How to Cancel Your Credit One Card: A Step-by-Step Guide (2024)

FAQs

How to Cancel Your Credit One Card: A Step-by-Step Guide? ›

More specifically, you can cancel your Credit One credit card. Over the phone: To cancel your card over the phone, call (877) 825-3242. When prompted, enter your card number. Once connected to a customer service representative, state that you want to cancel the card and close your account.

The easiest way to cancel a Credit One card is by calling customer service at (877) 825-3242. Another way to cancel your card is to mail the request. Credit One does not offer an option to cancel online.

Call your credit card issuer (or check online) to confirm your balance is INR 0. Contact your credit card issuer to cancel your account. Request a written confirmation that your balance is zero before closing. Thirty to 45 days after cancellation, check your credit report.

What do I do if my credit card has been lost or stolen? If your Credit One Bank credit card is lost or stolen, call Customer Service immediately at 877-825-3242. If you're outside the U.S. call 1-702-405-2042. We will cancel your current card number and issue you a replacement card as soon as possible.

There are times when canceling a credit card can be the right call. However, closing a credit card can hurt your credit, especially if it's one of your oldest accounts and it's in good standing (meaning you're making payments on time and as agreed).

In general, you should be able to close your account by calling the credit card company and following up with a written notice. If you still have a balance when you close your account, you are required to pay off any balance on schedule. The card company is allowed to charge interest on the amount you still owe.

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.

Your credit utilization ratio goes up

By closing a credit card account with zero balance, you're removing all of that card's available balance from the ratio, in turn, increasing your utilization percentage. The higher your balance-to-limit ratio, the more it can hurt your credit.

Credit experts advise against closing credit cards, even when you're not using them, for good reason. “Canceling a credit card has the potential to reduce your score, not increase it,” says Beverly Harzog, credit card expert and consumer finance analyst for U.S. News & World Report.

How to cancel a credit card without destroying your credit score? ›

Pay off your credit card debt

“Ideally, if you want to protect yourself, pay every balance down to zero before picking the card you want to close,” says McClary. If your CUR is 0%, it's still going to be 0% when you close a card. No jump in CUR or late payments means no credit score penalty.

If you don't use your card, your credit card issuer may lower your credit limit or close your account due to inactivity. Closing a credit card account can affect your credit scores by decreasing your available credit and increasing your credit utilization ratio.

I am writing this letter to close my credit card account for the following reason: __ I haven't used the account for quite some time and don't plan to use it in the future. I'm not carrying a balance on this account. Thank you for closing my account promptly.

In general, keep unused credit cards open so you benefit from longer average credit history and lower credit utilization. Consider putting one small regular purchase on the card and paying it off automatically to keep the card active. At Experian, one of our priorities is consumer credit and finance education.

You cannot freeze your Credit One credit card. For lost or stolen cards, you'll need to call Credit One credit card customer service at 1 (877) 825-3242 as soon as possible so they can cancel the card and send you a new one.

Closing a credit card account can negatively impact your credit, though how much it hurts your score depends on your credit history. Factors like how many other accounts you have open, how long you've had the accounts and the balances can all play a role.

Closing a charge card won't affect your credit history (history is a factor in your overall credit score). Closing a credit card could hurt your credit score by increasing your credit utilization if you don't pay off all your balances.

Keep in mind that if you don't use your card for a long time, the card issuer may close it due to inactivity. So it's best to regularly make a few small purchases and then pay them off, or set up the card as the AutoPay method for a monthly subscription.

You may cancel your participation in the Credit Protection Program at any time. Additionally, if you are not completely satisfied with all the benefits, limitations and exclusions, and you cancel within thirty (30) calendar days of your purchase date, then you will not be billed.

If you close a credit card with a balance, you'll still be responsible for that debt. Card issuers will continue to send statements in the mail, and interest will still be applied to that balance. It's best to leave your account open, as there can be negative impacts on your credit score if you close a card.