Capital One Credit Card offers a variety of credit cards. But what if you want to change your current credit card and apply for the new lineup according to your preference?
In that case, closing a Capital One credit card seems tricky and hectic. So, here is the guide to help you with how to start the closing process.
How To Close Capital One Credit Card?
Once you have made your decision to cancel your Capital One Credit Card, firstly you need to pay off your outstanding balance and clear all dues before you initiate the closing of your credit card. This is because once the bank receives your credit card cancellation request, they may either increase your interest rate on pending payments or want all the payments at once.
How To Cancel Capital One Credit Card Account Online?
You can cancel your Capital One Credit Card account online on their website but not from the Capital One mobile app. Follow these steps to cancel your Capital One Credit Card online:
- Open the Capital One Banking website.
- Sign in to your account, select the credit card you want to cancel (if you have multiple cards), and click on ‘View Account’.
- At the bottom, select I want to ‘Close Account’.
- Follow the on-screen instructions to close your credit card permanently.
How To Cancel Capital One Credit Card On Phone?
If you are not tech-savvy and don’t know about net banking properly, then you can close your credit card account on a phone call with the following steps:
Call 1-800-227-4825 or the customer care number given on the back side of your credit card. Follow the on-call instructions and confirm the registered information when asked by the executive (the bank executive asked you some questions to confirm your identity before closing the card).
Once all the information is verified tell the executive why you want to cancel your Capital One card. They may offer you some reward points and offers to keep your card active. Once, you cancel your card, a customer executive will register a service request and you will receive a message and email about the cancelation details.
How To Cancel Capital One Credit Card Via Mail?
You can write a cancellation mail to the bank registered address:
Attn: General Correspondence
Capital One
PO Box 30285
Salt Lake City, UT 84130-0287
Write a mail describing the issue you faced and why you want to cancel your Capital One credit card, along with your full card number, signature, and registered communication address.
What To Do After Closing Your Credit Card?
Once you have canceled your credit card in any of the following ways, it’s your responsibility to keep all the dues clear otherwise bank can charge you a hefty penalty. Keep in touch with the bank to know the status of your request and that you ain’t missing any required payment that will attract hidden charges.
Alternatives To Cancel Your Capital One Credit Card
Maybe you have reasons, high annual fees, and service issues for wanting to cancel your credit card, but canceling your services affects your credit score and isn’t the only solution. Depending on the issue you face here are some alternative solutions that might be helpful in your case:
Request Product Change: If you want a specific credit card variant that matches your needs and offers great reward points on regular spending. You can talk to customer care and request a product change that matches your needs. You can also opt for an upgrade or downgrade of your card.
Conclusion
At last, it is best to be aware of all the consequences of canceling your card. Closing a credit card can affect your credit score and credit history. After taking all the considerations make up your mind whether you wish to cancel or continue using the credit card services.
Talk to your credit card providers and explain the issues you are facing for better assistance and CC recommendations.
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