Learn how to cancel credit card

Learn how to cancel credit card

Table of Contents

Although it is not a complicated process, knowing more details of how to cancel credit card it can help to save time spent on the action, in addition to avoiding some unnecessary bureaucracies that can make the procedure much more boring.

The reasons for choosing to cancel the credit card they can be varied, so it is also important to understand what the differences are between canceling and blocking the card, in order to ensure that the choice is the most appropriate for each person's situation.

Thus, in this article we will cover the following topics:

  • Credit card cancellation rules;
  • Is it possible to cancel a credit card with open purchases ?;
  • What is the difference between canceling and blocking the card ?;
  • When to block your credit card ?;
  • Step by step on how to cancel credit card;
  • Extra tips.

Good reading!

Rules for canceling credit card

The credit card can be very useful at different times, especially for the practicality offered with the installment of the value of purchases, and for the way it works as an extra credit. However, these same attractions can transform the credit card in a villain, principally for those who want to maintain financial balance.

Whether to update the finances, to disconnect from a financial institution or for any other reason, the customer has the right to cancel the credit card at any time.

The cancellation is only carried out through the Call Center of the card operator. Another important rule is that only the cardholder can cancel the service. If dependent cards exist, they follow the order of the main card and will also be automatically canceled.

No purchases or installments are canceled with the card. Therefore, it is necessary to be aware of the debts that the card has to settle them. Just canceling the service does not eliminate the need to pay what is still due.

Is it possible to cancel a credit card with open purchases?

Among the important points that the customer should be aware of when canceling the credit card, is the pending debts. The ideal is to start the process of canceling the card with the same already paid. In other words, at the time of cancellation, there is no debt or installment due in the coming months.

Before even contacting the card's Call Center, check the current balance of the invoice. Also check if there are other installments due in the coming months.

A common mistake in this step is to think that you just have to pay the last invoice in full and cancel the card, forgetting about possible future installments. Even if the customer does not have installment purchases, for example, it is worth doubling the attention to the dates of purchases made in the last month, after all, it may be that a purchase has fallen only for the subsequent invoice.

Remember if: as long as you are using your credit card, invoices keep arriving.

If it is not possible to pay off all debts on the card and the customer still wants to cancel, it's possible, but somewhat more bureaucratic. In this case, it is necessary to send a letter with acknowledgment of receipt (AR) to the credit card operator. In it, the customer must request the cancellation of the service “Declaring itself in arrears in relation to the balance”. That is, admitting that you are in arrears with the full payment of the card.

The card administrator must respond to the request within 10 days. However, it is common for companies to “force” more bureaucracy to hinder the process and even make the customer give up on the cancellation.

In such cases, what is often recommended to the customer is to choose to block the credit card, stop using the service. No company can compel the client to pay all the installments at once, but, in any case, it will be up to the client to pay all installments still due month by month.

When the debt is finally paid in full, the consumer can ask for the final cancellation of the card again.

What is the difference between canceling and blocking the card?

Another important tip on how to cancel a credit card is to effectively know the difference between canceling and blocking the card. These are two different actions, with different results as well.

Credit card blocking can happen for several reasons, and it can be automatic, such as when the customer stop making payment invoices and defaults with the card operator, for example, or after a customer request.

In general, blocking happens whenever the company responsible for the credit card considers that the customer cannot use that service until a certain problem is solved.

With the card blocked, the consumer cannot make new purchases, in addition to not paying an annual fee during the blocking period.

For the cancellation of the credit card, the customer must always contact the administrator of the card and request the cancellation. It is almost never done automatically, only in cases of very long delays in paying the invoice.

When to block your credit card?

In addition to being an option to avoid higher expenses and control debts, credit card blocking is always recommended in cases of loss, theft, cloning and purchases that are not identified or authorized by the customer.

As you can see, the credit card lock also acts as a security option to prevent any type of fraud with the service.

Step by step on how to cancel credit card

Although the process of canceling a credit card is not difficult, it does require some patience, after all, card operators usually offer several options so that the customer is not lost. Be strong!

To perform the cancellation, the step by step is simple:

  • Call the Credit Card Operator's Call Center.

The phone number is on the back of the card itself, usually a toll-free number that is available 24 hours a day.

  • Another option is to seek online service, if your card company offers this option.

In both cases, the customer only needs to request cancellation through the card, the phone or the website.

If the card is linked to a bank, there is also the option to go directly to the bank branch and request cancellation.

Extra Tips

As we said, it is common for the companies responsible for credit cards to offer numerous options and advantages for the consumer when he tries to cancel the product, after all, they do not want to lose the customer.

So it is important to resist temptation! Do not accept new cards when ordering to cancel the current service.

Keep all receipts in connection with the credit card cancellation request, especially the service protocol number offered during service by the company responsible for the card.

Finally, also remember to physically destroy your credit card as soon as it is effectively canceled. This works as a way to prevent fraud even after cancellation.

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