Introduction
Closing credit card accounts can sometimes be a necessary financial decision, whether you are looking to streamline your personal finances or manage a deceased loved one's accounts. In this comprehensive guide, we will explore when to close credit card accounts, the potential downsides of doing so, and detailed steps on how to close accounts for yourself or a loved one.
When to close credit card accounts
There are a few instances where closing credit card accounts might be a good idea:
Downsides of closing credit card accounts
There are some potential disadvantages to closing a credit card account:
Steps to close a credit card account
Here are ten steps to follow that will ensure a credit card account is closed properly. Unexpected fees and charges can be avoided by following these steps:
- Pay off balance. Pay off or transfer the remaining balance to another card.
- Redeem rewards. Redeem any rewards or points earned with the card.
- Call credit card company. Call the credit card company to request account closure.
- Confirm $0 balance. Confirm that the account has a $0 balance.
- Get written confirmation. Request written confirmation of account closure.
- Keep communication records. Keep records of the conversation and confirmation for future reference.
- Monitor credit report. Monitor your credit report to ensure the account is listed as closed.
- Destroy card. Shred or destroy the physical card.
- Update automated payments. If you had any automated payments linked to the card, update them to a new payment method.
- Confirm account closure. Contact the credit bureaus if the account closure is not reflected in your credit report within 30-60 days.
Steps to close the account of a deceased loved one
When a loved one passes away, you may have to deal with their financial affairs, such as closing their credit card account. While it may seem like a straightforward process, there are important considerations to keep in mind. Here are ten steps to make closing the credit card accounts of a loved one as smooth as possible.
- Gather personal information. Gather personal information such as the deceased person's full name, Social Security number, date of birth, and date of death.
- Request death certificate. Obtain a certified copy of the death certificate.
- Call credit card company. Notify the credit card company of the death and your relationship to the deceased.
- Request closure. Request the account to be closed or frozen.
- Provide documentation. Provide the necessary documents to prove your authority as an executor or administrator of the estate.
- Get written confirmation. Obtain written confirmation of the account closure or freeze.
- Arrange payment. Pay any outstanding balances from the deceased person's estate.
- Notify credit bureaus. Notify the three major credit bureaus (Equifax, Experian, and TransUnion) of the death.
- Keep communication records. Keep records of all correspondence and account closure confirmations.
- Monitor credit report. Monitor the deceased person's credit report for fraudulent activity or errors.
Credit Card Account Closure FAQs
1. Can you cancel a credit card if you don’t have the physical card with you?
Yes, you can cancel a credit card without having the card on you, but you will need the account number and other personal information.
2. Is there a penalty for canceling a credit card?
Some credit card issuers may charge a penalty or fee for closing an account, so it's essential to review the terms and conditions of your card.
3. How do I safely dispose of a credit card?
To safely dispose of a card, shred or cut it into pieces, ensuring you destroy the magnetic strip and chip.
4. How will canceling a credit card impact my credit rating?
Closing a credit card account may negatively impact your credit score due to a higher credit utilization ratio or a decrease in the overall credit history length.
5. Do I have to pay off the balance first to close a credit card?
Ideally, you should pay off the balance before closing the account. However, you can also transfer the balance to another card.
6. What personal information do you need to close a credit card account?
You will need your full name, Social Security number, date of birth, account number, and possibly some security questions' answers to close an account.
7. How do I find any open credit card accounts I may not be aware of?
To find open credit card accounts you may not be aware of, you can request a free credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) annually. The report will show all open accounts under your name.
8. How do I order a credit report?
You can order a free credit report annually from the three major credit bureaus (Equifax, Experian, and TransUnion) through the official website, AnnualCreditReport.com. You can also request the reports by phone at 1-877-322-8228 or by mail with a completed request form. Central Source LLC, P.O. Box 105283, Atlanta, GA 30348-5283
9. How do I order a Death Certificate for my state? See our guide here on how to order a death certificate for all 50 states, Washington DC and Puerto Rico.
Contact Information for Credit Bureaus
The three major credit bureaus, Equifax, Experian, and TransUnion, are responsible for collecting and maintaining consumers' credit information. They gather data from various sources, such as banks, credit card companies, and public records, to create individual credit reports that reflect a person's credit history. Each bureau may have slightly different information about a consumer, leading to minor variations in their credit scores. This occurs because not all creditors report to all three bureaus, and the bureaus may update their records at different times. As a consumer, it's essential to regularly monitor your credit reports from all three bureaus to ensure accuracy and identify potential discrepancies. If you notice an error in your report, you should contact the specific bureau that produced the report to file a dispute. By keeping an eye on all three credit reports, you can better protect your credit score and overall financial health.
- Free Credit Report Tel: 877-322-8228
- TransUnion Consumer Support Tel: 833-806-1627
- Experian Consumer Tel: 866-617-1894
- Equifax Personal Tel: 888-378-4329
Contact Information for Credit Card Accounts
Knowing where to find a credit card company’s contact information can be challenging in a contactless world of digital wallets and biometric technology. You can usually find contact information on credit card account statements and the back of credit cards. However, if you don’t have access to either, here is a helpful list of major credit card companies and their contact information.
