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Credit Card Cancellation Letter – Application for Closing of Credit Card

application letter for credit card cancellation

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  • Sample Letter

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The Branch Manager, ___________ (Bank Name), ___________ (Branch), ___________ (City/State)

Date: __ /__ /_____

Dear Sir / Madam

Subject: Application for cancellation of my credit card ___________ (Credit Card Number).

I am holding a ___________ (type/ scheme of credit card) credit card having credit card no. ___________ (Credit Card Number). I no longer need this credit card.

You are requested to stop the services of this card immediately and cancel the card. I have already paid all dues of my credit card bill and there is no outstanding balance on this credit card.

Kindly acknowledge my request and  issue confirmation of card cancellation once processed.

Thanking You, _________ (Signature) _________ (Name) _________ (Credit Card Number) _________ (Address) _________ (Mobile Number)

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  • It is appropriate to address the recipient as "Dear Sir/Madam" or "To the Branch Manager" followed by the bank's name and branch details.
  • Ensure to include your credit card number, the reason for cancellation, a request for immediate termination of services, confirmation of settled dues, and your contact information including name, address, and mobile number.
  • Yes, it's essential to confirm that there are no outstanding balances on your credit card to expedite the cancellation process.
  • End the letter with a polite request for acknowledgment of your request and issuance of confirmation upon processing.
  • If you don't receive confirmation within a reasonable timeframe, consider following up with the bank's customer service to ensure your request was received and processed.

By lettersdadmin

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Search letters formats here, request letter to bank for credit card cancellation/ closing, submit your comments here.

Please stop using credit card..you will Know the value of money..

The credit card services is pathetic and such same fool thing they their employees said every costumer that if u use this card it will be very helpful for u and this and that but they don't tell u about how much money the cut from ur bank account they are just doing shameless things a ordinary man easy came in their these types of game. So what's a different between them and a shopkeeper they are also doing same while shoppkeer us best from them I . In my neighborhood my uncle lives they are just very tensed about their credit card everytime they cut their money. One day was crying also the bank are shameless

Absolutely 💯 percent right

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How to write a credit card cancellation letter (and why it may be a good idea)

If you're like most people, you have several credit cards in your wallet. The Government Accountability Office reported that 82% of U.S. adults have at least one card, but many carry three or four credit cards .

Credit cards can be convenient, but even the best credit cards can be risky. Carrying too many cards can tempt you to overspend and rack up high-interest debt. Some cards have sky-high annual or maintenance fees that you have to pay even if you never use the card.

A credit card cancellation letter can help you close your card if you're trying to limit the risk of credit card debt or avoid unnecessary fees.

When it makes sense to close a credit card

You may want to close a credit card account for several reasons. For example:

You're entering into a debt management plan: If you enter into a debt management plan with a non-profit credit counseling agency, you typically must agree to surrender and close all of your existing credit accounts. You must wait to open a new card before your existing debt is paid in full and the debt management plan completed.

Your card has a high annual fee: Many cards have annual fees, particularly luxury cards and those geared toward users with poor credit. If you have a card that you don't use often and that has a high annual fee, canceling it can help you save money over time.

Available credit tempts you to spend: When you have access to a revolving line of credit like a credit card, it can be tempting to use. If you use your card to buy items or services outside your budget, canceling the card may help you control your spending.

When to think twice about closing your card

Although there are advantages to closing a credit card , it's important to weigh the drawbacks against the benefits. Closing a credit card account can affect you in the following ways:

It lowers your available credit: Your credit utilization — how much of your available credit lines you use — makes up about 30% of your FICO credit score. If you close your credit card, you'll no longer be able to count that card's credit limit in your credit utilization calculation. As a result, your credit utilization may increase, and your credit score may drop.

It affects your credit age: If you close your oldest credit account, you may shorten the average age of your credit accounts. With a shorter credit history, your credit may not be as strong as it was.

You may not have access to credit in an emergency: When closing a card, you lose access to that credit line. If you max out your other cards or don't have any other form of credit, you could be left scrambling to cover unexpected expenses.

Steps to take before closing your card

If you decide that closing your account makes sense, take these steps before moving forward:

Build an emergency fund: When you close your account, you'll need to cover unexpected emergencies via other means, such as the cash in your savings account. Building an emergency fund with at least $500 or $1,000 can give you a financial cushion and minimize the need for credit.

Use your rewards: Most credit card companies will cancel your rewards when you close your account. Make sure you redeem any rewards before closing your account to avoid losing them.

Pay off your remaining balance: Most cards require you to pay off your existing balance in full before they will allow you to close the account.

Update your autopay information: Update your autopay information to another credit card or your checking account for subscriptions, utility bills and other services linked to the card. Otherwise, you risk missing a payment and incurring late fees .

Review your credit card agreement: Your credit card agreement will outline what steps you need to take to close your account. Some companies allow you to cancel an account online, while others require written notifications, so review the requirements carefully.

Example credit card cancellation letter

When writing a credit card cancellation letter, the letter should include the following information:

Your full name

Your credit card account number

Your mailing address and contact information

Your reason for closing the account

Your credit card agreement should tell you where to send the letter, or you can look up the mailing address on your card issuer's website. Generally, it's best to send the letter via certified mail to ensure it reaches its destination and you have proof it arrived.

What's next

Once you've received confirmation that the account is closed, cut up your existing card before throwing it away. Then, check your credit reports at AnnualCreditReport.com to ensure the account is closed. It can take weeks or even months for your credit reports to update, so check once a month for the next few months to ensure it's changed.

Once your card is fully closed and the closure reported to the credit bureaus, focus on boosting your credit by keeping your other credit card balances low and making all of your payments on time.

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn't include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.

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  • Credit Cards
  • Credit Cards 101

Sample Letter for Closing Your Credit Card

application letter for credit card cancellation

Where to Send Your Letter

  • Payments, Interest, and Fees

Frequently Asked Questions (FAQs)

Once you’ve decided to close your credit card, for example because you have too many credit cards or you simply no longer want to have this credit card, you want to be sure to close it the right way .

You can close your credit card without writing a letter, but sending a letter gives you physical proof that you requested your account to be closed. You may even choose to call your credit card issuer first to close your account, and then follow up with a letter for your records. Sending the letter via certified mail gives you additional proof that your request was received. If there's ever a question about whether you closed your account and when, you'll have the letter to back up the fact that you closed your account.

Don't send your letter to the same address that you send your credit card payments. Most credit card issuers have a separate mailing address for correspondence. Check a recent copy of your credit card statement for the correct address. You also will be able to get the correct address from  your online statement  or by calling your card issuer’s customer service number found on the back of your credit card. Verify that you have the correct address before mailing your letter.

Payments, Interest, and Fees After the Account is Closed

You’ll continue to receive billing statements if you still have a balance when you close the account. You’re still required to make at least the monthly minimum payment until your balance is paid in full, but you won’t be able to make purchases on your account since it’s closed. Your balance will still accrue interest, and any fees will still apply. You can pay off the balance faster by increasing your monthly payment.

If you have any recurring bills being charged to this credit card, make sure you change them to keep them from being declined (and your services from being cancelled).

Your letter doesn’t have to include a reason for closing your account; you can simply state that you want your account to be closed.

Make sure you replace the bold information with your personal and account information. You can customize your own letter, too, but be sure to include your name, billing address, and account number so the credit card issuer can identify your account. If your letter is a followup to a phone call, include the date and time of the call and the name of the representative you spoke with.

When you send your letter via certified mail, you’ll be given a tracking number. You can enter this tracking number into USPS.com to verify when the credit card issuer receives your letter. Sending your letter via certified mail isn't a requirement to close your account, but the extra step is insurance for yourself.

Check with the credit card issuer after a few days to confirm that your account was closed. After about 30 days, you can check your credit reports to be sure the account is accurately updated to show that the account was closed at your request. Here's a sample letter for closing your card:

Sample Letter

Date Your Name Address City, State, Zip Name of Creditor Address City, State, Zip Code Re: Account Number: Account Number (or last four digits of credit card) Dear Sir or Madam: On 6/15/18, I made a request by telephone to have my account closed. This letter confirms that request. Any updates to my credit report should reflect the account was closed at my request. Please send confirmation the account was closed. Sincerely, Your Name

How much does closing a credit card account hurt your credit score?

The exact credit score impact of closing an account will depend on any other accounts you have open. The most significant, immediate impact of closing a credit card will be on your credit utilization ratio. By closing a credit card, you lose that line of credit as part of your total credit profile. Any existing debt you have from other accounts will suddenly take up a higher ratio of your total available credit and hurt your score.

Closing an account will also affect your average age of credit, but you won't notice that effect until the account drops off your credit report, and that can take up to 10 years.

How do you cancel a debit card?

Unlike credit cards, which are tied to a line of credit, debit cards are typically tied to a checking account. You can destroy a debit card by cutting it up, but to "cancel" a debit card account altogether, you'll probably have to close your checking account with the bank.

Consumer Financial Protection Bureau. " I Want to Close My Credit Card Account. What Should I Do? "

TransUnion. " Closing Bank Accounts and Your Credit Score ."

Capital One. " Need an Address for Mailing Things to Capital One? "

Capital One. " Want to Close Your Credit Card Account? "

application letter for credit card cancellation

Sample Letters

Sample Letters

Writing a Successful Credit Card Cancellation Letter (Free Templates)

In this guide, I will share my experiences, provide tips, and offer three unique templates to help you craft a cancellation letter that works.

Key Takeaways:

Why cancel a credit card?To avoid annual fees, reduce debt, or simplify finances.
Essential elements of a cancellation letterAccount information, clear request, reason for cancellation, and follow-up instructions.
Benefits of a well-written letterEnsures timely processing, avoids misunderstandings, and confirms account closure.
Tips for writingBe concise, polite, and clear. Include all necessary details and send via certified mail.
Templates providedFormal, polite, and urgent templates for various situations.

Why Cancel a Credit Card?

Canceling a credit card can be a strategic move to manage your finances better. Whether you want to avoid high annual fees, reduce your debt, or simply streamline your accounts, a well-written cancellation letter is essential. Based on my experience, here are the primary reasons people cancel their credit cards:

  • High Annual Fees : Some cards charge significant annual fees that are not justified by the benefits.
  • High Interest Rates : If you have cards with high-interest rates, canceling them can save you money.
  • Simplifying Finances : Managing too many credit cards can be overwhelming. Canceling some can simplify your financial life.

Essential Elements of a Credit Card Cancellation Letter

When writing a credit card cancellation letter, certain elements are crucial to ensure your request is processed smoothly. Here’s a breakdown:

  • Account Information : Include your name, address, and account number.
  • Clear Request : State your intention to cancel the card.
  • Reason for Cancellation : While optional, providing a reason can be helpful.
  • Follow-Up Instructions : Request confirmation of the cancellation and any remaining balance details.

Tips from Personal Experience

Having written many of these letters, I’ve learned a few tips that can make your letter more effective:

  • Be Concise : Keep your letter short and to the point.
  • Be Polite : A polite tone can help ensure your request is processed promptly.
  • Include All Necessary Details : Double-check that all relevant information is included.
  • Send via Certified Mail : This ensures your letter is received and provides a record of your request.

