Call your card issuer and request cancellation
The fastest way to cancel a credit card is to call the customer service number on the back of your card. Have your card number ready. Tell the representative you want to close the account. They will confirm your identity, review any outstanding balance, and process the cancellation on the call.
If you have a balance, the issuer will tell you the amount owed and your payment options. You can pay it off when ready over the phone, set up a payment plan, or continue making regular payments after the account closes. The account will still accrue interest on any remaining balance until it is paid in full.
Ask the representative to confirm the cancellation in writing and send you a letter stating the account is closed at your request. This creates a record you can reference later if a dispute arises.
Key Takeaways
- Call the number on the back of your card to cancel; the process takes about 10 minutes and happens when ready.
- Pay any outstanding balance before or after cancellation, but interest will continue to accrue on unpaid amounts.
- Request written confirmation of the closure and keep it with your financial records.
- Redeem any remaining rewards points before you cancel, as they may be forfeited after the account closes.
- Canceling a card can lower your credit score temporarily because it reduces your available credit and may increase your credit utilization ratio.
Redeem rewards before the account closes
If your card earns cash back, points, or miles, use them before you cancel. Most issuers will let you redeem rewards up until the moment the account closes, but policies vary. Some cards allow you to redeem after closure, while others forfeit unused rewards once the account is closed.
Log into your online account or call customer service to check your rewards balance and redemption options. Redeem the points for cash back, travel, merchandise, or statement credits—whichever option your card offers. Do this before you call to cancel, so you do not lose the value you have earned.
Pay off any remaining balance
If you have a balance on the card, you must pay it before the account fully closes. You can pay the full amount during your cancellation call, mail a check to the address on your statement, or set up automatic payments online.
Even after the account is closed, you are still responsible for the balance. Interest will continue to accrue at the rate in your cardholder agreement until the debt is paid. The issuer will send you monthly statements showing the remaining balance and minimum payment due.
Destroy the physical card
Once the account is closed, cut up the card or shred it to prevent unauthorized use. Some people prefer to keep one card intact for their records, but the safest approach is to destroy it completely.
If the card is still active when you cancel, the issuer may send you a replacement card in the mail. If this happens, destroy that card as well or call to confirm it has been deactivated.
Monitor your credit report for accuracy
After you cancel, check your credit report within 30 to 60 days to confirm the account shows as closed. You can view your credit report for free once per year at annualcreditreport.com, which is the official site run by the three major credit bureaus: Equifax, Experian, and TransUnion.
The closed account should appear on your report with a status of "closed by consumer" or "closed at consumer's request." If it shows anything else—such as "closed by creditor" or "delinquent"—contact the issuer and ask them to correct it. Inaccurate reporting can affect your credit score.
Understand the impact on your credit score
Canceling a credit card can lower your credit score in the short term, usually by 5 to 10 points, though the impact varies by person. The main reason is that closing an account reduces your total available credit. If you have balances on other cards, your credit utilization ratio—the percentage of your total credit limit you are using—will increase, which can lower your score.
The impact is temporary. As you pay down balances on remaining cards and time passes, your score will recover. The closed account will remain on your credit report for seven to ten years, but its weight on your score decreases over time.
If you are planning to explore for a mortgage, car loan, or other major credit in the next few months, consider waiting to cancel until after you have been approved. Canceling when ready before a credit process can hurt your chances of approval.
What to do if you want to keep the account open but stop using it
You do not have to cancel a card to stop using it. You can straightforward put it away and use other cards instead. Keeping the account open preserves your available credit and keeps your credit utilization ratio lower, which benefits your credit score.
If you keep the account open, the issuer may close it for inactivity after 6 to 12 months of no purchases. Some cards charge an annual fee even if unused; check your cardholder agreement to see if yours does. If there is an annual fee and you do not want to pay it, you can call and ask the issuer to waive it or close the account.
Frequently Asked Questions
Will canceling a credit card hurt my credit score?
Yes, but usually only temporarily. Your score may drop 5 to 10 points because closing the account reduces your available credit and may increase your credit utilization ratio. The impact fades over time as you pay down other balances and the closed account ages on your report.
What happens to my rewards points when I cancel?
Most issuers let you redeem rewards before or during cancellation, but policies vary. Some cards forfeit unused points once the account closes. Redeem your points before you call to cancel to avoid losing them. Check your cardholder agreement or call customer service to confirm your card's policy.
Do I have to pay my balance when ready when I cancel?
No. You can cancel the account and continue making regular payments on any remaining balance. Interest will keep accruing until the balance is paid off. You can also pay the full amount during the cancellation call or set up automatic payments online.
Can I cancel a credit card if I have a balance?
Yes. You can cancel even with an outstanding balance. The issuer will tell you the amount owed and your payment options. You remain responsible for paying the balance after the account closes, and interest continues to accrue.
How long does it take to cancel a credit card?
The cancellation itself happens when ready when you call customer service. The account will be marked as closed within one to two business days. It may take 30 to 60 days for the closure to appear on your credit report.