Close Amazon Prime Credit Card Account (Chase Bank)
Amazon Prime Rewards Visa Credit Card Website
Customer Service: 1-888-247-4080
Close Amazon Store Card Account (Synchrony Bank)
Customer Service: 1-866-634-8379
Close American Eagle Credit Card Account (Synchrony Bank)
American Eagle Credit Card Website
AE or Aerie Real Rewards Store Card 1-800-843-0875
AE or Aerie Real Rewards Visa 1-866-913-6765
Close Banana Republic Credit Card Account (Barclays US)
Banana Republic Credit Card Website
Customer Service: 866-582-0286
Accounts created prior to 2022 may still be managed by Synchrony Bank
Close Best Buy Credit Card Account (Citi Bank)
Customer Service: 1-888-574-1301
Technical Support: 1-888-738-4624
For TTY: Use 711 or other Relay Service
Outside U.S., Canada and Puerto Rico, Call Collect: 1-423-467-6543
Close BJ’s Credit Card Account (Capital One Bank)
Customer Service: 844-202-9570
Close Bloomingdale’s Credit Card Account (AMEX)
Bloomingdale’s American Express Credit Card Website
Customer Service: 1-866-470-8613
Close Costco Credit Card Account (Citi Bank)
Costco Anywhere Visa Credit Card Website
Customer Service: 1-855-378-6467
Close Disney Credit Card Account (Chase Bank)
Disney Premier Visa Credit Card Website
Customer Service: 1-800-300-8575
Close Express Credit Card Account (Comenity Bank)
Customer Service: 1-800-201-4955
TDD/TTY: 1-800-695-1788
Close Fingerhut Credit Card Account (WebBank)
Customer Service: 1-800-208-2500
Close First PREMIER Bank Credit Card Account
First PREMIER Bank Credit Card Website
Customer Service: 800-987-5521
Close Forever 21 Credit Card Account (Comenity Bank)
Forever 21 Credit Card Website
Customer Service: 1-866-512-6286
TDD/TTY: 1-888-819-1918
Close Gap Credit Card Account (Barclays US)
Customer Service: 866-584-3923
Accounts created prior to 2022 may still be managed by Synchrony Bank
Close Home Depot Credit Card Account (Citi Bank)
Home Depot Credit Card Website
Customer Service: 1-800-677-0232
Technical Support: 1-866-875-5488
For TTY: Use 711 or other Relay Service
Outside U.S., Canada and Puerto Rico, Call Collect: 1-423-467-6124
Close Indigo Credit Card Account (Genesis Services)
Customer Service: 1-800-353-5920
Technical Support: 1-800-705-5144
Genesis FS Card Services
PO Box 4477
Beaverton, OR 97076-4477
Close JCPenney Credit Card Account (Synchrony Bank)
Customer Service: 1-800-542-0800
Technical Support: 1-800-527-4403
Close Kohl’s Credit Card Account (Capital One Bank)
Customer Service: 855-564-5748
Close Lowe’s Credit Card Account (Synchrony Bank)
Lowe's Advantage Card 1-800-444-1408
Lowe's Visa Credit Card 1-800-508-2520
Close Macy’s Credit Card Account (AMEX)
Macy’s American Express Credit Card Website
Customer Service: 1-888-257-6757
Close Milestone Credit Card Account (Genesis Services)
Customer Service: 1-800-305-0330
Genesis FS Card Services
PO Box 4477
Beaverton, OR 97076-4477
Close Old Navy Credit Card Account (Barclays US)
Customer Service: 866-386-8679
Accounts created prior to 2022 may still be managed by Synchrony Bank
Close OpenSky Credit Card Account (Capital Bank)
Customer Service: 1-800-859-6412
OpenSky Card Services
PO Box 9224
Old Bethpage, NY 11804-9224
Close PayPal Credit Card Account (Synchrony Bank)
Customer Service: 1-844-373-4961
PayPal Credit
PO Box 71707
Philadelphia, PA 19176-1707
Close REI Co-op Credit Card Account (Capital One Bank)
Customer Service: 844-480-5934.
Close Sam’s Club Credit Card Account (Synchrony Bank)
Sam’s Club Credit Card Website
Sam's Club Credit Card 1-800-964-1917
Sam's Club Mastercard 1-866-220-0254
Sam’s Club World Elite Mastercard 1-855-820-4009
Close Sears Credit Card Account (Citi Bank)
Customer Service: 1-800-917-7700
Technical Support: 1-800-815-7701
For TTY: Use 711 or other Relay Service
Outside U.S., Canada and Puerto Rico, Call Collect: 1-800-437-3277
Close Sephora Credit Card Account (Comenity Bank)
Customer Service: 1-866-702-9946
TDD/TTY: 1-888-819-1918
Close Starbucks Credit Card Account (Chase Bank)
Starbucks Rewards Visa Credit Card Website
Customer Service: 1-800-432-3117
Close Target Credit Card Account (TD Bank)
Target REDcard Credit Card Website
Customer Service: 1-800-424-6888
Close TJ Maxx, Marshalls, HomeGoods Credit Card Account (Synchrony)
TJX Rewards Credit Card Website
Customer Service: 1-833-888-0776
Close Verizon Credit Card Account (Synchrony)
Verizon Visa Credit Card Website
Customer Service: 1-866-313-9396
Technical: 866-647-9821
Close Victoria’s Secret Credit Card Account (Comenity Bank)
Victoria’s Secret Credit Card Website
Customer Service: 1-844-271-2596 (Victoria's Secret Mastercard) or 1-800-695-9478 (Victoria's Secret Credit Card)
TDD/TTY: 1-800-695-1788
Close Walmart Credit Card Account (Capital One Bank)
Customer Service: 1-877-860-1250
Close Wells Fargo Credit Card Account
Wells Fargo Credit Card Website
Customer Service: 1-800-642-4720
International Collect Calls: 1-925-825-7600
Pay by Phone: 1-800-869-3557
Redeem Rewards: 1-877-517-1358
Online Application Status: 1-800-967-9521
Close Williams Sonoma Credit Card Account (Capital One Bank)
Williams Sonoma Key Rewards Credit Card Website
Customer Service: 844-217-6410
Also covers: West Elm, Pottery Barn, and Mark & Graham
