If you’re reading this post because you want to know how to cancel your credit card with Capital One, you’ve come to the right place. Sometimes there can be many doubts about how to do this type of operation correctly, and you are right to look for information.
Why? Sometimes you think you are canceling a contract with a bank the right way, and it turns out you have not done it right. This can lead to problems in the future, and it is better to do everything calmly and correctly.
So, if you are unhappy with your Capital One credit card, or want to cancel it for any other reason, pay attention because we will tell you what to do.
What should you consider before canceling the Capital One credit card?
If you are thinking of canceling your credit card, you can do so, but you must know some things that may be useful to you:
- The first one is that canceling your credit card with Capital One will not cancel your debts. If you have some obligations with that card, such as loan repayments, you will continue to pay them even though your card has been canceled to be used. That is, you will continue to pay, but you will not be able to use it.
- Secondly, you will not be able to discount the annual payment that it costs you to maintain the credit card. At Capital One, a fixed income is usually charged annually for using the card. If you cancel it in the middle of the year, or when you only have a few months, you will have to pay the rate as if you had used it the entire year. Therefore, it is convenient that you wait to cancel it until the year is running out before paying the next annual fee.
- Finally, it is possible that canceling a credit card will cause your credit score to worsen. This will happen especially if you cancel it while still having outstanding debts, but also if you cancel it for no apparent reason. In addition, you will also not be able to benefit from some things on the card, such as accumulated cash rewards.
This is a personal decision, and if you have decided that what is best for you is to cancel the credit card, you should do it. We only explain some of the problems you could have so that you consider them and decide with criteria.
Steps to follow
And now that you know what the conditions are for canceling a credit card with Capital One let’s see how you can do it. It is possible to do it through the website or the mobile application, and it can also be done through a phone call.
What is more convenient? Depends! It may be easier for you by phone because someone else will do it for you, but you will have to accept the possibility that Capital One insists that you stay. They will probably try to offer you better conditions, and it is up to you to decide if you should cancel or not.
If you do it online, through the web or the app, you will have to look for the “more account services” tab and then find the possibility of closing the bank account and the credit card. They will ask you a series of questions to determine why your decision is made.
As we have mentioned, you must think about it well. In addition to the problems that canceling it can bring you when you still owe money, Capital One has stated on numerous occasions that when someone cancels a credit card with them, it is quite possible that they will not give you that opportunity again.
If you have it clear, these are the steps you should take. If not, you should read this to know what the consequences are and thus make a good decision.