Template 1: Formal Cancellation Letter

[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date]

[Credit Card Company Name] [Address] [City, State, ZIP Code]

Subject: Credit Card Cancellation Request

Dear Sir/Madam,

I am writing to request the cancellation of my credit card account with [Credit Card Company Name]. Please find my account details below:

Account Number : [Your Account Number] Cardholder Name : [Your Name]

I have decided to cancel this card due to [reason, e.g., high annual fees]. Kindly process this request immediately and confirm the cancellation in writing. Additionally, please inform me of any outstanding balance or requirements needed to close the account.

Thank you for your prompt attention to this matter.

Sincerely, [Your Name]

Template 2: Polite Cancellation Letter

Subject: Credit Card Account Termination

Dear Customer Service,

I hope this message finds you well. I am writing to formally request the cancellation of my credit card account with [Credit Card Company Name]. My account number is [Your Account Number].

After careful consideration, I have decided that this card no longer suits my financial needs. I would appreciate it if you could process my cancellation request at your earliest convenience and provide written confirmation once the process is complete.

If there are any additional steps or information required, please do not hesitate to contact me.

Thank you for your assistance.

Best regards, [Your Name]

Template 3: Urgent Cancellation Letter

Subject: Immediate Credit Card Cancellation Request

Dear [Credit Card Company Name],

I am urgently requesting the immediate cancellation of my credit card account with your institution. Below are my account details:

Due to [reason, e.g., unauthorized charges], I require this cancellation to be processed without delay. Please send written confirmation once the cancellation is complete and inform me of any remaining balance or actions needed on my part.

Thank you for your prompt cooperation.

Real-Life Example

Let me share a real-life example to illustrate the importance of a well-crafted cancellation letter. A friend of mine, John, was frustrated with the high annual fees on his credit card. He wrote a concise, polite cancellation letter and sent it via certified mail. Within a week, he received confirmation of the cancellation and avoided the upcoming annual fee. This saved him money and simplified his finances.

Frequently Asked Questions (FAQs)

Q: what information should i include in a credit card cancellation letter.

Answer : In my experience, it’s crucial to include your full name, account number, and a clear statement requesting the closure of your account. Additionally, I always confirm that any outstanding balance is paid off and ask for written confirmation of the cancellation.

Q: How do I ensure my credit score isn’t negatively impacted by cancelling a credit card?

Answer : From my personal experience, I recommend checking your credit utilization rate before canceling to ensure it remains low. I also keep older cards open to maintain a longer credit history.

Q: Is it necessary to provide a reason for cancelling my credit card?

Answer : In my letters, I usually provide a reason, such as better rewards from another card or financial management purposes. However, it’s not mandatory; simply stating your request for cancellation is sufficient.

Q: How long does it take for a credit card cancellation to be processed?

Answer : Based on my experience, it typically takes a few business days to a week for the cancellation to be processed. I always follow up with the credit card company if I haven’t received confirmation within a week.

Q: Should I call my credit card company before sending a cancellation letter?

Answer : I find it helpful to call the credit card company first to discuss the process and any potential retention offers. This initial call often provides insights that I include in my written request for clarity and confirmation.

Logo

Credit Card Closure Application Letter (with Samples & PDFs)

I have listed sample templates to help you craft an effective and professional credit card closure application letter.

Also, I would like to point out that you can also download a PDF containing all the samples at the end of this post.

Application for Termination of Credit Card

First, find the sample template for credit card closure application letter below.

Subject: Request for Closure of Credit Card

Dear Sir/Madam,

I have cleared all the outstanding dues on my card and there are no pending liabilities. Kindly provide a written confirmation that my credit card has been closed and all the automatic payments and charges associated with this card are stopped.

Please also ensure that this closure does not negatively impact my credit score. I have enjoyed being a customer of your bank and I would like to maintain my other accounts without any disruption.

I kindly request you to expedite this process and confirm the closure at the earliest. Please let me know if there are any formalities that I need to complete from my end.

Thank you for your prompt attention to this matter.

Yours faithfully,

Below I have listed 5 different sample applications for “credit card closure application letter” that you will certainly find useful for specific scenarios:

Credit Card Dispute Resolution Application Letter

Credit Card Dispute Resolution Application Letter

The transaction details are as follows: – Date of Transaction: [Date of Transaction] – Merchant Name: [Merchant Name] – Transaction Amount: INR [Transaction Amount] – Transaction Reference Number: [Transaction Reference Number]

As soon as I noticed the discrepancy in my credit card statement, I contacted your customer care helpline and was advised to submit a formal dispute resolution application. I kindly request you to look into this matter immediately and take necessary steps to reverse the unauthorized transaction from my credit card account.

Please find enclosed the supporting documents, including my credit card statement, which highlights the disputed transaction. I am also willing to provide any further information or documentation that may be required for the investigation.

I appreciate your prompt attention to this matter, and I hope to have a resolution at the earliest possible. Thank you for your assistance.

[Your Name] [Your Address] [City, Postal Code] [Mobile Number] [Email ID]

Application Letter for Credit Card Limit Reduction before Closure

Application Letter for Credit Card Limit Reduction before Closure

To, The Branch Manager, [Bank Name], [Branch Address], [City, Postal Code]

I, [Your Name], holding the credit card number [xxxx-xxxx-xxxx-xxxx] with your esteemed bank, kindly request a reduction in the credit limit of my credit card before initiating the closure process.

After the reduction in the credit limit, I would like to initiate the closure process for my credit card. Kindly guide me through the necessary formalities required for the same. I assure you that I will clear any outstanding dues, if any, before the card closure.

I hope that you will consider my request and process it at the earliest. I appreciate your cooperation and assistance in this matter.

Debt Consolidation and Credit Card Closure Application

Debt Consolidation and Credit Card Closure Application

To, The Branch Manager, [Bank Name], [Branch Address],

Respected Sir/Madam,

Due to unforeseen financial circumstances, I have accumulated debts on multiple credit cards, which has led to difficulties in managing my finances effectively. In order to streamline my debt repayment, I kindly request you to consider consolidating my outstanding debts from different sources into a single loan with your esteemed bank. This will not only help me manage my repayments in a more organized manner but also reduce my financial burden.

As part of the debt consolidation process, I would also like to request the closure of my credit card account with your bank to avoid further debt accumulation. I understand that there may be implications such as pre-closure charges, and I am willing to bear the necessary charges as per the applicable terms and conditions.

Yours faithfully, [Your Name] [Contact Number] [Email Address]

Application Letter for Credit Card Cancellation following Unauthorized Usage

Application Letter for Credit Card Cancellation following Unauthorized Usage

To, The Manager (Name of the Bank and Branch) (Address) (City, Postal Code)

Subject: Application Letter for Credit Card Cancellation following Unauthorized Usage

I, (Your Name), a customer of your esteemed bank holding a credit card with the number (Your Credit Card Number), wish to bring to your attention that there have been unauthorized transactions made using my credit card.

On (Date of Unauthorized Transaction), I noticed an unusual activity on my credit card statement, detailing expenditures that I did not authorize. I immediately informed the customer support helpline to report these unauthorized transactions but have yet to receive a satisfactory resolution.

In light of these events, I kindly request you to cancel my existing credit card and issue a new one with immediate effect. I would also like to seek a waiver on the unauthorized charges incurred on my account, as per the bank’s policy for such incidents.

Name: (Your Full Name) Address: (Your Address) Customer ID: (Your Customer ID) Credit Card Number: (Your Credit Card Number) Contact Number: (Your Contact Number)

I trust your bank to take appropriate action in securing the safety of my account and finances. I appreciate your prompt assistance in this matter and look forward to receiving the new credit card at the earliest.

Credit Card Upgrade and Account Transition Application

Credit Card Upgrade and Account Transition Application

To, The Branch Manager, [Bank Name], [Bank Branch], [City], [Postal Code]

I, [Your Full Name], have been a loyal customer of [Bank Name] for the past [Number of Years] years, holding a savings account (Account Number: [Your Account Number]) and a credit card (Card Number: [Your Credit Card Number]). I have always been extremely satisfied with the services provided by your esteemed bank.

In light of the above, I kindly request you to upgrade my existing credit card to the [New Credit Card Name] and initiate the necessary account transition process at the earliest. I am aware of the requirements and eligibility criteria for the new card, and I firmly believe that I meet those prerequisites. I have attached the necessary documents, including my recent salary slip and address proof, for your reference and verification.

Please let me know if any further information or documents are needed from my end to facilitate a smooth transition. I appreciate your assistance in this matter and look forward to enjoying the benefits of the [New Credit Card Name] soon.

[Your Full Name] [Your Mobile Number] [Your Email Address] [Date]

How to Write Credit Card Closure Application Letter

Related Topics:

I am sure you will get some insights from here on how to write “credit card closure application letter”. And to help further, you can also download all the above application samples as PDFs by clicking here .

And if you have any related queries, kindly feel free to let me know in the comments below.

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application letter for credit card cancellation

Request to Cancel Credit Card

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Request to Cancel Credit Card

Rating: 4.8 - 111 votes

A Request to Cancel Credit Card is a document sent from the owner of a credit card to the credit card company requesting that the card and the account be canceled. These are very simple documents with only the basic required information so that the credit card company can effectively close the account.

Sometimes, credit cards can be canceled over the phone, but either way, it is a best practice to send something to the credit card company in writing , so that there is a paper trail. People cancel credit cards when they are no longer needed or in order to fix their debt, and a written letter is a simple way to send the notice to the credit card company.

Please be aware that in order to effectively cancel a credit card, the balance needs to be zero . If it is not currently zero, it will need to be paid down in full before the card can be canceled.

This form letter is very simple, with only the required information included.

How to use this document

This document can be used in any situation where an individual that holds a credit card with a credit company would like to cancel the card. In this letter, the identifying information for the account holder will be entered, such as name, address, telephone number and account number. There is also an optional space for email.

Identifying details for the credit card company will be entered, as well. Finally, the entrant of the information will be asked if there is a zero balance on the card, as this is necessary for cancellation.

After this document is filled out, it should be printed, signed, and copied . One copy should be kept with the account holder and one copy sent to the credit card company, ideally through certified mail .

Applicable law

Credit card cancellation requests should include the requester's name and account number so that the company can find and close the account. Credit cards generally are covered by Federal law through the CARD Act of 2009 .

How to modify the template

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.

Request to Cancel Credit Card - Template - Word and PDF

Country: United States

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application letter for credit card cancellation

RequestLetters

How to Close a Credit Card Account Sample Letter: Free & Effective

In this article, I’ll walk you through a step-by-step guide on how to write a credit card account closure letter, including a customizable template to get you started.

Key Takeaways:

  • Understand Why You’re Closing: Be clear about your reasons for closing the account, as this can influence your approach.
  • Check Account Details: Ensure all dues are cleared and no charges are pending before initiating the closure.
  • Craft a Concise Letter: Your letter should be clear, to the point, and include all necessary details.
  • Follow Up: After sending the letter, follow up with the credit card company to confirm the account closure.
  • Monitor Your Credit Score: Keep an eye on your credit report to ensure the account is marked as closed.

Step 1: Understand Your Motivation and Check Your Account

Before you decide to close your credit card account, understand why you’re taking this step.  Are you aiming to reduce your debt, streamline your finances, or avoid annual fees? Knowing your motivation will guide your communication with the credit card company.

