How to cancel a credit card is extremely simple

Credit cards offer many conveniences for shopping and payments, but sometimes you may want to cancel your credit card for various reasons, such as wanting better control over your spending, avoiding unnecessary annual fees, or simply no longer needing the card. Below is a detailed guide on how to cancel a credit card simply and effectively.

Step 1: Pay off the entire outstanding balance.

Before canceling your credit card, it's crucial to pay off your entire outstanding balance. This helps avoid incurring interest and penalty fees after you've canceled the card. Check your credit card statement for the exact balance and make sure to pay it in full.

Illustration photo: 3gang.

Step 2: Cancel linked automatic transactions.

If you have any automated transactions (such as bill payments, online services, or monthly subscriptions) linked to the credit card you want to cancel, cancel them or switch to a different payment method. This helps ensure that your service is not interrupted and avoids unexpected charges when the card is canceled.

Step 3: Contact the bank

After paying off the entire outstanding balance and canceling automatic transactions, contact the card-issuing bank to request credit card cancellation. You can contact them via customer service, email, or visit a bank branch in person. When contacting them, please provide the necessary information such as your credit card number, cardholder name, and the reason for cancellation.

Note: Some banks have specific information requirements for card cancellation, and each bank has detailed instructions for card cancellation published on its website. To be sure, please read the instructions on how to cancel your credit card on the official website of the bank you use.

Step 4: Confirm the card cancellation request.

After requesting card cancellation, ask the bank to provide written or email confirmation of the credit card cancellation. This will serve as proof in case of any disputes or errors later on. Keep this confirmation safe.

Step 5: Cancel the physical card.

When you receive confirmation of card cancellation from the bank, cut the credit card into pieces to ensure it cannot be reused. Pay special attention to cutting through the magnetic strip and chip to ensure that the information on the card cannot be stolen or used illegally.

Step 6: Monitor your statement after canceling the card.

After canceling your credit card, check your statements for the next few months to ensure that no transactions occurred after the card was canceled. If you notice any unusual transactions, contact the bank immediately to resolve the issue.

Compiled by Cong Hieu

Source: https://vtcnews.vn/cach-huy-the-tin-dung-vo-cung-don-gian-ar906919.html