay it off, and it can complicate your credit report. Ensure that your balance is zero before proceeding.

2. Contact your credit card provider

To cancel your credit card, you’ll usually need to contact your credit card provider to let them know that you’d like to cancel. Many companies require you to call customer service to request the cancellation. Some issuers allow you to cancel online, but this isn’t always the case.

During the call, you may be asked why you’re cancelling, and some companies might try to offer you incentives to keep the card. If you’re set on cancelling, politely request to close the account.

3. Request written confirmation

It’s always a good idea to request written confirmation of your credit card cancellation. This ensures that there are no misunderstandings later and can be helpful if you need to dispute any future charges.

4. Destroy the Card

Once your card has been officially cancelled, be sure to destroy it to prevent any unauthorised use in the future. Cut it up or shred it.

5. Keep an eye on your credit report

After cancelling a credit card, it’s a good idea to monitor your credit report to ensure that the cancellation is reflected properly and that no fraudulent activity occurs.

What to consider before cancelling a credit card

While you may have plenty of reasons to cancel your credit card, it is also worth taking a moment to consider whether cancellation is definitely the right option for you. Here are a few things to keep in mind:

• Impact on credit score: Cancelling a credit card can affect your credit score. If the card has a high credit limit, cancelling it could increase your credit utilisation ratio, which may lower your score. 

• Outstanding rewards or benefits: Before cancelling, check if you have any outstanding rewards points, cashback, or benefits that you might lose if you close the account. Some cards may offer perks that are worth using up before you cancel.

Take greater control of your credit with Curve Flex 

If you want to cancel or stop using credit without the hassle of long phone calls or filling out complex forms, Curve Flex is a great solution. Unlike traditional credit cards, Curve Flex is a credit line that you can manage directly through the Curve app, with no need to deal directly with credit card companies.

Rather than applying for a new credit card, Curve Flex lets you borrow up to £10,000 and split purchases into installments, offering an easy way to manage your credit without the complexities of traditional credit cards.

If you ever need to cancel your credit line with Curve Flex, you can do it directly from the Curve app in just a few taps. This makes managing your credit simple and stress free, with the flexibility to do so on your own mobile device.

Cancelling a credit card

Now that you know how to cancel a credit card, you can make an informed decision about whether it’s the right move for you. While cancelling a credit card can affect your credit score, taking the proper steps can help minimise that impact.

If you’re looking for an easier way to manage credit, Curve Flex is a great alternative. You can apply, use, and cancel your credit line directly in the app, with no need for long phone calls or forms. Whether you're closing an old card or just seeking a more flexible option, Curve Flex gives you the freedom to manage your credit with ease.