5 steps to properly cancel your credit card
Follow these steps to cancel a credit card successfully:
- Pay or transfer the outstanding balance. Make sure the balance on the card is $0 so that you can completely close the account.
- Use any reward points. Redeem your points for rewards or transfer them to another loyalty program so that you still get value from them.
- Cancel direct debits. Avoid penalty charges and other issues by transferring or cancelling direct debits.
- Cancel the card. Depending on the provider, you could cancel your credit card over the phone, online or in writing. Make sure you keep a record of the request by taking a screenshot, reference number or copy of the documents.
- Destroy the credit card. Once your credit card provider has confirmed the cancellation, cut the card into pieces (for security) and throw it in the bin.
What else should I think about before cancelling my credit card?
- Annual fees. If your credit card has an annual fee, check when it is due to be charged so you can avoid paying it before you close your account. You can do this by looking at your account history or asking the credit card company.
- Applying for a new credit card. If your plan is to cancel one card and apply for another one, think about how long it's been since you last applied for a credit card. If it's been less than 12 months, that applying for a few cards in a short amount can have a negative impact on your credit history.
- Cancelling a card can actually hurt your credit score. Having a credit card with a low credit limit that you always pay off on time actually helps you build your credit score. Especially if you've had the card for a long time. Cancelling it can impact your credit score because the card was actually helping your overall score. But if you have multiple credit products, reducing that number can improve your score too.
Finder survey: How many credit cards do people usually have?
Response | Male | Female |
---|---|---|
1 | 53.2% | 49.14% |
0 | 19.17% | 32.07% |
2 | 21.62% | 15% |
3 | 5.26% | 2.76% |
4 | 0.19% | 0.86% |
5 | 0.56% | 0.17% |
What number do I call when I want to cancel my credit card?
Many credit cards include a phone number on the back that you can call for account enquiries and cancellations. Otherwise, here are details for contacting the major card companies to cancel your card:
Provider | Contact information | Other ways to cancel your credit card |
---|---|---|
American Express | 1300 132 639 |
|
ANZ | 13 22 73 |
|
Bank of Melbourne | 13 22 66 |
|
BankSA | 13 13 76 |
|
Bankwest | 13 17 19 |
|
Citi | 13 24 84 |
|
Coles | 1300 306 397 |
|
Commonwealth Bank | 13 22 21 |
|
HSBC | 132 152 |
|
Latitude Financial Services | 1300 552 079 |
|
NAB | 13 22 65 |
|
Qantas Money | 1300 992 700 |
|
St.George | 13 33 30 |
|
Virgin Money | 13 37 39 |
|
Westpac | 132 032 |
|
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