We are leaving in an era where online banking is the go-to option for most USA citizens. According to the American Bankers Association, in the USA there are more than 365 million open credit card accounts. So, it is fair to say that opening a credit card is quite easy in the USA. But what about closing a credit card account. If you have a Capital One account and if you want to close your account then you will find the below information very helpful. Here I have discussed how you can cancel a Capital one credit card. Let’s explore!
Is it Possible to Cancel a Capital One Credit Card?
Yes, it is totally possible to cancel a Capital One credit card. If you have paid all the previous due amount and if your account has good standings then you will be able to easily cancel your Capital One credit card. However, when you want to cancel your Capital One credit card, a representative might ask you to keep your credit card account open; he/she might offer you a new product or some perks for your existing account. Moreover, you might be transferred to Capital One bank’s customer retention division and they will also try to keep you as a Capital One customer. However, if you remain determined to close the account then there is nothing the representative or the customer retention division can do. They are bound to cancel a credit card account whenever the customer wants.
Will Canceling a Capital One Credit Card Affect the Credit Score?
Yes, canceling a credit card can affect your credit score in many ways. You should keep in mind that credit bureaus consider quite a few things before determining your credit score. When you close your credit card, you lose the available credit limit of that account. It will increase your credit utilization ratio and make you a high risk to lenders. Canceling a credit card will make you look like you are using a higher percentage of your credit limit. Moreover, when you close a credit card, it will lower the average age of your credit card accounts on the credit report. So, it will badly affect your credit score. However, this doesn’t mean that closing a credit card account will destroy your credit score for a lifetime. Initially, closing a credit card might affect your credit score but eventually, a few months after your credit score will recover the damage.
When you should Cancel a Credit Card?
There are some obvious situations when you should cancel a Credit card –
- If the credit card has a higher annual fee and the benefits aren’t worth it
- The interest rate of the card is very high
- You are facing a problem to pay the due balance of the credit card account
- You are struggling to resist the temptation of using the credit card
- If you have a student card or a secured credit card and you want to change it for a better credit card
How to Cancel a Capital One Credit Card?
There are quite a few ways you will be able to cancel your capital one credit card. Let’s check them out!
1. Cancel the Capital One Credit Card by Phone
You can cancel the Capital one credit card over the phone. However, before canceling the card you have to make sure that you have paid off all your credit card due bills and make the credit card balance $0. Then you have to call 1-800-227-4825 to cancel your credit card. The representative will ask you for some information to verify your identity. You have to provide your full name, date of birth, and social security number to verify your identity. Then you have to provide the full number of the credit card that you want to close. The representative might offer you certain incentives or perks to keep your account open but if you remain determined then they will eventually close the account.
2. Send a Letter in the Mail
You can also consider sending a later in the Capital One’s mail and ask them to close your Capital One credit card. You have to write a mail saying that you would like to close your Capital One credit account. You have to provide information like your full name, Social Security number, credit card number, date of birth, etc. You can send the letter to the following address:
- Attn: General Correspondence
- Capital One
- PO Box 30285
- Salt Lake City, UT 84130-0287
3. Close the Capital One Credit Card Online
If you have a Capital One account then you will be able to close your Capital One credit card online. Now follow the below steps –
- First, open a browser on your computer
- Visit Capital One’s website
- Login to your Capital One account using the username and password
- Now find the credit card account that you want to close and click on the “View Account”
- When the full page loads, click on the “I want to…” option
- Then from the available options select the “Close Account” option
- After that provide the security code of your card
- Next, select the reason you want to cancel your Capital One credit card
- Finally, click on the “Cancel Account” button to complete the process
4. Close the Capital One Credit Card from the Mobile App
If you have the Capital One mobile app installed on your smartphone then you can easily cancel your Capital One credit card from the app. Follow the below steps –
- First, open the Capital One app on your smartphone
- Login to your capital one account using the username and password
- Then tap on the credit card account that you want to close
- Now click on the details option
- Next, click on the “I want to…” option
- After that select “Close Account” from the available options
- After that provide the security code of your card
- Next, select the reason you want to cancel your Capital One credit card
- Finally, click on the “Cancel Account” button to complete the process
FAQs about How to Cancel a Capital One Credit Card
Can you reopen a closed Capital One credit card?
If you close a Capital One credit card then it is quite impossible to reopen it. This is because when you close a credit card account it is permanently moved by Capital One. So, it is a very rare case for Capital One to reopen a credit card account once it was closed.
What happens to the rewards when you close a Capital One credit card?
When you close a Capital One credit card, you will lose all your rewards accumulated on the account. So, if any rewards or points are remaining on your account then you should use them beforehand and then close the Capital One credit card account.
Is it better to close a credit card or leave it open with a zero balance?
Well, the answer to this question depends on the presser state of your credit card account. Usually, it won’t hurt your credit score if you keep a zero-balance credit card account open. If you close a credit card account then it will reduce your credit limit, decrease your credit history, etc. So, your utilization rate and the balance-to-limit ratio will increase and might have a negative impact on your credit report and credit score. Therefore, it is better to leave a zero-balance credit account open.
Should I cancel credit cards after paying them off?
No, it is not wiser to cancel a credit card account after paying it off. Paying off your credit account’s due balance is good for your credit score but if you close the account then it will negatively impact your credit score and your credit score might drop at least for a few months. Therefore, you should try to keep the balance of your credit score at zero and remain it open!
References:
https://wallethub.com/answers/cc/how-to-cancel-capital-one-credit-card-2140670244/
https://www.bankrate.com/finance/credit-cards/close-capital-one-card/
Last Updated on August 7, 2022 by Ana S. Sutterfield
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.