  • Check for outstanding balances: Ensure your credit card balance is fully paid off. If there’s an outstanding balance, you need to clear it before you can close the account.
  • Redeem rewards: If your account has any associated rewards or points, redeem them. Once the account is closed, you might lose access to these perks.

Step 2: Gather Necessary Information

You’ll need specific details to include in your closure letter:

  • Your full name as it appears on the credit card
  • Your billing address
  • The credit card number (mention only the last four digits for security)
  • The account number, if different from the card number
  • The customer service address of the credit card company

Step 3: Write the Closure Letter

Here’s a template to help you craft your credit card closure letter:

[Your Full Name] [Your Address] [City, State, Zip Code] [Date]

[Credit Card Company Name] [Customer Service Address] [City, State, Zip Code]

Dear [Credit Card Company Name],

I am writing to request the closure of my credit card account, [Your Account Number or Last Four Digits of Card], associated with the name [Your Name]. I have cleared any outstanding balance and wish to close this account effective immediately.

Please send a written confirmation that the account has been closed and note that this account should be reported as “closed by request of the cardholder” to the credit bureaus.

Thank you for your prompt attention to this matter. I expect to receive the confirmation within [specify time frame, e.g., 30 days].

Sincerely, [Your Name]

Step 4: Send the Letter and Follow Up

  • Send the letter via certified mail or any trackable method. This ensures you have proof of your request.
  • Follow up if you don’t receive a confirmation within your specified timeframe.

Personal Tips and Experiences:

  • Documentation is Key: Always keep a copy of your closure letter and any related correspondence.
  • Be Persistent: If you don’t get a response, don’t hesitate to call customer service for an update.
  • Monitor Your Credit: After the account is closed, check your credit report to ensure it reflects the closure.

Closing a credit card account is a significant financial decision. By following these steps and using the provided template, you can ensure the process is executed correctly. Remember, the key is to be clear, concise, and proactive throughout the process.

I’d love to hear your experiences or any additional tips you might have regarding closing a credit card account. Please share your thoughts in the comments below!

Frequently Asked Questions (FAQs)

application letter for credit card cancellation

Q: How Do I Write a Letter to Close My Credit Card Account?

Answer: I recently went through this process myself. First, I made sure to pay off the entire balance on the card to avoid any complications. 

Then, in the letter, I included my name, address, and the credit card number (just the last four digits for security). 

I clearly stated my request to close the account and asked for a written confirmation from the credit card company. 

I also mentioned the reason for closing the account, though this is optional. After sending the letter, I followed up with a phone call to ensure they received it.

Q: Should I Mention a Reason for Closing My Credit Card in the Letter?

Answer: When I wrote my letter, I included a brief reason for closing the account. However, it’s not mandatory to provide a reason. 

If you choose to include one, keep it simple and straightforward, like reducing expenses or consolidating debts. This can provide the company with helpful feedback, but remember, the focus of the letter should be on the request to close the account.

Q: How Long Does It Take for a Credit Card Company to Close an Account After Receiving the Letter?

Answer: From my experience, the time it takes can vary. When I closed my account, it took about two weeks to get a confirmation. However, it can take up to a month in some cases. 

It’s important to keep an eye on your account status online or through monthly statements to ensure the account is closed. If it’s taking longer than expected, don’t hesitate to call the credit card company for an update.

Q: Is It Better to Close a Credit Card Account via Letter or Phone?

Answer: I chose to close my account via a letter because it provides a written record of the request. This can be important if there are disputes later. 

However, closing by phone can be quicker and allows you to resolve any issues on the spot. I recommend using both methods: send a letter and then follow up with a phone call to ensure the request is processed.

Q: What Should I Do After My Credit Card Account Is Closed?

Answer: After I closed my account, I made sure to get a written confirmation for my records. I also checked my credit report a few months later to confirm that the account was reported as closed. 

It’s important to keep an eye on your credit score as well, as closing a credit card can sometimes impact it. Additionally, I made sure to destroy the credit card physically to prevent any potential fraud.

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How do I close a credit card account permanently?

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Closing a credit card account permanently involves several steps to ensure it’s done correctly and doesn’t negatively impact your credit score. Here’s a general guide:

Pay Off the Balance or Transfer It: Before closing your account, you should pay off any remaining balance. Alternatively, you can transfer the balance to another card, but be mindful of balance transfer fees and the interest rates of the new card.

Redeem Any Rewards: If your card has a rewards program, redeem any unused points or cash back before closing the account, as you might lose these rewards upon account closure.

Contact the Credit Card Issuer: Call your credit card company to inform them that you wish to close your account. It’s best to do this over the phone rather than online to ensure clear communication and immediate processing.

Follow Up in Writing: After your phone call, send a written notice via email or traditional mail reiterating your request to close the account. Include your name, address, and account number. Keep a copy for your records.

Check Your Credit Report: After a month or so, check your credit report to ensure that the account is marked as “closed” and that there are no issues. Errors on your credit report can affect your credit score, so it’s important to ensure the information is accurate.

Destroy the Credit Card: Once the account is confirmed closed, physically destroy the credit card to prevent any fraudulent use.

Remember, closing a credit card account can potentially impact your credit score, particularly if it’s an older account with a high credit limit, as it affects your credit utilization ratio and credit history length. If you’re concerned about your credit score, consider keeping the account open but not using the card, or use it occasionally for small purchases that you pay off immediately.

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Thank you for this detailed guide! I’ve been unsure about how to start this process, and your sample letter gives me a great starting point.

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application letter for credit card cancellation

  • Keep the letter short and to the point. Mention that you want to cancel the credit card and also include the reason for this.
  • If you have any remaining balance, mention how and when you would be paying for it.
  • End with a respectful tone.

SAMPLE LETTER

[Letter Date]

[Subject: Normally bold, summarizes the intention of the letter] -Optional-

Dear [Recipients Name],

This letter is to confirm that I will be canceling my credit card provided by your bank effective immediately. Here are the details of my credit card account for your reference. (put in the relevant details of your credit card account) Please send me a documentation of the remaining balance that I may have for this card, and I will make arrangements to pay for it within the week.

Sincerely, [Senders Name] [Senders Title] -Optional-

[Enclosures: number] - Optional - cc: [Name of copy recipient] - Optional -

Letter of cancellation for a credit card. Sample letter.

Further things to consider when writing cancellation letters to banks

Further things to consider when writing cancellation letters to banks

Cancellation Letters

Cancellation letters are letters you write to a service provider, company or institution, informing them that you are dissatisfied with their product, service, or membership and that you wish to discontinue it. Cancellation letters can be written for several things such as canceling an insurance policy, a cable service, rental agreement, a magazine subscription, a bank account, order, credit, etc. The reason why people issue cancellation letters is mainly due to unsatisfactory or poor performance, not meeting the expectations, and at times unavailability of funds. Cancellation letters are written in a clear and a concise manner. Go straight to the point and suggest actions you expect to be taken. Clearly state what you are canceling and explain you reason for it. Where necessary, include the details of what you are canceling, for example, account details. Mention that you wish to receive confirmation that the cancellation was effected. State clear steps that you would take if cancellation is not put into effect within the specified notice period. End the letter on a positive tone and request the reader to acknowledge receipt. Send the letter well in advance to give enough notice to the reader.

Letters to Banks

Letters to banks are letters sent specifically to the banks by their customers. The letters can be addressed to bank managers or any other relevant bank official, based on the situation at hand. There are various reasons why you may want to write a letter to the bank. The most common ones include to request for a new ATM card, to ask for funds transfer from one account to another, or to open or close an account. You can also write to inform the bank about a phone number or postal address change. In all these situations, letters to the bank must remain formal and professional. Before writing letters to banks, you need to make sure that you have all the information the bank may need regarding your account. Use the standard business greetings. If you know the recipient's name, write to him/her by name. Mention the purpose of the letter. Provide all the necessary information such as account number, name, postal and email address, contact number, etc. as registered with the bank. Be specific and avoid writing the same thing twice. Keep the letter simple and concise. Wrap the letter up by calling the recipient to appropriate action.

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application letter for credit card cancellation

Credit Card Cancellation Letter

Dear [Credit Card Company],

I am writing to request the cancellation of my credit card account, which is currently associated with the following details:

- Name on Account: [Your Name]

- Credit Card Number: [Card Number]

- Account Number: [Account Number]

I have decided to cancel this credit card due to [insert reason for cancellation here, such as financial hardship, a change in personal circumstances, or dissatisfaction with the card's terms and conditions]. As a result, I no longer require the services of this credit card.

Please confirm the cancellation of my account in writing and provide me with any information I need to know, such as any outstanding balances or fees that may be due. Additionally, I would like to request that you close this account and not issue any further statements or charges to this account.

I appreciate your prompt attention to this matter. Please let me know if you need any further information from me.

[Your Name]

application letter for credit card cancellation

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How to cancel a credit card.

application letter for credit card cancellation

Canceling a credit card can be a good idea in certain situations, though not always. This article will cover steps to take to cancel a card and factors to consider before you do.

Can you cancel a credit card?

Yes you can cancel a credit card. Sometimes it's no longer a good fit for your needs or your lifestyle. If you're thinking of canceling, be sure to consider the implications it could have to your credit score including your credit utilization ratio and the age of your accounts, which is outlined in more detail below. Also consider if changing to a new card with different terms or rewards may be a better option.

Instead of canceling the card, some banks will allow what's called a product change (also known as an upgrade or downgrade). This just means that you're switching to a different credit card but staying with the same credit card issuer.

To do this, call the customer service number on the back of your current card and ask what product changes you are eligible for. The customer service representative can walk you through this process over the phone.

Five steps to cancel a credit card

If you decide you are ready to cancel after all, here are the five essential steps you'll want to take.

Pay off balance

Pay off your entire balance before you close your credit card to avoid accidentally incurring additional fees. Some issuers will allow you to just close the account to new charges while you continue to pay off the balance. However, if you forget that you have the account and stop paying the balance, your credit score could take a big hit.

Once your balance is paid, check to see whether your card has any automatic payments or subscriptions on it and move these to a different card.

Use rewards

Be sure to redeem any rewards that haven't been used on your account. If you can't redeem the rewards for any reason, you may be able to transfer them. 

Call issuer

Call your credit card issuer to cancel your card. Be prepared that you may be given a counter-offer to keep the card open. If you're still sure you want to close, say no and continue with the process. You'll want to confirm that you don't have an existing balance on the card .

Check your credit report

You'll want to check your credit report anywhere from 30 to 45 days after you cancel your card to be sure that it was closed and that you don't have an existing balance.

Destroy card

Make sure your card is completely destroyed so no one will have access to it. Use scissors or a shredder if the card is made of plastic, or ask your issuer if they have a card recycling service for cards made of metal.

Should I cancel my credit card?

The thought of canceling a credit card may feel a like a relief — but even if you've paid it off and don't plan to use it again, there may still be implications to closing your account. Consider the following factors before you cancel your credit card:

How old is your account? While canceling an account doesn't affect the average age of your accounts if it is on your credit report, the canceled account will no longer improve your score. It's important to note, however, that accounts in good standing remain on your record for up to 10 years, so the overall age of your canceled account will still be included in the average.

Does your card have an annual fee? If your If your card has an annual fee, you may be considering canceling. If it doesn't, there might be little upside to getting rid of it. Even if your card has an annual fee, you might be able to ask your issuer to change to a card without one (just know that this will probably result in you losing access to some perks.)

