How do I cancel a credit card?
You should block your card as soon as possible and request a new one, if it is stolen or lost. Most banks provide fast and simple methods for blocking cards on their websites and mobile apps.
You can also cancel cards because you have changed banks or no longer use them. If this is your case, here are some tips to help you:
Check the credit card contract and the signed terms and conditions
When authorising credit cards, some financial entities ask customers to fulfil a series of requirements for cancelling a credit card. Breaching any of these terms may result in extra charges or interest, so you must understand the contract conditions.
Repayment of the outstanding balance
When you cancel a credit card, you must repay all amounts arranged using the card, regardless of the term for which you financed your purchases. Repaying these amounts ahead of time may also generate interest or fees.
Tell the bank why you are cancelling the credit card
Once you have a statement confirming that the card balance has been repaid in full, you can contact the card issuer or visit a branch to cancel it.
Some banks manage credit card cancellations by phone, email or in person. However, others prefer notification in writing by certified mail to provide traceability for the future.
Processing the cancellation with the financial institution
Once the bank receives your request to cancel the card, it will make sure that the balance drawn is up to date and manage the internal documents for delivering the case and confirming cancellation of the card to you.
Confirming cancellation from applications and accounts
Once the cancellation is confirmed by the bank, make sure this is shown in your bank's application or private customer profile (if the associated account is still active) to confirm that everything is correct and that no future charges will be applied to the card.