Is it better to cut up a credit card or cancel it?
Matthew Harrington
Updated on February 20, 2026
In general, it’s best to keep unused credit cards open so that you benefit from a longer average credit history and a larger amount of available credit. Credit scoring models reward you for having long-standing credit accounts, and for using only a small portion of your credit limit.
How do you cancel a credit card?
How to cancel a credit card in 7 steps
- Find the number of the customer service department you need to contact.
- Redeem any remaining rewards.
- Pay off any remaining balance.
- Call your bank.
- Send a letter requesting card account closure, just to be sure.
- Check your credit report to confirm the cancellation.
What’s the best way to cancel a credit card?
Here are six simple tips to help you navigate the process: 2 Redeem unused rewards on your account before you call to cancel. Ideally, pay off all your credit card accounts to $0 before canceling any card. At the very least minimize your balances as much as possible.
What happens when I cancel my credit one card?
When you cancel your Credit One card, you’ll still have to pay at least the minimum amount due on any balance each month until it’s paid in full. Your account won’t be officially closed until you do. Any future transactions that you try to make after cancelling will be declined, but pending transactions may still process.
What to do if you can’t pay off a credit card?
If you can’t afford to pay it off, you can transfer the balance to another card that you do not plan on canceling. When you call to cancel your card, confirm that there is no balance on it. In addition to paying off your balance, you should also make sure that you cash out all of your rewards.
Can you cancel a credit card if there is no balance?
Once you’re certain the balance is zero, inform them that you are canceling the card. While some credit card companies will allow you to cancel without even speaking to a representative, others may be less obliging. If you are met with resistance, hold firm. It is your right to close the account.