Will this affect your credit utilization ratio? Closing a credit card can affect your credit utilization ratio , which is the money you owe on your credit cards, divided by your total credit card limit. Canceling a card will mean you have less credit available. Any outstanding balances are then taking up more of your available credit than before, which could negatively affect your credit score . You ideally want your credit utilization ratio to be 30 percent or lower. If canceling your card will put you above 30 percent, it might be smart to pay down other card balances first. 

How to calculate your credit utilization ratio

  • Add up the statement balances on your credit cards
  • Add up the limits on your credit cards
  • Divide your total balances by your total credit limits

When it's a good idea to cancel a card

If your spending is out of control and you've found yourself falling into debt, closing your credit cards might make sense if the temptation to use them is too great. A high annual fee may be another reason you are thinking about canceling. Either way, you'll want to pay off the balance in full and follow the steps listed above to close your card account. If you want to track how your credit score is affected by the different accounts you carry, their transactions or closures,  Chase Credit Journey ®  can offer you insight into your financial health.

  • credit card management
  • credit card security

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Credit Card Cancellation Letter

Last Updated On September 14, 2018 By Letter Writing

When a customer no longer wishes to continue a service that they might be getting from a company or organization, they must inform the organization in advance and provide a valid reason for canceling the service as well provide any important information that might be required by the company. A cancellation letter is used for such purposes by an individual in cases when they want to cancel any service or subscription that they might have applied for. It is a formal and brief letter that must be kept to the point and have an apologetic tone.

A Bank provides a credit card to an account holder. In cases of an emergency or if you do not need the credit card service anymore, a formal letter of Credit Card Cancellation can be submitted to the Bank by the account holder, providing a valid reason for cancellation and providing all valid account details and credit card number. The letter must be formal and brief. Check out the sample, tips, and template to know more.

Tips to write a Credit Card Cancellation Letter

  • The letter must be formal and brief.
  • The letter must mention all the necessary details like the account number, credit card number, etc.
  • A credit card cancellation letter must mention a valid reason for the cancellation of the service.
  • The sender must provide their contact details in case there are any extra queries.

Credit Card Cancellation Letter Template

Use our free Credit Card Cancellation Letter to help you get started.

___________ (name of the sender)

___________ (address of the sender)

___________

Date: _____________ (the date when the letter was issued)

___________ (name of the receiver)

___________ (post of the receiver and the name of the bank)

___________ (address of the bank)

Subject: Cancellation of credit card

Dear ___________ (name of receiver),

I am an account holder with your bank and would like to request you to cancel my credit card attached with the account number _____________ (the account number that you hold with the bank) as _____________________________ (state the reason why you wish to discontinue the credit card service).

The details of the credit card have been enclosed along with the letter, and I wish to receive a confirmation receipt of this letter. In case of any queries, feel free to reach me on the address mentioned above, or contact me via phone on ____________ (provide your contact details).

With Regards,

____________ (name of the sender)

Sample Letter

Nathaniel Jones 56, St. Peter’s Enclave California

Date: January 15th, 2016

James Stuart Vice President, California National Bank California

Dear Mr. Stuart,

I am an account holder with your bank and would like to request you to cancel my credit card attached with the account number 66637992400492 as the credit card’s use has been discontinued as of January 7th, 2016 and have been destroyed.

The details of the credit card have been enclosed along with the letter, and I wish to receive a confirmation receipt of this letter. In case of any queries, feel free to reach me on to address mentioned above, or contact me via phone on 575-82947.

Nathaniel Jones

Email Format

The following is the Email format that should be followed while writing a Credit Card Cancellation Letter.

To: [email protected] From: [email protected]

The details of the credit card have been enclosed along with the letter, and I wish to receive a confirmation receipt of this letter. In case of any queries, feel free to reach me at the address mentioned above, or contact me via phone on ____________ (provide your contact details).

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Request to Cancel Credit Card Free

A Request to Cancel Credit Card is used when a credit cardholder wants to send a request to a credit card company to cancel their card and the account.

Request to Cancel Credit Card preview

Template Overview

A Request to Cancel Credit Card is used when a credit cardholder wants to send a request to a credit card company to cancel their card and the account. This is a straightforward document that only needs the necessary information for a credit card company to successfully close an account.

Although credit cards can be canceled by a telephone, it is best to send a request to the credit card company in writing to create a formal record. Credit cards are being canceled when no longer needed, or a person wants to deal with his debts, so a written letter is an easy way to send a notification to a credit card company.

Keep in mind that your balance must be zero in order to cancel your credit card successfully. If there is any money left in your account, you'll need to spend or transfer it to cancel your card.

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.

How to use this template

The document can be used in a variety of situations when a credit cardholder wants to cancel the card. This letter contains the owner's identifying information, such as name, address, phone number, and account number. The email can also be added if desired.

You also need to enter a credit card company's information. In the filling process, the owner will have to choose between options, whether the card they wish to cancel has a balance of zero.

Once completed, the document has to be printed and signed in two copies. The account holder should keep the first copy ant the other copy should be sent to the credit card company, most ideally through certified mail.

Applicable law

Credit card cancellation requests must include the applicant's name, surname, and account number so that the company can locate and close the account. Credit cards generally are covered by Federal law through the CARD Act of 2009.  

Ready to build your document from this template?

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  • Credit Card Cancellation Letter

At times, circumstances arise where individuals need to cancel their credit cards. To assist you in effectively communicating your credit card cancellation requests, we have prepared four templates for different scenarios. These templates cover various situations such as account closure requests, reporting fraudulent activity, changing financial institutions, and expressing dissatisfaction with services. Each template provides a clear and concise format for addressing the credit card company, stating the reason for cancellation, and requesting the necessary actions. It is important to personalize the templates by including specific account details and any additional information required by the credit card company. By utilizing these templates, you can ensure that your credit card cancellation requests are conveyed professionally and accurately, facilitating a smooth process for account closure. Please note that it is advisable to review the terms and conditions of your credit card agreement and follow any specific instructions provided by the credit card company regarding cancellation procedures.

Template Credit Card Cancellation Letter Due to Poor Service

To Whom It May Concern,

I am writing to inform you that I wish to cancel my credit card account with your company, effective immediately. The reason for my cancellation is the poor service I have received from your customer support team.

I have been a loyal customer of your company for over three years, but I have encountered several issues with your service in the past few months. For example, on June 10th, I called your customer service number to dispute a fraudulent charge on my statement, but I was put on hold for over an hour and then disconnected. On June 15th, I sent an email to your customer service address, but I received no reply. On June 20th, I visited your local branch, but the staff there were rude and unhelpful.

I am very disappointed and frustrated with the way you have handled my concerns. I feel that you have not valued me as a customer and have not respected my rights as a cardholder. Therefore, I have decided to cancel my account and switch to another credit card company that can provide me with better service and security.

Please confirm in writing that you have received this letter and that you have closed my account. Please also send me a final statement showing a zero balance and any applicable refunds. Please do not charge me any fees or penalties for cancelling my account.

Thank you for your cooperation.

Your Name Your Address Your Phone Number Your Account Number

Template Credit Card Cancellation Letter Due to High Interest Rate

I am writing to inform you that I wish to cancel my credit card account with your company, effective immediately. The reason for my cancellation is the high interest rate that you have charged me on my balance.

I have been a customer of your company for over two years, but I have noticed that you have increased my interest rate several times without notifying me or giving me a valid reason. The current interest rate on my account is 24.99%, which is much higher than the average market rate and the rate offered by other credit card companies. This has made it very difficult for me to pay off my balance and has increased my financial burden.

I feel that you have not treated me fairly and have taken advantage of me as a customer. Therefore, I have decided to cancel my account and transfer my balance to another credit card company that can offer me a lower interest rate and better terms.

Template Credit Card Cancellation Letter Due to Change of Financial Situation

I am writing to inform you that I wish to cancel my credit card account with your company, effective immediately. The reason for my cancellation is the change of my financial situation due to personal reasons.

I have been a customer of your company for over a year, but I have recently experienced some financial difficulties that have affected my ability to pay my bills and debts. For example, I have lost my job due to the pandemic, I have incurred some unexpected medical expenses due to an illness, and I have gone through a divorce that has reduced my income and increased my expenses.

I regret to inform you that I can no longer afford to keep my credit card account with you and pay the minimum monthly payments. Therefore, I have decided to cancel my account and focus on managing my finances more effectively.

Thank you for your understanding and compassion.

Template Credit Card Cancellation Letter Due to No Longer Needing the Card

I am writing to inform you that I wish to cancel my credit card account with your company, effective immediately. The reason for my cancellation is that I no longer need the card and want to simplify my finances.

I have been a customer of your company for over six months, but I have rarely used the card since I opened it. The card was mainly intended for emergency purposes or occasional purchases, but I have found that I can manage well without it. I also have other credit cards that suit my needs better and offer more benefits.

I appreciate the service that you have provided me, but I have decided to cancel my account and reduce the number of credit cards that I have. This will help me avoid unnecessary fees, interest charges, and potential identity theft.

We are delighted to extend our professional proofreading and writing services to cater to all your business and professional requirements, absolutely free of charge at Englishtemplates.com . Should you need any email, letter, or application templates, please do not hesitate to reach out to us at englishtemplates.com. Kindly leave a comment stating your request, and we will ensure to provide the necessary template at the earliest.

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  • Credit Cards

How To Cancel A Credit Card

Chauncey Crail

Fact Checked

Updated: Jan 3, 2024, 2:31am

How To Cancel A Credit Card

Sometimes a credit card is no longer the right fit and it’s time to consider canceling it. It may be because life circumstances change, card benefits change or any number of other reasons. If you’re thinking about canceling a card, you should consider whether it will impact your credit or if there’s a better option, like downgrading or product-changing to a different credit card . If you’re still sure you want to cancel your card, there are a few steps to follow.

When To Cancel a Credit Card

For some, canceling a credit card may end up being a relief. Beyond a celebration following digging yourself out of credit card debt, there are various reasons to cancel a card. Not using a card, wanting to reduce the number of cards you have, not wanting to pay hefty annual fees or switching brand loyalty from one hotel or airline to another are all great reasons to close a credit card account.

Whatever your reason may be, you’ll likely wonder what will happen when you take this step, such as if it will hurt your credit and when you must pay your balance?

Find the Best Balance Transfer Credit Cards Of 2024

What happens when you close a credit card.

When you close a credit card, you’ll no longer be able to use it. However, you’re still responsible for making payments on the outstanding balance of the card. Depending on the type of rewards earned from the card, you may lose access to them. It’s important to consider your rewards before closing an account.

Similarly, closing a credit card can impact your credit score . You should understand how your credit score can be impacted before you close a card to avoid any unintended consequences.

Consider If You Really Want To Cancel Your Credit Card

Even if it’s a card you’re not regularly using, there may be some reasons to keep a card open. If the card has an annual fee and the benefits don’t justify it, it doesn’t make sense to keep the card.

If this sounds like a situation you’re in, you have options. The first is to call the credit card company to see if it will give you a retention offer. It costs banks and credit card companies a lot of money to attract new customers, so these entities are often willing to incentivize current customers to stay. If you call and say that you’re planning to cancel, it’s possible you’ll be offered an annual fee refund or a statement credit, bonus miles or points or some combination to keep your card open. It may require spending a certain amount of money within a specified time period, similar to earning a welcome bonus. You’ll have to decide if the offer is worth your while.

