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How to Close a Credit Card Safely.

Is it bad to cancel a credit card? You’ve likely heard that closing a credit card account may damage your credit score.

And while it is generally true that cancelling a credit card can impact your score, that isn’t always the case.

Typically, leaving your credit card accounts open is the best option, even if you’re not using them.

However, there are a few valid reasons for deciding to close an account. Read on to learn what they are—and to get details on how to cancel a card the right way.

How to Cancel a Credit Card

6 Steps

1: Redeem unused rewards on your account before you call to cancel.

2: Ideally, pay off all your credit card accounts (not just the one you're canceling) to $0 before canceling any card. At the very least minimize your balances as much as possible.

3: Call your credit card issuer to cancel and confirm that your balance on the account is $0.

4: Mail a certified letter to your card issuer to cancel the account. In this letter request that written confirmation of your $0 balance and closed account status be mailed to you.

5: Check your three credit reports 30 to 45 days after cancellation to make sure that the account reports that it was closed by cardholder and that your balance is $0.

6: Dispute any incorrect information on your reports with the three credit bureaus.

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