How to Cancel A Credit Card

You’re ready to ditch the credit card? Way to go! Paying off your credit card balance and making the decision to delay instant gratification in an attempt to build real wealth is such a big step forward and you should give yourself a pat on the back for getting here.

1. Pay off your card balance

Hopefully, you’ve already done this, but just in case, I’ll say it again. PAY OFF YOUR CARD BALANCE!

2. Call the credit card company

Call your card’s customer service number (it’s listed on the back of your card).

Warning: The customer service rep will most likely try to change your mind and encourage you to keep your card. They’ve been trained for this very moment – to keep you on the line so they can change your mind. Don’t fall for the gimmicks:

• “You’ll lose all of your hard-earned reward points.”
• “Your FICO score will be negatively effected”
• “We’ll offer you 5,000 airline miles if you stay”
• “What if we waive your annual fee this year?

If this happens, just stay persistent and steadily repeat, “I’m calling to close my account.”. Don’t hesitat to ask for the customer rep’s manager if you aren’t getting through to them about closing your account.

3. Get it in Writing

Here’s the most important part: Get it in writing! No matter what you do, you want written confirmation that you closed your account. This has happened to me before where I called to request the account to be closed; the customer service rep said they closed it; and I saw it on my credit report over a year later. No fun calling these folks once, much less having to do it twice!
Once you receive your written statement that shows your balance is all clear and your account is completely closed, keep the letter in your files and congratulate yourself!