Another option is to downgrade your credit card to another card without an annual fee from the same issuer. This allows you to keep the account and credit line open without having to pay. Different banks have different rules and not all permit doing this—most have requirements about when a card can be changed and which cards it can be changed to.

Also keep in mind that if you keep a card open but never use it, the credit card company may choose to cancel the card. To avoid this, consider putting a small charge on the card periodically.

Does Canceling a Credit Card Hurt Your Credit?

Many specialists advise against closing a credit card because there’s a risk it will negatively impact your credit score. This risk exists even if your balance is zero on the credit card you want to close.

Credit Utilization

Closing a credit card can trigger an unintentional increase in credit utilization. Credit utilization —or the percentage of your credit limit you’ve used—is a major factor that influences 30% of your FICO Score.

How is this possible? Say for instance you have a credit card with a $1,000 limit and a $1,000 balance. Your second credit card, the one you’d like to close, has the same $1,000 limit, but a $0 balance. With both of these cards, your credit utilization is 50%. However, if you close the second card, your credit utilization will rise to 100%—a major factor for credit score calculations.

You can calculate your overall credit utilization by dividing your total credit balances by the total of all your credit limits. If you cancel one of your cards, you will have a lower amount of total credit available. If you’re carrying a balance on any of your other credit cards, this will increase your credit utilization rate. If your utilization is too high, you will likely see a negative impact on your credit score.

Credit Card Payment History

Your credit card payment history matters and it won’t be erased once you close your account. Late payments or other older issues won’t go away; the account will read,“closed” on your credit report—not disappear entirely.

Amounts Owed

Your balance is important when closing a credit card. It doesn’t only matter how much you owe on the credit card you’re trying to close—the amount you owe overall is what matters.

Length of Credit History

Try to keep the oldest credit card account you have open. The longer an account has been open, the better it is for your credit score. Sure, if the terms are no longer favorable and you can’t afford the fees, closing the card might be a better option. But even then, it may be worth talking to your credit card provider to see if they can give you a better deal that will help you keep the card. If you downgrade to a card without an annual fee, you will keep the same account history.

Closing accounts too quickly after opening an account isn’t always a great option. Closing an account too quickly can indicate risk to lenders and negatively impact a credit score or the likelihood another lender will work with you. This is especially true if you’re young and have a short credit history.

Credit mix refers to the types of credit accounts you have: credit cards, mortgages, car loans , etc. Closing a credit card account can impact your credit mix. You should thoroughly consider whether closing your card is the best option.

Reasons To Cancel a Credit Card

Everywhere there are cons, there are pros. Several circumstances justify canceling a card despite the risk to credit.

Separation or Divorce

If you have a joint account with a spouse, it is generally best to close the account as soon as separation begins. While that account exists, you’ll still be liable for any charges on your credit card.

An angry ex who runs up excessive charges and takes off can mean a major bill for the unexpecting divorcee. Even if a separation is amicable, small daily charges can still be made without malice and both parties still share responsibility.

High Annual Fees

No one appreciates high annual fees. While there are instances where the benefits outweigh the costs, it’s common to find yourself paying an annual fee and not using the benefits. In these cases, it may be best to close the card.

Before you do, call your credit card provider and talk about the fees. The issuer may be willing to waive them, especially if you mention you’re considering canceling your account. It also may be possible to downgrade to a lower- or no-annual-fee version of the card.

Too Much Temptation

Temptation to spend money we don’t have is a dangerous problem for many of us. Sometimes closing an account makes more sense than tempting ourselves to spend beyond our means.

Before deciding to close an account and potentially impact your credit, it may be worth trying to solve a spending problem another way. You could, for instance, leave the card at home when you know you’re going shopping. Alternatively, you can ask someone else, like a spouse or trusted relative, to keep the card for you and only provide it to you for necessary purchases.

Consider Moving the Credit Line to Another Card

If you have concerns about your credit utilization, one option you have is to move your credit line from your to-be-canceled card to another card with the same bank.

For instance, if you want to cancel your Chase Freedom Flex® that has a $15,000 credit limit and you also have a Chase Sapphire Preferred® Card with a $5,000 limit, you can request that Chase move the credit line from your Sapphire Preferred to your Freedom Flex. If you move $4,000 of your limit, you would end up with a $19,000 limit on your Freedom Flex and a minimal impact on your overall credit utilization, plus save the annual fee upon closing the Sapphire Preferred card.

Stop Using The Card Before Canceling

Don’t forget to stop using the card before canceling it and ideally, allow the statement to close. You’ve earned rewards on the total amount you’ve spent, so make sure and collect them before you cancel the card. Most issuers cancel rewards balances upon account closing or shortly thereafter, though exact details vary by type of rewards earned.

Pay Off Your Balance in Full

Before canceling your credit card, pay your balance in full.

If your card has an annual fee, there’s generally no reason to cancel early. Instead, wait until the annual fee posts to your card’s account or just before. Most banks and credit card companies have a grace period when you can cancel the card and still get the annual fee refunded. Operating this way, you have the option to call for a possible retention offer after your annual fee posts.

If you do have a zero balance on the card and end up getting your annual fee refunded, you may end up with a negative balance. If this happens, the credit card company will send you a check in the mail. Make sure to make a note of it and follow up to make sure you receive a refund check.

Let Authorized Users Know

If you have authorized users or employee cards on a business credit card, notify those cardholders that you plan to close the account. Collect the cards or instruct the authorized users to dispose of the cards.

Cancel Recurring Payments

Make sure to review previous statements and check for recurring charges. You should contact those companies and make sure to transfer the charges over to another credit card. Being proactive about recurring charges will make sure you’re not stuck in a situation where you face a service outage due to non-payment.

Check the Timing on Your Card Benefits

Another thing you should check before canceling your card is the timing of any card-specific rewards or benefits. If you have a card with a relatively simple earning structure, like the Citi Double Cash® Card or the Chase Freedom Unlimited® , there’s not much to do. However, some other cards have time-sensitive rewards that you’ll want to consider before closing. For example:

  • Many hotel credit cards like the Marriott Bonvoy Boundless® Credit Card *  offer a free night on your account anniversary. Check when that free night gets posted into your hotel rewards account to see when it might make sense to cancel the card.
  • Other cards, like the Southwest Rapid Rewards® Priority Credit Card offer points on your cardmember anniversary.
  • Some cards offer bonus points in certain categories each quarter, up to a certain limit. If you’re in a quarter where you have a relatively easy path to maximizing your bonus, consider holding off on canceling until you’ve maxed out your bonus.
  • Many credit cards offer travel benefits like free checked bags, airport lounge access, or a better boarding order. If you have a trip coming up where you might take advantage of those benefits, consider holding off on canceling until after your trip.

Figure Out If You’ll Lose Your Rewards

Generally, credit card rewards come in two flavors: branded and not. If your card earns hotel points or airline miles, your miles and points are deposited directly in your hotel or airline account when they are earned. In this case, canceling the card will not have any impact on your hotel or airline rewards account. So if your card is a co-branded hotel or airline card , you can often cancel without worrying about losing your rewards. If you are not regularly earning points or miles through a credit card, you will want to look up the airline or hotel program’s points expiration policy to make sure you have activity on your account often enough to keep your points from expiring.

On the other hand, if your card earns cash-back rewards or bank-specific points like Chase Ultimate Rewards ® , you may lose your rewards if you cancel your card. Make sure to either use up your rewards or transfer them to a different card or partner before canceling your card when this is the case.

How To Cancel a Credit Card in 6 Steps

Once you decide to cancel a credit card, here’s how you can shut it down:

  • Start by redeeming any unused rewards before canceling.
  • Pay off or down all of your credit accounts—not just that of the account you’re canceling. Canceling a credit card with a $0 balance can still hurt your score if your balance is positive on other cards because your credit utilization will increase.
  • Call your credit card issuer (or check online) to confirm your balance is $0.
  • Contact your credit card issuer to cancel your account. Request a written confirmation that your balance is $0 before closing.
  • Thirty to 45 days after cancellation, check your credit report. You want to see a report that the account was closed by the cardholder and that the balance is $0.
  • If there are any issues, open a dispute with the credit bureaus.

Dispose of the Credit Card and Update Your Records

Once a card is closed, dispose of it. Get out your scissors (or tin snips if you have a metal card !) and cut up your card. You should also update your records with the cancellation date. This is important because many cards have a fine print negating eligibility for welcome bonuses for those who’ve opened or closed an account within the past 24 to 48 months. Knowing your card cancellation date can help you if you want to apply for the same or another card again in the future.

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Bottom Line

While there are many reasons to keep credit cards open for their rewards or benefits, regular maintenance of your credit card portfolio is essential. It doesn’t make sense to pay annual fees for cards when you no longer receive benefits to justify the cost. Be careful to keep your credit card portfolio as healthy as it can be when canceling: Canceling a card can harm your credit in ways you need to be ready for when it comes time to shut an account down.

Is it bad to close a credit card?

Closing a credit card can have a negative impact on your credit score, but there are ways to minimize this risk. Make sure your balance on all credit card accounts is zero, if possible. Also, avoid closing your oldest card. Close cards that are absolutely not worth it anymore.

What happens if I cancel a credit card with a balance?

Your balance won’t disappear. You’ll still have to pay monthly interest on the balance. The risk of a negative impact on your credit score also increases. In short: do your best to close a card with a zero balance.

How can I cancel a credit card application?

If your application hasn’t been approved yet, call your provider’s customer service and ask them to cancel the application. You’ll need to act quickly: In some cases, it only takes minutes for an application to be approved as most of the processes are automated. Once you’re approved, an inquiry on your credit report has already begun so canceling it won’t help stop this process and its impact on your credit score.

How to cancel a pending transaction on a credit card?

Pending transactions can’t be canceled by your bank or credit card provider until they’ve been finalized. If you’ve made an accidental purchase, the safest thing to do is call the merchant and ask them to cancel the transaction. If you’ve missed your opportunity to do this, or if the merchant refuses, you can try opening a dispute. Finally, if you don’t recognize the transactions, call your credit card provider and let them know you suspect fraud. They will likely freeze the card and guide you through the next steps.

*The information for the following card(s) has been collected independently by Forbes Advisor: Marriott Bonvoy Boundless® Credit Card . The card details on this page have not been reviewed or provided by the card issuer.

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How to cancel a credit card

June 22, 2023 | 6 min read

Do you have a credit card that you don’t use much anymore? Or one that doesn’t give you the kind of rewards you want these days? There are lots of reasons why you might want to close a credit card. 

But before you do, it’s important to make sure you understand how closing a card might affect your credit. Hint: It may not necessarily improve things. If you decide closing your card is the right move, here’s a look at how the process might work. 

Key takeaways

  • Your cardholder agreement or your card issuer’s website is a good starting point when figuring out how to cancel your credit card.
  • Some things you might have to do when closing your credit card include paying off the balance, contacting the card issuer and requesting a confirmation letter.
  • Closing a credit card could have a negative impact on your credit scores .
  • Among other alternatives to closing the account, you could consider upgrading or swapping to a new card.

See if you’re pre-approved

1. pay off the balance.

