How to Securely Cancel a Credit Card

Do you want to cancel your credit card? Afraid it will affect your credit score? In this post, I have shared a few ways to securely cancel your credit card.

The decision to cancel a credit card is always welcomed by financial advisors. Most often, people cancel their credit cards either because they have too many of them(and want to cut expenses on annual fees, etc) or their debt is getting out of control.

Canceling your credit card does help you put an end to your relentless spending. But it can also affect your credit score if you cancel it before repaying the borrowed money using the same card.

Moreover, you might also have to pay off your debt with a higher interest rate. So, it is recommended to clear all your debt first and then contact your credit card company for cancellation of service.

What are the ways to securely cancel a credit card?

1. Call the customer care representative

This is the easiest and quickest ways to cancel your credit card. Most credit cards have a toll-free number printed on it. You can request them to can the service. Most often they will pitch you a retention offer. Listen to the offer carefully and also try to negotiate to get a better offer. It would be great if they are willing to waive off a certain percent of your debt.

2. Send a cancellation request via their website

Most banks have a cancellation form on their website. All you have to do is fill up the details and send a request to the company. You can expect a reply within a couple of days.

For security reasons, some banks do not have this service. But if you have a Chase credit card you can Self-service toolkit to send a credit card cancellation request. You will have to login in first and then go to Profile and Settings(in the Self-service toolkit section) where you will find an option to cancel your credit card.

3. Send a written letter


This is an old school way of canceling a credit card but it is still fully relevant and effective. If you are afraid of the customer care representative messing up with your credit card cancellation request, you can send a written letter with the proof of your final payment. To keep your information fully secured send the letter by a certified mail with a return receipt.

Final step

The final step for canceling a credit card is to wait for the confirmation letter from the bank stating that you have paid all the dues and your credit card is permanently closed. Now you can cut the credit card in two halves with a pair of scissors.

Bottom line

To not let your credit score get affected by a credit card cancellation, make sure to transfer your credit line to another credit card of the same company. This is a responsible way of canceling your credit card.


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