Are you thinking about getting a new credit card but have some questions? Well, the Credit Savvy team are here to answer some of the frequently asked questions so you can be in the know!

Q2. How do I close my credit card account?

If you would like to close your credit card account, many providers require that you call their customer service centre and request your account to be closed. They will usually need to confirm your identity before closing your account.

Remember, if you’ve closed your account, that doesn’t automatically remove entries on your credit file. Any enquiries, defaults, and repayment history will remain on your credit report until the information has expired. However, with Comprehensive Credit Reporting, your credit file will be updated to reflect the date that the account was closed.

Here are a few things to keep in mind to do when closing your credit card account:

  • Pay or transfer the remaining balance outstanding
  • Transfer or redeem any reward points you’ve earned
  • Cancel or update your direct debits
  • Destroy your old card (get those scissors out!)

 

Still have questions? You can read more about what you need to know about credit cards in our Credit Knowledge section or put your question in the comments section below!

Looking for a new credit card? You can compare a variety of credit cards in our comparison platform.

 

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