How to cancel a credit card

Mokeyjen

Hi,

I have got a sony credit card which I used once to get a free MP3 player a few months ago, and now I don't want to use it any more.... What is the best/easiest way to cancel a credit card, because I believe if you have lots of cards but don't use them, it can affect your credit rating... Is this true?

Thanks
Jen
:j

poppy_f1

last 2 i cancelled i called them up, asked them to close it and for a letter to be sent to confirm

emu2004

Hi

I've just cancelled my barclays credit card for the same reason - I never used it and was worried about my credit rating- it was surprisingly straightforward. Just phoned the customer service number and told them I wanted to close the account. They asked for the number on the card, some security questions (dob, address, how long you've had the card etc.), asked me repeatedly why I was closing it and that was it. Took about five minutes (once you've got through the queue of people on hold!). Simple!

McMikes

I had expirience of closing 4 credit cards in the past but weirdly two cards with halifax still appear in my online account but staff keep telling me that accounts are closed. the same thing with egg money that I've paid off in full but still get sms messages with account balance updates. :mad:

DestroyingAngel_2

If the card has a balance of 0 with no residual interest to pay, you can call the cc company and close it. Make sure you ask them to suppress any further literature/mailshots while you're at it. Bear in mind that cc companies prepare their literature up to 8 weeks in advance, so be prepared to still receive bumf up to 2 months after your account has been closed. As them to suppress telephone contact as well, this can take up to 30 days to take effect.

DifferentFromTheNorm

McMikes wrote: »

the same thing with egg money that I've paid off in full but still get sms messages with account balance updates. :mad:

If you give them a call on their main number (08451 233 233) they will be able to stop that for you.

It's not a very common thing though so don't be surprised if the person you get through to isn't too sure what to do. Just tell them to check their help tool and it will give them the details of which department they need to contact.

Or... as you say it still shows online you may be able to stop them yourself:

Log in and go to 'view' next to Egg Money. Then 'Egg Money admin', then 'Text updates' and select the option to disable text updates.

Volcane

Just cancelled my Capital One and Goldfish cards and the only question both asked was "Why are you cancelling?"

Very simple and straightforward.

fatboy88

Hi, my friends did the same 6 months ago and capital one has just stung her for £50 card protection on an account she had closed by phone

Moggles_2

A phone call to customer services should be all that's required, but ask the lender to confirm closure in writing. Most do not ask you to return their cards. You're simply requested to cut them up.

If you have an excess of available credit, your credit rating may be affected. It's advisable to check your credit reports following closure, to make sure the a/c is marked "settled" before you submit a new application for credit.

The whole process (from the initial phone call ) can sometimes span a couple of months, so allow plenty of time

Swanny79

As fatboy has said above, beware if you have any subscriptions/direct debits pointing to this card. Unlike bank accounts which would just refuse the payemnt - credit cards will still take the payment even if the account is clsoed! Pain in the bum with interest/penalty charges if the payment is applied three years after you close the card and you've since moved house. (see other thread for details)