Cancellation Procedure for Credit Cards

Update date: November 1, 2024

Cancellation procedure for credit cards

Please ensure that all payments are settled with the following before canceling a credit card.

• Public utility bills such as electricity, gas, and water
• Mobile phone bills
• Internet service provider fees
• Rent, management fees, common service charges
• Regular payments for subscriptions like newspapers, magazines, schools, and childcare facilities
• Subscription services

Settling Accounts

Some credit card companies may request you settle your account in a lump sum if there is an outstanding balance (unpaid money) at the time of cancellation. This may not be limited to regular credit card usage but revolving payments, installment payments, bonus payments, and cash advances. Before considering cancellation, thoroughly check, and confirm any outstanding balances that may fall into these categories.

If the remaining balance is significant, you may receive a substantial bill. If you do not have sufficient cash on hand, it is advised you cancel the card after completing the payment.

Additionally, if you have already paid the annual fee for the credit card, it is common not to be refunded.

To cancel a credit card, call the phone number on the back of the card or initiate the cancellation process through the credit card company website. During the cancellation process, be prepared to provide the card number. For identity verification, you may be asked for details such as your name, date of birth, and address.