Depending on the card issuer, you might be able to close a credit card with a balance on it. But you’ll still have to make at least the minimum payment on schedule until it’s paid off. Plus, you might continue to be charged interest on what you owe. So you might prefer to pay off the balance before you close the card.

2. Redeem any rewards

Rewards —whether they come in the form of points, cash back or miles—are one of the major advantages of credit cards . It’s a good idea to make sure you know what will happen to yours if you close the card. 

In some circumstances, you may be able to keep them, and in others, you may lose them. You may also be able to cash them in, or you may be given a limited time to redeem them.

3. Contact the credit card issuer

When you’re ready to close the account, you’ll need to call, visit, mail or email the credit card issuer. You might want to ask for written confirmation of the closure. It may give you a little more protection should anything get called into question later.

4. Check your credit report

When a credit card is closed, it’s typically reported to the three major credit bureaus . You can check that the closure was reported properly by getting free copies of your credit reports at AnnualCreditReport.com . Bear in mind it can take some time for the cancellation to show up on credit reports. 

You could also use CreditWise from Capital One . It’s free, and using it won’t impact your credit scores. And with the CreditWise Simulator , you can even learn how your score might go up or down if you close a card.

5. Destroy the credit card

You can help prevent identity theft by destroying the credit card once the account is closed. If your card is made of plastic, you can shred it or cut it into small pieces. If it’s made of metal, you might be able to send it back to the issuer for disposal. 

Does closing a credit card hurt your credit?

Closing a credit card can affect a couple of factors that go into your credit scores: 

Length of credit history

The longer a credit card has been open and used responsibly, the more beneficial it tends to be for your credit scores. That’s because it contributes to your length of credit history. And as the Consumer Financial Protection Bureau (CFPB) explains , “Credit scores are based on experience over time. The more experience your credit report shows with paying your loans on time, the more information there is to determine whether you are a good credit recipient.” 

Credit utilization ratio

The amount of available credit you have across all your revolving credit accounts is referred to as your credit utilization ratio . When you close a credit card, you lower your total available credit. And that can increase your credit utilization ratio.

According to the CFPB , experts recommend keeping your credit utilization below 30% of your available credit to avoid a negative impact on your scores. 

New credit applications

Closing one card and applying for a new one? When you apply for new credit, the lender runs a hard inquiry on your credit. This can lower your credit scores —usually by just a few points. But if you apply for multiple new cards at once, the impact may be greater. 

Alternatives to closing a credit card

Before closing a credit card account, you can consider these options: 

  • Upgrade or swap to a new card. Depending on your needs, you may be able to upgrade or swap to a different card with the same issuer. You may be able to keep your existing account history while finding a card with rewards or a credit limit that suits you better.
  • Transfer your balance. If you’re hoping to consolidate your debt or potentially lower your interest rate, you might consider a balance transfer . Just be sure to factor in any fees or terms involved.
  • Use your card for small purchases. If your card hasn’t been getting much use but closing it might hurt your credit, you could keep it active by setting up a small recurring purchase. This should prevent it being closed by the lender for inactivity. If your lender offers a card lock feature, you could even lock it to ensure accidental charges don’t pop up. For Capital One cardholders, it takes just a few taps on the Capital One Mobile app . And if you decide you want to use the card in the future, you can unlock it just as easily.

Canceling a credit card FAQs

Here are some frequently asked questions about closing credit cards:

Is it bad to close a credit card?

There are lots of reasons why you might want to close a credit card, so there’s no set answer to whether it’s a bad or a good thing. If you’re struggling to make payments or you don’t use the card enough to justify the annual fee, it may make sense to close the account. Just bear in mind that closing a credit card may hurt your credit scores. 

Can you close a credit card with a balance?

You can close a credit card that has a balance. But you are still responsible for paying the debt you owe. You’ll continue to receive monthly statements, and the card issuer can charge interest on the debt.

Does it cost to close a credit card?

Some banks or credit unions may charge a fee to close an account under certain circumstances. You can check with your issuer to find out if they’d charge you to close your card.

Closing a credit card in a nutshell

Closing a credit card requires a few common steps and things to consider. If you’re considering swapping or upgrading your credit card, you can start by comparing Capital One card options . 

If you close the account, you can monitor the effect on your credit with CreditWise . It’s free for everyone, even if you don’t have a Capital One credit card. And using it won’t hurt your credit scores.

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5+ Sample Cancellation Letter Template For Credit Card Services

Cancellation Letter for Credit Card : In many banks, several customers are offered a facility to use credit cards. But, at different occasions, it may be necessary for either party to terminate the usage of a credit card. Since a credit card service cancellation communication has to be made to the other party in a formal fashion, it is necessary to stick to certain protocols and write a c redit card cancellation letter . 

application letter for credit card cancellation

Sample Cancellation Letter for Credit Card Example

Below is a sample of a letter a customer has to write to a bank manager in order to get his credit card canceled.

Cancellation Letter By Customer to Bank Manager to have his Credit Card Terminated

From, Joan Romero 666-4366 Lacinia Avenue Idaho Falls Ohio 19253 (248) 675-4007

Date-05-01-2014

To, Keefe Sellers 347-7666 Iaculis St. Woodruff SC 49854

Subject: Request to cancel my credit card - xxxx-xxxx-xxxx

Request and reasons for the request to cancel or terminate the credit card. Full details of the card Other requests

Yours Sincerely, Joan Romero Signature

Credit Card Cancellation Letter Issued by a Bank to a Customer

From, Melvin Porter P.O. Box 132 1599 Curabitur Rd. Bandera South Dakota 45149 (959) 119-8364

To, Hedy Greene Ap #696-3279 Viverra. Avenue Latrobe DE 38100

Subject - Termination of your credit card bearing number 1234 2358 2938

It is required for you to be informed that your credit card linked to the account bearing number 836462979 has been terminated with immediate effect. It has been noticed that you have been a serial defaulter and have also not paid the interests on time. In spite of regular warnings from the bank, you have failed to comply with our rules. You have also been unreachable over the phone when our collection executives have tried getting in touch with you. We have also not received any communication from you regarding the same. Therefore, we have decided to levy a fine, details of which shall be communicated to you soon. We would require you to clear all the dues before we cancel the termination of your credit card. Any queries regarding the same can be addressed to me over written forms of communication only. 

Yours truly, Melvin Porter (Signature)

In certain cases, it may be necessary for the bank to terminate the usage of a customer’s credit card due to various reasons. In these cases, the letter is usually sent from the branch manager.

A sample of such a letter is given below :

Credit Card Cancellation Letter Sample

From Sender's Name Sender's Address

Receiver's Name Receiver's Address

Dear Sir/Madam,

Subject - Termination of your credit card bearing number xxx-xxxx-xxxx

The first paragraph cites the action and details. The second paragraph details the reasons for the action. The third paragraph may specify implications and alternatives.

Yours truly, Branch manager

Request to Cancel my Credit Card

From, Aaron Hawkins 5587 Nunc. Avenue Erie Rhode Island 24975 (660) 663-4518

Date: 01-01-2017

To, Ina Moran P.O. Box 929 4189 Nunc Road Lebanon KY 69409

Subject: Request to cancel my credit card - XXXX-XXXX-XXXX

I have been issued a credit card linked to account bearing number - XXXX-XXXX-XXXX. I have been using the card from the past three years and have been very satisfied with the services rendered by your bank. But, due to certain personal reasons, I no longer need the credit card. Therefore, I request you to terminate or cancel it with immediate effect. The card details are as specified below :

Name on the card - Ram Sharma Card number - XXXX-XXXX-XXXX Date of expiry - April 2021 CVV - 023 Type of card - Platinum

I have cleared all the dues associated with this card. The last transaction was made in December 2018. For my future reference and records, I would also like to request you to issue a confirmation letter regarding the termination of this card once it has been done. Hope the needful will be done.

Yours sincerely, Aaron Hawkins

Cancellation Letter Template for Credit Card in PDF & WORD Format

Cancellation Letter for Credit Card

Cancellation Letter Template for Credit Card in PDF Format

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Cancellation Letter Template for Credit Card in Word [Doc.] Format

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A credit card is an important method of financial transactions. Due to the high value attached to it, it can become important to terminate it as quickly as possible at times. No matter the reason, it is also equally important to have clear and quick communication regarding the same, due to the urgency of the matter and the general standard of professionalism that financial transaction demands.

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How to Cancel or Close Credit Card – Format and Helpline Number

Close Credit Card

Credit card users spend 40 times more than debit card users, as per RBI data. Having a credit card has its perks too. It enables shoppers to make purchases on credit and also allows them to maintain a good credit score. But if you have too many credit cards or are paying high annual maintenance charges, closing your credit card would be a smart move.

How to Close Your Credit Card?

There are multiple methods you can use to cancel your credit card:

1. Written Applications

  • Step 1: Write your request to close the credit card with all the necessary details about the card to your card issuing company.
  • Step 2: You will receive an application form. Fill it out with all the necessary details
  • Step 3: Submit this request via post to your issuer.
  • Step 1: Get the email address of the issuer from their official website. Or, you may also email the credit card agent.
  • Step 2: Share your personal details, credit card number, registered mobile number, etc.

3. Call Customer Care

  • Step 1: Get in touch with customer care support through the helpline number
  • Step 2: Follow the instructions you receive from customer care support to place a credit card cancellation request.

4. Branch Visit

  • Step 1: Visit the nearest branch of your credit card issuer.
  • Step 2: Follow the process of cancelling your credit card as per the bank instructions.

12 Different Types of Credit Cards in India (2023)

Application Format to Close Credit Card

You can submit an application for credit card cancellation using the following format:

The Manager,

Name of the bank,

Name of the Branch,

Bank Location.

Subject: Request for credit card cancellation.

Greetings, Sir/Madame

I, (your name), am a credit card holder with your bank, with Credit Card No. 456712345678XXXX, which is linked to my savings bank account, Account No. 345678XXXX45.

I’ve decided to cancel my credit card because I’m not using it for personal reasons. I would like you to acknowledge my request and cancel my credit card immediately.

Please take note that I have paid off all of my credit card debts and have a zero balance on my credit card.

Please close my credit card or notify me if any additional information is required.

Thanking you,

Yours faithfully,

(Your name)

Side Note : Write such a letter/application on a plain A4 sized sheet and then submit it to the concerned authorities.

Details to be Included in the Credit Card Cancelation Request

When submitting your request to cancel your credit card, you must include the following information:

  • Name of the card: Write it exactly as it appears on the card, for example, platinum card, mastercard, and so on.
  • Name of the card holder: Fill in the name exactly as it appears on the card.
  • Card No : Enter the credit card number here.
  • Expiry date : Include the expiry date in the format dd/mm/yyyy.

Reasons to Close Your Credit Card

  • High annual fees: Credit card company might change its policies and increase the annual fee. No annual fee credit cards could later levy a charge. A smart move would be to close the credit card.
  • Control Spending: Some lose control of spending habits. Closing a credit card could be a wise decision to stop excessive spending and manage your finances better.

Customer Care Numbers to Cancel a Credit Card for Top Credit Card Issuers

State Bank of India (SBI)1800 180 1290
Axis Bank1800 209 5577
HSBC1860 500 2277
Kotak Mahindra Bank1860 266 2666
YES Bank1800 103 6000
Citi Bank1860 210 2484
American Express1800 419 1092
Bank of Baroda1800 225 100
IndusInd Bank1860 500 5004
IDBI Bank1800 200 1947
Bank of India1800 220 229/ 1800 103 1906
RBL Bank1800 121 9050
Corporation Bank1800 22 6606
HDFC 1800 266 4332

Advantages and Disadvantages of Closing a Credit Card.

