To close a credit card account, destroy the card, pay off the balance, call the company, and get written confirmation.
Steps to Close Your Credit Card
- Cut up the card. Destroy the card so you are not tempted to use it again. Going forward, use cash or your debit card. Only spend on things you can afford.
- Pay off the full balance. You cannot close the account until the balance is paid in full. Pay the balance down to zero before closing.
- Call the credit card company. Tell them you want to close the account. Ask them to cease all activity so no additional charges go through.
- Get confirmation in writing. Request written confirmation that the account is closed. Written confirmation from the credit card company is essential.
- Stay the course. Closing your credit card is an intentional step toward becoming debt-free. Ramsey Solutions recommends closing credit card accounts rather than keeping them open for your credit score.