How Do I Cancel My Visa Credit Card?
You have decided you want to cancel a Visa credit card account. The best reasons for this decision are you overspend and can’t seem to stop, or you have an annual fee on a credit card you are not using. Unless you are in one of these cases, closing credit accounts may damage your credit score more than help it. Assuming you decided you must close your account here is what you should do.
Find the Credit Issuers Phone Number and Mailing Address
To cancel a Visa credit account, you will have to get in contact with a customer service representative and let them know you want to cancel your account. They will be able to help do this on the phone, or you can write to them directly and ask them to close the account. You will want to ask for written confirmation when the account has been closed. Once you have the confirmation, hold onto it and cut up your credit card. The customer service number for your credit issuer will be both on the back of your credit card and on the website of the credit company. The address to mail your request to close a credit account in writing will be on their website as well.
While you need to call or write to cancel your Visa credit card, after you find the contact information, there are a few more things you may want to do before officially canceling:
Use Any Points
If you have a credit card with rewards on it, you will want to make sure you transfer or redeem those points before canceling. This bonus of the credit card can be permanently lost if you cancel before using or transferring.
Pay Off Any Balances
When you have an open credit card account, you have agreed upon repayment terms and interest terms. The moment you close an account, those terms change and can become significantly more burdensome. Payment can become due immediately in full, and interest rates can skyrocket. Before officially closing a credit account, you will want to pay off any balances on the account and maintain two months worth of payment in full, to avoid any lingering interest charges. Once you pay off balances and use rewards, cancel your account, and make sure you get written confirmation the account is closed.