How To Close A Capital One Account

Capital One provides an excellent lineup of rewards bank cards for each kind of consumer. Whether or not you want a journey card, enterprise card or perhaps a secured card, there’s probably an acceptable Capital One bank card choice for you.

However whereas there’s a wide range of Capital One playing cards to select from and apply to, what occurs in case your wants change? Over time, the unique bank card account you opened could now not go well with you. For example, chances are you’ll begin a brand new profession that requires a variety of journey, and chances are you’ll resolve it’s time to shut your present rewards card and go for a journey bank card as a substitute.

Closing an account could seem dangerous or troublesome as a result of it may have an effect on your credit score, nevertheless it usually depends upon your particular credit score elements and the account. Being as knowledgeable as potential will aid you make the precise choice. For those who really feel like closing your account is the precise transfer, observe these steps:

The way to shut a Capital One bank card account

Earlier than you begin taking the mandatory steps to shut your Capital One account, you must first repay any excellent steadiness. That is to keep away from the potential of Capital One elevating your rate of interest and even demanding instant cost of the steadiness. You possibly can shut the bank card regardless, however you’ll nonetheless be liable for any subsequent month-to-month funds. As soon as your account is paid off or you will have a plan to pay it off, you may transfer on to both closing the account on-line, over the cellphone or by mail.

Shut the account on-line

Capital One members are capable of shut their accounts on-line from the web site, however not by way of the Capital One cell app. You possibly can attempt to shut your account by way of cell app by asking Capital One’s built-in chatbot assistant Eno to shut your account, however Eno will merely direct you to an online browser URL. To shut your account on-line, you’ll need to:

1. Log into your account. You are able to do this on a typical pc or by your cellphone’s browser.
2. Click on on the cardboard account you wish to shut out of your dashboard. You probably have a number of Capital One accounts, you would possibly must scroll by the dashboard till you discover your card.
3. Click on on the hyperlink that claims “I wish to…” subsequent to the icon of a small gear. This may open up the Account Providers menu.

4. Choose “Shut Account.” This feature can be situated underneath the “Management Your Card” part.

5. Comply with the prompts till the account is closed. These prompts will sometimes embrace a survey asking you why you wish to cancel, in addition to data by way of CreditWise about what a card closure will imply in your credit score rating.
6. Search for a affirmation of the motion in your e-mail inbox. This would possibly take a number of days to course of.

Shut the account by cellphone

For those who would favor to cancel by cellphone, you will have that choice, too. Over the cellphone, a consultant can stroll you thru the method — however be ready. They’ll probably attempt to retain you as a buyer, too. Listed here are the steps you must observe:

1. Name 1-800-227-4825. This may take you to the bank card customer support division. You can even name the quantity on the again of your card if it differs from the one right here.
2. Be ready with any data chances are you’ll want to offer to the Capital One consultant. They might require your account quantity, the complete variety of the bank card you’re seeking to shut and the final 4 digits of your Social Safety Quantity.
3. Let the consultant information you thru the account closure. That is additionally the place a consultant could give you sure incentives or perks to maintain your account open.
4. Be sure you get an e-mail affirmation that your account has closed. This may increasingly take a while to course of.

Shut the account by mail

You can even do that course of by mail. All it’s important to do is write a letter to Capital One that claims you wish to shut your account and embrace your full bank card quantity, the account quantity and your signature. This letter ought to embrace a date you count on to have the account closed by. You possibly can ship the letter to the next handle:

Attn: Common Correspondence
Capital One
PO Field 30285
Salt Lake Metropolis, UT 84130-0287

What to do after closing your Capital One bank card account

After you’ve closed your account, you ought to be ready for just a few issues. Firstly, you’ll nonetheless be liable for any excellent steadiness on the cardboard, together with any fees made beforehand that haven’t but been posted to the account. So, you might be nonetheless required to pay all minimal month-to-month funds till the steadiness reaches zero.

Moreover, you’ll must cancel any automated funds or beforehand approved recurring fees coming from that card. Proceed checking on the account and your statements to make sure you aren’t lacking any required funds.

Options to closing a Capital One bank card account

You may have your causes for wanting to shut a Capital One account, however maybe that isn’t the one answer. Relying on what your wants are, there could also be one other useful choice moreover canceling the bank card, corresponding to the next:

Request a product change

Many bank card issuers give clients the choice to really change their card with out closing their account. Capital One has a large assortment of playing cards, so a special one could meet your wants higher than your present one. A product change means that you can improve or downgrade to an identical card. For example, when you’ve got a money again bank card from Capital One which fees an annual payment, you’ll probably be capable of downgrade to a no-annual-fee model of the cardboard. Contact Capital One to debate what particular playing cards could also be good choices so that you can choose.

Lock your card

Capital One offers members the choice to “lock” their playing cards to allow them to’t be used till they’re “unlocked.” So, when you’ve got a no annual payment bank card, you may repay any remaining steadiness, lock the cardboard and put it away in a drawer in the interim. If the cardboard is positively impacting your credit score by lengthening your credit score historical past and reducing your credit score utilization ratio, then this can be a great choice. For those who select to lock your card, you’ll even be notified of any unauthorized account exercise.

The underside line

For those who’re serious about closing a Capital One account, contemplate what’s motivating you to take action. An alternative choice, corresponding to going by a product change, locking the cardboard or profiting from incentives to maintain the account is perhaps a greater choice.

For those who resolve to cancel your Capital One account, ensure you full all the mandatory steps and are absolutely knowledgeable. Additionally, remember that you gained’t get a partial refund of the cardboard’s annual payment simply because it wasn’t used for that full 12 months.

When you’ve closed the account, contemplate having a look at at this time’s finest bank cards for an choice which may higher suit your wants.

Ceaselessly requested questions (FAQs) about closing a Capital One account