Things To Consider When Cancelling A Credit Card
As mentioned earlier, there is no standard procedure to cancel a credit card. However, when you want to cancel a credit card, the right way to go about it is making sure that certain things are followed. Following the things listed below helps you minimize the damage that closing a credit card can have on the credit score.
Pay Off Any Remaining Balance
Pay off your credit card in full or, if you can find a balance transfer card with better terms, transfer the balance. You cant completely close a card until the balance is paid.
If you dont want any more charges accrued to the card until the balance is paid, you can contact the issuer and ask that the card be frozen until the balance is cleared and the card closed.
If you normally carry a balance from one month to another, you will need to pay the full statement balance two months in a row to wipe out the balance and stop further interest charges from accruing.
The Chase Sapphire Reserve Is Right For You If:
The Chase Sapphire Reserve® could be a great choice if most or all of the following are true:
- You can take advantage of the annual travel credits and reimbursement for Global Entry or TSA PreCheck.
- You normally travel three or more times per year.
- You have good to excellent credit.
- You want the versatility of a rewards program that allows you to transfer points to your favorite hotel and airline brands.
With all the benefits of the Chase Sapphire Reserve®, the right cardholder can get substantial value from it. But $550 is a high annual fee for a credit card, and its benefits aren’t for everyone. A lower annual fee or no annual fee travel card may be better if you’re wary of the annual fee.
The simplest way to decide is to see how you feel about the features the card offers. If you’re unsure how much you’ll use them, there are plenty of other top credit cards to consider. If you’re excited about most of this card’s perks, you’ll love the Chase Sapphire Reserve®.
Chase Customer Service Alternate Methods Of Contact
Secure Messaging:;Log on to your account and click on Secure Messages;in your sidebar, or head directly to the secure messaging center
In-Person: There are more than 16,000 ATMs and 5,000 local branches find a location near you
Twitter: Tweet questions to
Facebook: Send messages via;
The information regarding the Amazon Prime Rewards Visa Signature Card, Chase Freedom Flex Credit Card, Chase Freedom Unlimited® card, Chase Freedom® Student Credit Card, Disney® Premier Visa® card, IHG® Rewards Club Traveler Credit Card, and Starbucks® Rewards Visa® Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
Consider Asking To Transfer Your Credit Limit
If you have more than one Chase card, another option to consider when closing your account is transferring your line of credit to another Chase card. Transferring your line of credit wont affect your credit score and it could save you from that dreaded dip in your credit score.
However, Chase wont allow you to transfer a line of credit from a business credit card to a personal credit card, and it may require you to leave a small credit limit on the card you are transferring from.
Credit line transfers are typically simple to initiate and can be processed within 24 hours, but its not a guarantee. Contact Chases customer service line to see your options when it comes to transferring your limit.
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Will They Make Me A Counteroffer
If you’re considering closing your account, you can always call your card issuer and let them knowthey may make an offer to try to get you to stay. They may say you’re qualified for bonus rewards if you keep the account open and spend a certain amount within a set time period. Or you may score a lower interest rate or have your annual fee waived. There’s no guarantee you’ll get an offer, but it doesn’t hurt to find out.
How Chases Ultimate Rewards Program Works
Chase issues numerous cards that earn Ultimate Rewards, which can be redeemed for travel, gift cards, Amazon.com gift certificates, and Apple merchandise or transferred to Chase travel partner loyalty programs , usually on a 1:1 basis.;Chases premium travel card, Sapphire Reserve, offers a 50% premium on Ultimate Rewards points when they’re redeemed for travel through the UR travel portal, while the Sapphire Preferred and Ink Preferred provide a 25%;premium.;;
The following Chase cards offer Ultimate Rewards:
- Chase Sapphire Reserve
For more details on Ultimate Rewards, please see our Ultimate Guide to Chase Ultimate Rewards.
Aside from Chases Ultimate Rewards program, the bank offers other rewards cards that include cash back and partner-based programs like airline, hotel, and retailer loyalty points.
