I'd like to take advantage of a balance transfer credit card to clear off debts on my existing credit card and I've made a decision to cancel my old credit card after that. What should I do to close it?

Answered on December 01, 2010
Updated on December 01, 2010
The content is accurate at the time of publication and is subject to change.
James Williams James Williams
Frankly speaking, cancelling a credit card is a fine question. If you are firm in your decision keep in mind you should pay down your card balance in full before you inform your lender you want to close your card account. When you are certain your balance is zero inform your lender that you are cancelling your card. To avoid any mistakes it would be better to call the lender first and then write a short cancelation letter to ask for your card to be closed, including your name, phone number, address, account number and information on your earlier phone call, with a note to the credit bureaus that the account was “closed at the consumer's request”. Ask your lender to confirm your account's cancellation in a written form. After that all you need to do is to wait as cancelling your card may take a month or more. When at last you get your card cancelled take a look at your credit report copy to see your account is marked as closed. It is important to keep thorough notes on everything you do when going through the process of cancelling your credit card that is who, what, when and why. Weigh pros and cons of closing your account thoroughly. If you want to cancel your credit card do it correctly in order not to damage your credit score. Think twice before you cancel a card that you have had for a long time as it is an essential component of your credit history. And don't forget about a utilization ratio (i.e. a credit-to-debt ratio) which is very important to your credit. By the way, if you haven't chosen a balance transfer credit card yet, you have a great opportunity to find a card you like best right at our site and apply online!
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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BROWSE MORE QUESTIONS ABOUT Balance Transfer Cards:

Unfortunately, you won't be able to transfer the balance of one Wells Fargo credit card to another Wells Fargo credit card as balance transfers between two cards of one issuer are not allowed. You will need to apply for a credit card from a different issuer.
When you first face credit card issues, some phenomena can come as a bit of a shock. For example, balance transfers may seem unintelligible, but in fact they are quite easy to understand. You have a balance on card A and then you transfer it onto card B. Cards for balance transfers usually have low intro rate offers on balance transfers, so for the first time you may have even a 0% APR offer. That will allow you to pay off some or all of your balance with little interest and save quite a lot. So that is quite an option. Note that balance transfer cards with attractive low rate intro offers...
Unfortunately, you won't be able to transfer the balance of one U.S Bank credit card to another U.S Bank credit card as balance transfers between two cards of one issuer are not allowed. You will need to apply for a credit card from a different issuer.

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