You can avoid unnecessary spending.Closing a credit will lead to a drop in your credit score
To decrease your overall debt and improve your financial stabilityYou lost your rewards, points  and other benefits
Since, unused credit card can still be hacked,by closing your credit card, you can prevent identity theftIt erases all your credit card history

Things to Consider When Closing a Credit Card

When you initiate the process to cancel a credit card, there are certain things you need to keep in mind:

1. Clear the Outstanding Amount on the Credit Card

Clearing the outstanding balance is a mandatory requirement to close a credit card. It would be impossible to raise a cancellation request for a credit card without clearing your dues and paying any penalties that may be due.

2. Read All the Policies Related to Closing a Credit Card 

Closing procedures might vary based on the credit card issuer. Reading the procedure on how to deactivate the credit card can help you avoid all the extra charges and penalties that might be levied due to complications.

3. Claim the Rewards Accrued on the Card

Credit card companies reward cardholders with reward points when they use their credit card to make purchases. Ensure that you use all your points and avail all monetary benefits before you close your credit card. This will help you get the most value out of the money you have spent. 

4. Cancel All Automatic Bill Transfers and Payments

You might have to pay additional fees to your credit card issuer in case you forget to cancel auto payments on the credit card. Contact your bank and revoke any bank mandates you may have signed up for before you close your credit card.

5. Verify There Are No Last-minute Charges 

The final statement before filing the closure application of the credit card must be carefully studied. Keep an eye out for any last-minute charges. You must pay off all the necessary fees before closing a credit card.  

6. Retrieve the Exact Date of the Credit Card Closure

Following up with your credit card issuer to find out the exact date of closure of your card after you raise a cancellation request is important. It helps you eliminate the extra charges or late fees that may be levied on your account. 

7. Obtain a Written Confirmation From the Issuer Stating That the Credit Card is Closed

Keeping track of all the activities after raising a cancellation request is important to avoid unnecessary charges. Receiving a written confirmation regarding card closure is an important document.

8. Do Not Cancel a Credit Card While Applying for a Loan

Cancelling a credit card just when you decide to apply for a loan can affect your credit score . As a result, the lender may also increase the interest rate on the loan being offered to you. 

9. Add-on Credit Cards Get Cancelled

All credit cards linked to the one being cancelled create an automatic cancellation of all linked and supplementary cards.

10. No Balance Transfer Option

You will not be able to transfer your balance between the cards in case of closing or cancellation of a credit card.

Is it Better to Close Unused Credit Cards

Deciding whether or not to close unused credit cards can be a tricky decision, and it ultimately depends on your individual financial situation, however let’s take a look at the points below : 

  •  Many credit card experts suggest keeping unused credit cards open because closing them can harm your credit score. 
  • Your credit score is made up of five components: new credit, credit utilisation, credit history length, outstanding balance, and credit mix. Your unused credit card has a direct impact on the length of your credit history and credit utilisation.
  • If you’ve had a credit card for about 2-3 years, it might be a bad idea to close it. However, if you only had the card for a few months, closing it will not have a significant impact on your credit score. An unused credit card retains a significant credit limit, improving your credit utilisation ratio and credit score.

Cancelling your credit card is easy. It can be done offline or online. Just follow the process mentioned by the credit card company. Ensure that you read the terms and conditions carefully and clear all dues before closing your credit card. This would help you avoid penalties and extra charges. Also, do not forget to get a written confirmation from the issuer that your credit card is closed.

Yes, you are allowed to close a credit card even after receiving approval. However, opening a credit card creates a hard inquiry on your credit report. If you close a credit card after immediately opening it and then reopen another credit card, it triggers two hard inquiries on your credit report within a short time. Eventually, it leads to a decline in your credit score.

The credit score is only impacted if the procedures and balances are not paid off in time. There are methods of cancelling credit cards without hurting the credit score. Consequently, you can cancel your credit without causing damage to your credit score. However, the key is to pay off all credit card balances, instead of just the one you’re closing.

The exact period is not defined. If a cardholder requests that a credit card be closed, the credit card issuer must honour the request within seven working days, provided all dues have been paid. The guideline has been issued by the Reserve Bank of India (RBI).

Yes, students can apply for credit cards, provided they meet the eligibility criteria. If you are a student and you want to avail a credit card, you must be a minimum of 18 years of age. Furthermore, you should be enrolled in a college or university and produce the documents as required by the issuer to complete the process.

No. You can apply for a new credit card, although you have closed the previous one. Furthermore, you can also re-apply for the same credit card as a new account in the future.

Closing your credit card can potentially hurt your credit score. However, in order to avoid this, you can settle all your credit card accounts, and not just the account you’re closing.

Yes, depending on the facilities provided by your credit card issuer, online cancellation of credit cards can be done by email or on your bank’s website.

You can cancel your credit card anytime you want. All you have to do is submit an application to your credit card issuer and wait for confirmation.

You can block your credit card by logging into your bank’s website or mobile application and submitting a request for the same.

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Key takeaways

  • You can cancel a credit card application by calling or emailing the credit card company’s customer service department — but you’ve limited time to act.
  • If you missed the window to cancel, you can keep and use the card or request a credit card swap if you don’t plan to close it.
  • After you’ve received your new card, you can close it — but weigh the potential drawbacks, including negative effects on your credit history.

Applying for a new credit card and realizing it’s not what you actually want can turn an exciting moment into one that’s stressful. Sometimes credit card issuers offer two credit cards with similar names , making it easy to choose the wrong one. Or perhaps you learned about a better sign-up bonus after applying for one of today’s best credit cards .

You might be able to cancel a card application depending on where it is in the approval process, starting with contacting the credit card issuer. But it’s not the only solution if you regret clicking Submit. We take a close look at how to cancel a credit card application, what to do if you can’t and whether you should cancel a new card you no longer want.

How to cancel a credit card application

Canceling a credit card application is possible, but you’ll need to act fast. Most credit card issuers conduct a hard check on your credit report within a few minutes of applying. And after the application is approved or denied, it’s too late to cancel.

First, check the status of your application by logging in to the online account or app you used to apply. If the decision is still pending or under review , you may be able to cancel your application by calling customer support and requesting your application to be canceled.

Keep in mind: If you submitted a mail-in credit card application, you may have time to cancel while your paper application makes its way through the postal service.

Unfortunately, it’s likely your credit card application will be approved or denied before you have the opportunity to cancel it. Credit issuers make application decisions very quickly — within minutes or even immediately, if you’re preapproved — so when you apply for a new credit card, it’s important to make sure you’re applying for a card you really want.

Otherwise, you’ll waste a precious hard credit check and risk losing a few points from your credit score. Each new credit application registers a hard credit inquiry on your credit report which lowers your credit score by up to 10 points. That might not sound like much, but keeping credit applications to a minimum is to your advantage.

What to do if you can’t cancel a credit card application

If you missed your window to cancel your card application, you have three options to make the most out of the situation.

1. Use the new credit card

Even if it doesn’t have the best credit card rewards or the zero percent intro APR offer you saw on another credit card, you can still benefit from keeping and using the credit card.

Using the new card can add to your credit history when you spend responsibly. As long as you’re mindful of making timely payments, and maintaining a credit utilization under 30 percent, you could see improvements to your credit score.

If you’re concerned about accumulating debt and sticking to healthy spending habits, request that a high credit limit be lowered to help curb spending. By using your credit card responsibly and paying off your statement balances before your grace period expires , you won’t have to pay interest on your purchases.

2. Request a credit card swap

If your new credit card charges an annual fee, for example, you could request to switch credit cards to a no-annual-fee version of the same card through the customer service line. You might even be able to swap a travel rewards credit card for a credit card offering cash back rewards, as long as both cards are offered by the same issuer.

Requesting a swap typically doesn’t trigger another credit check unless you want to switch to a more exclusive card with higher credit requirements. To take advantage of this option, you simply need to contact your card issuer’s customer support and ask.

3. Cancel the card

If you don’t want to keep or use the new credit card, and there are no other credit cards from the credit issuer to fit your needs, your last option should be to cancel the new credit card. Closing a brand-new credit card account has a few upsides, but there are some disadvantages to consider as well.

Should you cancel a newly approved credit card? What to look out for

If you missed the short window to cancel your application and are considering closing your newly approved credit card, weigh how it might affect your overall credit and use ratios.

  • You may need to pay upfront fees first. If you mistakenly signed up for a credit card with an annual fee, it’s likely to show up as an immediate charge to your new account. That means you’re responsible for paying off the annual fee plus any accrued or residual interest before you can close the card.
  • Closing your card can skew the length of your credit history. The age of your credit history makes up 15 percent of your credit score, and part of that calculation is the age of all your credit accounts. A short account on your credit report could skew the calculation for this aspect of your score.
  • It might signal risk for future lenders. Planning to get another credit card after closing this one? Closing a card quickly after opening it tells potential lenders that you’re a higher risk for credit churning — or opening (and closing) cards solely to earn introductory offers. It could affect your chance of approval for a new card with better benefits and perks.
  • It reduces your available credit. Canceling your new line of credit will reduce the total amount of credit available to you, which has negative effects on your credit score. Some 30 percent of your FICO credit score is based on your credit utilization ratio — the ratio of your available credit to your current debts. Closing a new credit card could raise your credit utilization and decrease your score.

You can’t decline a credit card after being accepted, but you can always cancel your new credit card if you don’t want the new account. Canceling a new credit line might be the right move if you’re worried about going into debt you can’t pay off. Or if you have a strong credit history and credit score high enough to handle the impact without diminishing your ability to qualify for other cards.

How to cancel a newly approved credit card

To cancel a new credit card, start by checking your balance and then call your card issuer:

  • Make sure any outstanding balances on the credit card are paid off in full or transferred to another card .
  • Call the number on the back of your card and speak with a representative to request to close the account.
  • Request a certified letter from the card issuer confirming your request to cancel.
  • Check your credit reports with the three major credit bureaus — Experian, Equifax and TransUnion — to confirm that your account is reported as closed.
  • Destroy the credit card to prevent future fraud or misuse.

After you’ve successfully confirmed that the credit card is closed, you might be tempted to apply for a card with better terms, rewards and benefits soon after. Yet, it’s best to wait three to six months before applying for another card to increase your chance of being accepted.

Do I have to accept a credit card if I apply for it?

What are the risks of canceling a credit card i got approved for, can canceling a new credit card affect my credit score, what can i do if i don’t want to cancel a new credit card, the bottom line.

Can you actually cancel a credit card application? Maybe — but only if you’re able to contact customer service before the bank or credit issuer makes an approval decision. In many cases, credit card applications are approved or declined within minutes, making it difficult to cancel an application in time.

If you apply for a credit card, are approved and decide you no longer want the card, you can request to swap the card for another card offered by the same issuer. Or cancel the new credit card — just be aware of potential negative effects on your credit score. Keeping the credit card and using it responsibly might be your best option.

application letter for credit card cancellation

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Sample Filled

SBI Credit Card Cancellation Request Letter Format

If you are not using your SBI credit card or not happy with their services then you can close your SBI credit card by writing a request letter to the manager of the bank. Before canceling your credit card clear all your credit card pending dues.

