How to Cancel a Chase Credit Card
LS
Summary:
You can cancel a Chase credit card online using a secure message portal, call Chase on the phone, or mail a written request. But before you cancel your Chase card or another credit card account, be aware of the negative effects this may have on your credit reports. Also, keep in mind that by canceling your Chase credit card, it’s possible you may have difficulty getting a new card from Chase in the future.
There are a lot of good reasons for canceling a credit card account. Maybe the interest rate is more than you’re comfortable with, it has high annual fees, or you’ve been dissatisfied with the customer service. Or perhaps you’re just trying to curb your spending and want to remove the temptation of having a credit card available.
Today we’ll walk you through the various ways to close your Chase credit card, what to do both before and after closing the account, and the effects an account closure may have on your credit history.
Compare Credit Cards
Compare the rates, fees, and rewards of leading credit cards.
How to cancel Chase credit card
As mentioned previously, there are three ways of canceling your Chase credit card — by phone, mail, or online. Here are the steps you need to follow for each method.
1. Contact customer service by phone
In a world where seemingly everything can be done over the internet, sometimes you just want to talk to a real person. A phone call is also one of the most common ways to cancel a credit card.
- Call the number on the back of your credit card or call 1-800-432-3117. Either one will take you to customer service.
- First you’ll have to enter your card number and then you’ll be prompted to choose from a list of automated options. If you prefer, you can just skip over those and talk directly to a customer service representative. They’ll be able to assist you with canceling your credit card.
- Tell the customer service rep that you’re canceling your credit card. You may need to insist that you want your account canceled, as representatives are trained to ask you why you wish to cancel and offer alternatives to keep your business.
- Ask for a confirmation number or an emailed confirmation letter of your cancellation for your records.
2. Online at the Chase website or through its mobile app
While there isn’t a specific option to click on that says “cancel credit card,” you can send a message to Chase customer service to inform them that you’d like to cancel your account.
- Log onto the Chase website or open its mobile app.
- Navigate to “Secure Messages.” Or you can click on “Help and Support.” This will also give you the option to send a message to customer service and brings you to the “Secure Messages” page.
- You will be prompted from there to indicate what the matter is about. Click on “I have a question about one of my accounts.”
- Select the account in question (if you have more than one).
- You will then be prompted to select a topic and should click on “Account Inquiry.”
- From there you can send a brief message requesting the cancellation of your Chase card. Look for a response or confirmation within 24 hours.
Keep in mind that even though you’re sending a note through “secure messages,” you still shouldn’t include any sensitive information such as your account number, Social Security number, or any other personal data.
3. Mail a letter to Chase cardmember services
If you don’t do your banking online and don’t feel like sitting on hold, you can always go the old-fashioned route and mail a short letter to Chase.
- Write a note to Chase requesting they cancel your account. The address is:Cardmember Services
PO Box 6294
Carol Stream, IL 60197-6294 - Include your name and address with your written request, but do not include any sensitive information in the letter such as your credit card number.
- Pop the letter in the mailbox, or go to the post office and send it by certified mail. If you do that (which is a more secure method), be sure to hold onto the tracking information.
IMPORTANT! After canceling your credit card, cut up or otherwise destroy the old card and check your credit report after 60 days to make sure the account is no longer listed as active. Be sure not to destroy your card until you confirm your account has been canceled.
Will closing your credit card affect your credit reports?
There are a number of ways that closing your Chase credit card could negatively affect your credit scores, which may or may not be a problem for you. The main issues to think about are your credit utilization ratio, the average age of your credit, and your credit mix. Consider these possibilities before you cancel the card account.
Credit utilization ratio
Your credit utilization ratio is the percentage of your available credit you are using in relation to your total credit limits. For example, if you have a $10,000 total credit limit and carry a balance of $2,000, your credit utilization ratio is 20% which is very good.
However, if your Chase credit card represents $5,000 of your total credit limit and you canceled it, you now only have a $5,000 credit limit. This raises your utilization ratio to 40% which is less than ideal and will cause your credit scores to drop.
You can mitigate this result by paying down your credit card balances prior to canceling your Chase credit card account. Or you can hold onto the card and just not use it, and then there will be no impact on your credit report.
This is especially important if you plan on applying for a loan or other type of credit any time soon. A good rule of thumb is to keep your utilization ratio at 30% or less to maintain a good credit report.
Age of credit history
The average age of your credit history can also impact your credit score. Though many think that a closed account could drop your score, a closed account will still show on your credit report for several years after closing. Because of this, FICO considers the age of both your open and closed accounts when determining your overall credit history age.
Credit mix
Another thing creditors like to see is a healthy mix of different types of credit, which can include mortgages, personal loans, student loans, and credit cards. If you have one or two other credit cards besides the one you’re canceling, this won’t be an issue for you. On the other hand, if this was your only credit card, you may lose a few credit points by having a poor credit mix.
Furthermore, it also looks bad on your credit reports if you have very little credit. For example, if you only show this one card in your credit history, you’d be smart to keep it to help you maintain and build a better credit score for future needs.
If you’re looking for a credit card to replace your closed account, take a look at some of the credit cards below.
Pro Tip
If you have an unpaid balance, you’re still required to pay it back even though you’ve canceled your card. To avoid confusion — and a possible blot on your credit history — you might want to be sure that you’ve paid off the outstanding unpaid balance prior to canceling.
Alternatives to closing a credit card
Because of the impact on your credit score, you may want to reconsider closing a credit card in the first place. There are a few options to consider that may make you happier with your Chase account.
Request a product change
Chase offers many different credit cards, and it’s possible there’s one that’s better suited to your lifestyle. For example, if you’re a traveler, get one that maximizes worldwide travel and dining. Or, if you just want the cashback rewards, you can get a card that offers cash back on every purchase.
Request removal of the annual fee
If your card has high annual fees, you can ask the credit card issuer if they will reduce or waive the annual fee. They may deny your request or you may lose some of the benefits of the card, but it’s worth asking if that’s your primary reason for canceling a credit card.
Request a reduced interest rate
If the high interest rate is why you’re closing your card, you can request that the card issuer lower your interest rate. Again, you could easily be denied, but it’s not impossible. This is especially true if you have a history of on-time payments and other factors that demonstrate your financial responsibility. And if they won’t lower your rate, don’t be surprised or worry about it, just try again in a few months.
Keep your account open
If your reason for canceling is because you feel like your spending is a problem, you can simply keep the account open and resolve not to use the credit card unless there’s an emergency. If you really feel like you can’t avoid the temptation, put it somewhere it’s hard to get to. You could put it in a safe deposit box, give it to a trusted friend to hold on to, or even bury it in the backyard.
Overall, if your card doesn’t have an annual fee and is one of your only credit cards, it’s best to keep your account open.
Key Takeaways
- You can cancel a Chase credit card online, by mail, or by calling the credit card issuer directly.
- Closing a credit card can have negative effects on your credit history. This is because it alters your utilization ratio, credit mix, and the average length of your open accounts.
- If you do cancel your card, be sure to pay off the outstanding balance and use up the rewards first.
- Instead of canceling the card, consider asking Chase to remove the annual fee, lower your interest rate, or request a product change.
- The account cancellation should show up on your credit report within 60 days. If it doesn’t, contact customer service to learn why it hasn’t appeared yet.
Share this post: