I have a Capital One Visa that I want to cancel before the annual fees are due in February. I have never cancelled a credit card before so I am unsure what to do. Do I call Capital One and tell them to cancel my card? Do I have to write them and enclose a cut up credit card? Should I do both? I thought I remember reading something that recommended I have them list the account closed by consumer on my credit report. Is this good advice? Thanks!
RE: How to cancel Cap. One car Call capital one and tell them that you want to cancel the card. You donot have to send the card back. You tell the rep that you want the account to say 'closed by consumer' or 'closed at consumer's request' with the credit bureaus. Be prepared to fight to close the account. Capital one will say anything to keep the account open. Good Luck. roni
RE: How to cancel Cap. One car Call them and tell them you want to close the account. They'll try to keep you, so be prepared to hear some offers like increased credit line or no annual fee or whatever. If you like what you hear, then you can accept it. Threatening to close the account is a good way to get better terms. However, if you're determined to close it, then by all means, do it. Tell them to report it as "closed at customer request". You don't have to send them the card back, even if the agreement says so. You should ask them about that though, just to prove your good faith. It is a good idea to have 0 balance on the account when you close it. Otherwise they could jack up the APR until you pay it off.
Thanks Roni and Sorin! Thanks for your advice! I am closing the account because I don't want to pay the annual fee for a card that has a limit of $300 when I have several cards with $2000 limits. So, if they offer to cancel my annual fee, I think I will stay with them because they have a grace period. My other cards do not have grace periods. The Capital One card is great for ordering books online. Thanks again.
