Steps to remove a credit card
1. The card must be in zeros: Verify in your account statement that you do not have any debt and that there is no movement for or against. If you have any charges, please make the corresponding payment. After this, ask the bank for cancellation, either at the branch or by phone. Once the debt has been settled, the financial institution must send within the next ten business days, or on the next cut-off date, the document stating that the contract ended, without any debt. In case you do not owe anything at the time of making the request, the contract must be terminated on the next business day.
2. Cancel direct debits: If you plan to cancel your credit card, first cancel the direct debit charges. This will avoid that, at the time of making the request, there is a "surprise" charge that you forgot.
3. Contact the financial institution: Make a phone call or go to a branch to communicate your decision to cancel the credit card. Read the cancellation conditions. If it is a shared card with another person, the other person must also give consent with their face-to-face signature. At the end, ask for your acknowledgment of receipt, the confirmation key and/or the folio number .
4. Make the delivery of the plastic: On some occasions, the bank requests that you take the plastic personally, in addition to filling out a form. If you do not have the card, you only have to state in writing that it was destroyed or that you do not have it.
5. It is a free procedure: The bank cannot charge you any penalty or commission for this procedure.
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Does canceling a credit card affect my credit history?
The timely payment behavior that you maintained with your credit card will be reflected in the credit history of the Credit Bureau. Therefore, if you cancel after a long period of credit relationship and full and timely payment behavior, this information will remain in your history. If this is your case, you should not worry, because you will continue to be subject to credit for other financial institutions.
However, if you cancel the credit card after a long period of debt negotiation or write-off, then this will be marked on the record as relatively negative behavior. And it is always better to meet financial obligations, even if it is late, than never to do so.
In any case, after canceling the credit card, it is advisable to notify the Credit Bureau, so that it is established that the account was closed, without debt and request a special credit report.
Can the credit card with debt be canceled?
As we mentioned before, a card cannot be canceled until it is zeroed out. However, this does not necessarily mean that you have to settle the debt with the card-issuing bank. Well, there is the possibility that you can transfer the debt from one credit card to another from a different financial institution.
You can do this when the interest rate and annuity payment conditions are lower in another bank. In this way, you will leave the card you want to cancel in zero, but you will have to settle the debt with your new creditor.