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Best Business: Ink Business Unlimited
$750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.
|Earn unlimited 1.5% cash back on every purchase.|
|INTRO PURCHASE APR|
|Either $5 or 5% of the amount of each transfer, whichever is greater.|
|Cash Advance APR|
|Either $15 or 5% of the amount of each transaction, whichever is greater.|
- Why We Chose This Card:
- Pros & Cons
The Ink Business Unlimited card was selected as our best Chase business card because of its flat cash back earnings rate of 1.5% on all business purchases and no annual fee. Business owners can also add employees to the account for free to earn even more rewards on their spending and meet the minimum spending requirement to receive the one-time bonus. Rewards can be taken as cash back or transferred to another business or consumer Chase card that earns Chase Ultimate Rewards.
Employee cards can be added at no cost
Larger minimum spend requirement to earn bonus
No bonus rewards categories
Is Chase Sapphire Reserve’s Annual Fee Worth It
The Chase Sapphire Reserve®’s $550 annual fee puts a solid dent in your wallet. For that fee to be worth it, you’ll need to have moderate to high spending and use most or all of the card’s benefits.
Do keep in mind that Chase Sapphire Reserve®’s annual fee is charged in the first year, not waived for your first year like some other travel credit cards.
In year one, the card is well worth it when you tally up the $900 value of the sign-up bonus, the $300 worth of travel credits, and the $100 reimbursement for Global Entry or TSA PreCheck. You’d come out $750 ahead after subtracting the Chase Sapphire Reserve®’s cost for the annual fee.
The equation changes beyond year one. In those out years, the $300 annual travel credit brings the cost down to $250. You’d then need to earn roughly 17,000 Ultimate Rewards points to break even on the annual fee. Getting to that number the hard way, you’d need to spend $17,000 annually for purchases that earn at the 1x rate. The reality is many purchases will be in bonus categories that earn at the 3x rate , making it much easier to break even on the annual fee.
Compare to other popular travel cards: Chase Sapphire Reserve® vs. The Platinum Card® from American Express
How Do I Get A Chase Freedom Referral Bonus
You can be rewarded if your friend gets any participating Chase Freedom® credit card. Earn up to $500 cash back per year by referring friends to any participating Chase Freedom credit card. Thats $100 cash back for each friend who gets approved. To refer friends provide your information and click Continue.
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Why Canceling A Credit Card Might Still Make Sense:
Despite the potential for short-term credit score damage, canceling a credit card can still be the right decision. For example, if youre paying an annual fee for a card you dont use, and youre not planning to apply for a mortgage or car loan in next few months, its probably better to close the account. Credit scores usually rebound within 3-6 months after canceling a credit card. And if you dont plan to borrow during that time, you dont have to worry about that drop.
But an unused is another story. Even a credit card with zero balance still reports positive info to the credit bureaus on a monthly basis. That means its an asset to your credit score.
In any case, you should know all the facts before you cancel a credit card, so you can make an informed decision. Well summarize the key considerations below.
Compare The Best Chase Credit Cards
|Best Overall, Best Cash Back||$0||$200 after $500 within 3 months||5% travel through Chase 3% at restaurants and drug stores Unlimited 1.5% all else|
|Ink Business Unlimited||$750 after $7,500 within 3 months||Unlimited 1.5%|
|$95||100,000 points after $4,000 within 3 months||5X points on travel purchased through Chase Ultimate Rewards, 3X points on dining and 2X points on all other travel purchases|
|Chase Freedom Student||$50 after 1st purchase within 3 months||1% on all purchases|
|60,000 points after $4,000 in 3 months||3x dining and travel 1x all else|
|United Explorer||60,000 miles after $3,000 in 3 months; Additional 10,000 after $6,000 total in 6 months||2x on United, dining, and hotels|
|3 Free Nights after you spend $3,000 in 3 months||6x at Marriott 2x all else|
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Cancel A Chase Credit Card Over The Phone
Canceling by phone is quick and easy. Card holders begin the process by calling 1-800-432-3117 .
The system prompts card holders to enter their 16-digit credit card numbers. Then they are presented with various automated options. Skip the automated options and speak to a customer service representative instead.
Cancel with the representative, and get his or her name and number. Write it down in case the card cancellation does not go through.
How To Cancel A Credit Card
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Editors note: This post has been updated with the latest information on credit cards and credit scoring. It was originally published on April 10, 2015.
Knowing when to cancel a credit card is critical to your long-term success as a points and miles enthusiast. This knowledge is just as important as learning how to take advantage of attractive new credit card offers.