There are several reason people want to cancel their credit card they are like:

  • Not using credit cards much.
  • Due to heavy charges on late payments.
  • When you want to get another bank credit card.
  • When you think you don’t need any credit card.
  • Spending more money due to credit facilities.

Whatever the reason, if you want to cancel your credit card then the below sample credit card cancellation request letter formats.

SBI Credit Card Cancellation Request Letter Formats

The Manager,

State Bank of India,

Branch Name,

Bank Address.

Subject: Credit card cancellation request.

Dear Sir/Madam,

I, your name , credit card holder of your bank with my credit card no: 456712345678XXXX . Which was linked to my saving bank account of a/c no 345678XXXX45 .

Hence I am not using my credit card, I have decided to cancel it. So please cancel my credit card with immediate effect.

I have cleared all my credit card dues and have Zero dues. So kindly close my credit card.

Thanking you.

Yours Faithfully,

The Service Manager,

State Bank of India.

Bank address.

Sub: Request for cancellation of credit card.

Respected Sir/Madam,

I am writing this request letter to close my SBI credit which I don’t need further. Here is my credit card number: 54671234XXXX7890 , which is linked to my savings bank a/c no 2345XXXX6754 .

I have cleared all my credit card dues, so please cancel my credit card associated with my savings bank account.

Yours sincerely,

How can I cancel my SBI credit card permanently

You can write a request letter to SBI or you can also contact SBI customer care number       ✆ 18601801290 in between 8 am to 8 pm from Monday to Saturday, and tell your credit card number & your full name for verification purpose.

Will cancelling my credit card affect CIBIL score

No. cancelling your credit card will not have any positive or negative impact on your CIBIL score.

Can I cancel my SBI credit card online

Yes, you can cancel your SBI credit card online for that go to the SBI credit card website and contact them through their email service facility (or) send an email to their email id [email protected]

How much time will it take to cancel / deactivate my credit card

Your credit card will be cancelled immediately when the SBI accepts your application.

  • SBI bank account transfer to another branch request letter format.
  • SBI new passbook request letter format.

10 thoughts on “SBI Credit Card Cancellation Request Letter Format”

CREDIT CARD CANCELLATION

I want to deativate my credit card I don’t used my credit card

I have not received the credit card but charges debit to my account so cancel the card

Sbi credit card bohut khatiya service

SBI credit card mat lo, waste hai , service bi waste hai ,accha hai bank private ho jaye.

Sbi card facility is not customer friendly. Unnecessary charges levied on customer for not using card .

Pathetic service in service and respond to customer

I closed my credit card because of wrong information given by SBI credit card agent

So many years are past. Some ignorant clerical error was made by staff by not punching my account as per form and linked someone else’s account. Worst in spite of many calls, branch visit sending correction form, till date it is not rectified Thanks for taking phenomenal charges every year

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Sample Letter to Bank for Cancellation of Credit Card

application letter for credit card cancellation

Do you want to cancel your credit card and wondering how to write a request letter to your banker? Find the format of a sample letter in this article for cancellation of credit card.

Why You Need to Cancel Your Credit Card

How to write a letter to bank for cancellation of credit card.

Your Full Name: ________ Address: _________ Mobile: ________ email id: _____ (not compulsory) Date: In dd/mm/yyyy format To The Chief Manager Bank Name Branch Name City Dear sir / madam Sub: Request to terminate / cancel my credit card - Reg. Due to personal reasons, I don't need the credit card. Hence, I request you to terminate / cancel my credit card and the linked card account no. ____ (write the credit card account no.) with immediate effect. The recent / last transaction that I made / authorized on this card was at ____ (write the name of the mall / shop where the last transaction was made with this card) on _____ (date) for an amount of Rs._______ (write the amount). Till date, I have cleared all the payments made with this card. Further details of the card: Name of the card: Write as it appears in the card e.g platinum card, master card etc. Name of the card holder: Write the name as it appears in the card Card No.: Write the credit card no. Expiry date: Mention the expiry date in dd/mm/yyyy format Further I request you to send me confirmation letter that my credit card / credit card account has be closed. Thanking you, Sincerely Your signature (Below signature, your full name in brackets as given in the bank records)

Things to Remember before Cancellation of Card

application letter for credit card cancellation

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  1. 5+ Sample Cancellation Letter Template For Credit Card Services

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  4. Credit Card Cancellation Letter Sample Examples in PDF & Word

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COMMENTS

  1. Credit Card Cancellation Letter

    Credit Card Cancellation Letter - Application for Closing of Credit Card. Writing an effective credit card cancellation letter is crucial for ensuring your request is processed promptly and accurately. Be clear and polite in your communication, providing all necessary details such as your credit card number, name, address, and contact ...

  2. Credit Card Cancellation Letter Sample: Free & Effective

    This is standard for any formal letter and sets a professional tone. 4. State Your Purpose Clearly. In the first paragraph, clearly state your intention to cancel your credit card. Include your credit card number and any other relevant details, but avoid including sensitive information like your full account number. 5.

  3. Sample Letter for Closing Your Credit Card Account

    A good credit card cancellation letter should include: Your Information: Start with your name, address, and contact information. Date: Include the date on which the letter is written. Credit Card Information: Clearly mention the credit card number and the account number. (Tip: For security reasons, mention only the last four digits of your ...

  4. Request Letter to Bank for Credit Card Cancellation/ Closing

    Think twice: Whatever the reasons are, it would be wise to evaluate the situation properly and then only apply for closure of the credit card account. Because, in many cases it is seen that just after a few days the person realizes that he has made a mistake by giving up the credit card and then he applies for the credit card again.

  5. How to write a credit card cancellation letter (and why it may be a

    When writing a credit card cancellation letter, the letter should include the following information: Your full name. Your credit card account number. Your mailing address and contact information ...

  6. Sample Letter for Closing Your Credit Card Account

    Address. City, State, Zip Code. Re: Account Number: Account Number (or last four digits of credit card) Dear Sir or Madam: On 6/15/18, I made a request by telephone to have my account closed. This letter confirms that request. Any updates to my credit report should reflect the account was closed at my request.

  7. Writing a Successful Credit Card Cancellation Letter (Free Templates)

    Subject: Credit Card Cancellation Request. Dear Sir/Madam, I am writing to request the cancellation of my credit card account with [Credit Card Company Name]. Please find my account details below: Account Number: [Your Account Number] Cardholder Name: [Your Name] I have decided to cancel this card due to [reason, e.g., high annual fees].

  8. Credit Card Closure Application Letter (with Samples & PDFs)

    Application for Termination of Credit Card. First, find the sample template for credit card closure application letter below. Subject: Request for Closure of Credit Card. Dear Sir/Madam, I, [Your Name], holder of the credit card with number XXXX-XXXX-XXXX-XXXX, wish to bring to your kind attention that I am no longer in need of this credit card.

  9. Request to Cancel Credit Card

    A Request to Cancel Credit Card is a document sent from the owner of a credit card to the credit card company requesting that the card and the account be canceled. These are very simple documents with only the basic required information so that the credit card company can effectively close the account.. Sometimes, credit cards can be canceled over the phone, but either way, it is a best ...

  10. How to Close a Credit Card Account Sample Letter: Free & Effective

    Step 2: Gather Necessary Information. You'll need specific details to include in your closure letter: Your full name as it appears on the credit card. Your billing address. The credit card number (mention only the last four digits for security) The account number, if different from the card number. The customer service address of the credit ...

  11. Letter of cancellation for a credit card. Sample letter

    Dear [Recipients Name], This letter is to confirm that I will be canceling my credit card provided by your bank effective immediately. Here are the details of my credit card account for your reference. (put in the relevant details of your credit card account) Please send me a documentation of the remaining balance that I may have for this card ...

  12. Credit Card Cancellation Letter

    - Credit Card Number: [Card Number] - Account Number: [Account Number] I have decided to cancel this credit card due to [insert reason for cancellation here, such as financial hardship, a change in personal circumstances, or dissatisfaction with the card's terms and conditions]. As a result, I no longer require the services of this credit card.

  13. How to Cancel a Credit Card in 5 Steps

    Call issuer. Call your credit card issuer to cancel your card. Be prepared that you may be given a counter-offer to keep the card open. If you're still sure you want to close, say no and continue with the process. You'll want to confirm that you don't have an existing balance on the card.

  14. How To Write A Credit Card Cancellation Letter? Sample & tIPS

    California. Subject: Cancellation of credit card. Dear Mr. Stuart, I am an account holder with your bank and would like to request you to cancel my credit card attached with the account number 66637992400492 as the credit card's use has been discontinued as of January 7th, 2016 and have been destroyed.

  15. Request to Cancel Credit Card Free

    How to use this template. The document can be used in a variety of situations when a credit cardholder wants to cancel the card. This letter contains the owner's identifying information, such as name, address, phone number, and account number. The email can also be added if desired. You also need to enter a credit card company's information.

  16. Credit Card Cancellation Letter

    Template Credit Card Cancellation Letter Due to Poor Service. To Whom It May Concern, I am writing to inform you that I wish to cancel my credit card account with your company, effective immediately. The reason for my cancellation is the poor service I have received from your customer support team. I have been a loyal customer of your company ...

  17. How To Cancel A Credit Card

    Call your credit card issuer (or check online) to confirm your balance is $0. Contact your credit card issuer to cancel your account. Request a written confirmation that your balance is $0 before ...

  18. How to Cancel a Credit Card

    3. Contact the credit card issuer. When you're ready to close the account, you'll need to call, visit, mail or email the credit card issuer. You might want to ask for written confirmation of the closure. It may give you a little more protection should anything get called into question later. 4.

  19. 5+ Sample Cancellation Letter Template For Credit Card Services

    Date-05-01-2014. To, Keefe Sellers 347-7666 Iaculis St. Woodruff SC 49854. Subject: Request to cancel my credit card - xxxx-xxxx-xxxx. Dear Sir, Request and reasons for the request to cancel or terminate the credit card.Full details of the cardOther requests. Thank you, Yours Sincerely,Joan Romero Signature.

  20. 4 Ways to Close or Cancel Credit Card

    Side Note : Write such a letter/application on a plain A4 sized sheet and then submit it to the concerned authorities. ... Do Not Cancel a Credit Card While Applying for a Loan. Cancelling a credit card just when you decide to apply for a loan can affect your credit score. As a result, the lender may also increase the interest rate on the loan ...

  21. Can I Cancel A Credit Card Application?

    You can cancel a credit card application by calling or emailing the credit card company's customer service department — but you've limited time to act. If you missed the window to cancel ...

  22. SBI Credit Card Cancellation Request Letter Format

    Subject: Credit card cancellation request. Dear Sir/Madam, I, your name, credit card holder of your bank with my credit card no: 456712345678XXXX. Which was linked to my saving bank account of a/c no 345678XXXX45. Hence I am not using my credit card, I have decided to cancel it. So please cancel my credit card with immediate effect.

  23. Sample Letter to Bank for Cancellation of Credit Card

    How to Write a Letter to Bank for Cancellation of Credit Card. Write the letter on an A4 paper or on a white blank paper. Due to personal reasons, I don't need the credit card. Hence, I request you to terminate / cancel my credit card and the linked card account no. ____ (write the credit card account no.) with immediate effect.