To cancel a Visa credit card, call the card issuer’s customer service number and ask a representative to cancel the account. Some card issuers, such as Chase, also allow cardholders to cancel a credit card through a secure messaging portal on their website or mobile app. You cannot cancel a credit card directly through Visa, as it is a card network, not a card issuer.
Call the card issuer’s customer service line and ask to cancel your card, or send a cancellation request through the issuer’s secure messaging portal, if available.
Decline any retention offers and confirm cancellation either over the phone or by checking for a response in the secure messaging portal over the next few days.
In most cases, calling the card’s issuer is the best way to cancel a credit card. At first, customer service might try to convince you to downgrade to a card with a lower annual fee or might even offer a retention bonus to tempt you to keep the card. If you’re set on canceling, just reject all these offers and customer service will cancel the Visa card for you.
To cancel your credit card online, you need to start with a card from American Express, Capital One, Chase, or one of the few other credit card companies that allow account cancellation online. Then, log into your account and look for an option to close your account or click on the secure chat feature to send your request.… read full answer
The process is pretty much the same for all of the major credit card issuers that allow you to cancel your account online. More commonly, however, you will have to call customer service to cancel. Logging into your online account and looking for a link or page related to account cancellation is the best way to check whether your issuer allows you to cancel online.
How to Cancel a Credit Card Online
Make sure your account is paid and your rewards have either been redeemed or transferred to another card. You won’t be able to cancel fully with an outstanding balance, and once the account is canceled, you may not be able to access unused rewards.
Find your credit card company’s secure contact or cancellation feature. This could be a chat box at the bottom of your screen, a “Contact Us” page, or an option in the menu. Some companies let you enter a secure chat in real-time, but others ask that you send a message in their system, so they can respond to you at a later date. Just note that messages you send securely to your bank online or on a smartphone app will only be responded to through the app or securely online. Your bank will not follow up using your personal email.
Tell the credit card company that you would like to cancel your account. Make sure you have your credit card number to make it easier for your card’s issuer to identify your account. Also, be prepared to hear and decline offers from the issuer as they try to keep you on as a customer.
Wait for customer service to confirm the cancellation of your account. Your credit card should be canceled right away, but make sure you save the date of your call in case there is an issue. Keeping a record can help in cases where there is an error on your credit report or if your account is still appearing as active after you call.
Follow up by checking your credit report in a few months. Once the card is canceled, you will still see the account listed on your report, but it should say closed. An account that was in good standing when it was closed will remain on your credit report for 10 years.
It is better to keep unused credit cards open than to cancel them because even unused credit cards with a $0 balance will still report positive information to the credit bureaus each month. It is especially worthwhile to keep an unused credit card open when the account does not have an annual fee.… read full answer
Still, there are times when it may be beneficial to close your credit cards, such as to avoid expensive annual fees. And if you’re worried about your credit score, you can use WalletHub’s free credit score simulator to see the potential impact closing a credit card will have
Why It Is Better to Keep Unused Credit Cards
Just keeping unused credit cards open helps your credit by maintaining the total amount of credit you have available and preserving the length of your credit history. If you don’t use a credit card, your account will still get reported to the credit bureaus as being in good standing every month, assuming you have a $0 balance. This will continue to add positive information to your credit reports, helping your credit score.
On the other hand, when you close a credit card, especially if it’s one of your oldest credit accounts or one that has a high credit limit, your credit score will likely suffer a bit.
When It Is Better to Cancel Credit Cards
Despite the potential for credit score damage, it’s important to remember that there are a few situations when it might be better to close unused credit cards rather than leave them open. If your unused credit card charges an annual fee, for example, and you don’t need your credit score in its best shape for a while, it’s probably best to save the annual fee and close the account.
On the other hand, if you want to cancel your credit card because you are concerned about overspending, try locking it away in a safe place first. If that doesn’t work, it will likely work out better for you and your financial future to close the credit card account, even if your credit score takes a hit.
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