Its usually best to leave your credit cards open. However, if you have a reason for canceling a credit card , the process doesnt have to be difficult. Consider the questions below and if youre still sure you want to close your account, plan your exit strategy. We outline just what you need to do, below.
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How Do I Get My Money Back From Chase
Do You Need Good Credit To Downgrade A Credit Card
If your credit isnt great, downgrading your card will probably help it rather than hurt it. Downgrading to a card with no annual fee and lower spending maximums will help you make payments on time and in full, which will increase your overall credit score. Theres no minimum credit score you need to downgrade.;
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Chase Trifecta And Chase Quartet
Chase cards that earn Ultimate Rewards points are easy to pair, creating a card strategy that can help you maximize nearly every purchase you make.;
Instead of collecting points, miles, or cash back toward different rewards program currencies, it can be advantageous to earn Ultimate Rewards points on multiple Chase cards, which you can combine into one account and redeem together.;
Two common methods are the Chase trifecta and Chase quartet, which you can customize to fit your spending and benefits preferences. Essentially, each strategy uses one Ultimate Rewards-earning card from Chases three primary card families: the Sapphire, Ink Business, and Freedom cards. Because these cards offer a diverse range of rewards categories, its easy to maximize each purchase you make, then pool rewards onto your Sapphire Reserve, Sapphire Preferred Card, or Ink Business Preferred account and redeem at the boosted rate those cards offer .
For the quartet, you could open a Sapphire Card, one of the Ink Business cards, and both the Freedom Unlimited and Freedom Flex. Though they do have some overlapping rewards categories, theyre also both no annual fee cards. And if youre unable to qualify for a business card, you can also create a consumer-card-only trifecta using either the Chase Sapphire Reserve or Preferred Card, the Freedom Unlimited, and the Freedom Flex.;
Why You Need Chase Lock If You Have A Chase Credit Card
Chases credit card locking feature can be super helpful to save you time and a headache. It allows you to essentially freeze your account in case you misplace your card but arent sure if it is actually lost. This keeps potential criminals from being able to make charges while allowing you to search for the card. It also allows you to avoid unnecessarily closing your old account and getting a new account number which can be frustrating, especially if you have automatic payments set up through some vendors.
If you figure out the card fell out of your pocket and you find it in your couch cushions, simply unlock your card and continue using it.
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Other Products & Services:
Chase, JPMorgan, JPMorgan Chase, the JPMorgan Chase logo and the Octagon Symbol are trademarks of JPMorgan Chase Bank, N.A.; JPMorgan Chase Bank, N.A. is a wholly-owned subsidiary of JPMorgan Chase & Co.
Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.
J.P. Morgan Wealth Management is a business of JPMorgan Chase & Co., which offers investment products and services through J.P. Morgan Securities LLC , a registered broker-dealer and investment advisor, member;FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. , a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc. in Florida. Certain custody and other services are provided by JPMorgan Chase Bank, N.A. . JPMS, CIA and JPMCB are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states.
“Chase Private Client” is the brand name for a banking and investment product and service offering, requiring a Chase Private Client Checking account.
Bank deposit accounts, such as checking and savings, may be subject to approval. Deposit products and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC.
Auto Rental Collision Damage Waiver
Several Chase credit cards provide complimentary rental car protection. The auto rental collision damage waiver covers the car from theft or damage; however, it does not cover damage to other vehicles or bodily injury. To activate this benefit, decline the coverage offered by the rental car company and pay with your eligible Chase credit card.
There are two types of rental car protection primary and secondary. Secondary protection pays after your personal auto insurance handles the claim, while primary protection covers the vehicle without involving your insurance policy. The Chase Sapphire Reserve®, Chase Sapphire Preferred® Card and Ink Business Preferred Credit Card all offer primary rental car protection.
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Locking Your Card On Chasecom
On Chase.com, select the credit card account you want to lock from the accounts home page. Next, click on the Things you can do drop down menu in the top right corner of your credit card account summary box.
Then, select Lock & unlock your card. A new menu will pop up from the right side of your screen with a slider to lock and unlock your card. Simply click the slider to lock your card and click it again to unlock it.
Chase also lists frequently asked questions below the option to lock and unlock your card.