If you want to cancel a credit card it’s not very complicated, you just need the right procedure, the right addresses and the money to pay off the credit if necessary. The cards are backed by a revolving credit, we will also explain how to cancel a credit while benefiting from the best rates.
Canceling a revolving credit card: the law
Whether you want to cancel your bank credit card or want to cancel your store credit card, the procedure and the law that applies are the same.
Cancel a credit
You must first terminate the credit . To do this, you must first make an early repayment of all the debt that could remain on the account. For this early repayment in order to cancel a credit, no worries to have:
- On the one hand, the law prohibits credit organizations from taking charges for early repayment on revolving credit. This is clearly indicated in this article of law on the early repayment of consumer credit .
- On the other hand, to terminate credit and practice early repayment of debt, we have the best credit rates of any of the largest agencies. You can see for yourself that the depreciable credit rates are on average 3 times cheaper than the revolving credit rates
To finalize the prepayment of the credit, you will make a check of the amount of the debt to the credit organization. You will put this check in the mail that you will have to send to cancel your credit card. We will tell you how to do this in the following paragraphs. Know for example that for a debt of around 4000 USD, you can save more than 800 USD.
Cancel your card
To cancel your bank card or credit card, the principle of the card contract is the same. The card contract is a default contract concluded for a given period and automatically renewed . To cancel your card, it is therefore not at all necessary to wait for the end of validity of the credit card. It will suffice to send a registered letter with acknowledgment of receipt.
Procedure to cancel credit card
The procedure that we are going to describe to you for canceling a bank card is the same as for canceling a credit card except for the early repayment concerning the revolving credit.
Send the termination letter
This is the essential point to cancel your credit. You must send a letter of termination of your credit card to the organization that manages the card. We will then give you a copy of the standard credit card termination letter as well as the contact details of the main credit institutions (at the bottom of this page). Note that on our site, you will find files on most credit cards and lending organizations in which their contact details are mentioned.
Please note : Sending a registered letter with acknowledgment of receipt for credit card termination will cost you 4.38 USD.
Destruction of the card
In the letter, you will need to specify how you agree to destroy the card for the termination of your credit card to be effective. You have three alternatives:
- Either you cut the card and put it in the envelope
- Either you pledge to destroy it
- Either you go to a bank branch if you are in the case of the termination of a bank card
Content of the termination letter
Even if we are going to give you a standard mail template to cancel a credit card, we prefer to remind you of a few essential elements that should appear in your mail:
- Indicate clearly your identifiers: whether it is your card number, your customer number or your account number, it is better that there are too many than not enough
- Remember to sign your letter
- If you are making a prepayment to cancel a credit at the same time as the card, remember to enclose the check having written your name and your account number on the back of the check.