1. The card must be in zeros: Verify in your account statement that you do not keep any debts and that there is no movement for or against. If you have any charges, make the corresponding payment. After this, ask the bank for the cancellation, either at the branch or by phone. Once the debt is settled, the financial institution must send within the next ten business days, or on the next cut-off date, the document stating that the contract ended, without any debts. In case you do not owe anything at the time of making the request, the contract must be terminated the next business day.
2. Cancel direct debits: If you plan to cancel your credit card, first cancel the direct debits. This will avoid that, at the time of making the request, there is some “surprise” charge that you forgot.
3. Contact the financial institution: Make a phone call or go to the branch to communicate your decision to cancel the credit card. Read the cancellation conditions. If it is a card shared with another person, the other person must also give their consent with their signature in person. At the end, ask for your acknowledgment of receipt, the confirmation code and / or the folio number .
4. Make the delivery of the plastic: On some occasions, the bank requests that you take the plastic in person, in addition to filling out a form. If you do not have the card, you will only have to state in writing that it was destroyed or that you do not have it.
5. It is a free procedure: The bank cannot charge you any penalty or commission for this procedure.
Does canceling a credit card affect my credit history?
The timely payment behavior that you maintained with your credit card will be reflected in the credit history of the Credit Bureau. Therefore, if you cancel after a long period of credit relationship and full and timely payment behavior, this information will remain in your history. If this is your case, you should not worry, as you will continue to be subject to credit for other financial institutions.
However, if you cancel the credit card after a long period of debt negotiation or a write-off, then this will be marked within the history, as a relatively negative behavior. And it is always better to meet financial obligations, even late, than never.
In any case, after canceling the credit card, it is advisable to notify the Credit Bureau, so that it is established that the account was closed, without debts, and request a special credit report.
Can you cancel the credit card with debt?
As we mentioned earlier, you cannot cancel a card until it is zeroed. However, this does not necessarily mean that you have to settle the debt with the bank that issued the card. Well, there is the possibility that you can transfer the debt from one credit card to another from a different financial institution.
You can do this when the interest rate and annuity charge conditions are lower in another bank. In this way, you will leave the card you want to cancel as zero, but you will have to pay off the debt with your new creditor.