How to cancel and close Chase credit card

Last Updated on June 24, 2025 by admin

Deciding to cancel your Chase credit card can be a significant financial decision influenced by various reasons. It’s essential to begin by assessing your personal financial situation and goals.

For some, a primary reason might be the high annual fees associated with certain Chase credit cards, which can become unnecessary, especially if you’re not maximizing the card’s rewards or benefits. Similarly, reducing debt and simplifying financial management might encourage someone to close an account.

By cancelling a credit card, you might resist the temptation of overspending, which is crucial for those aiming to maintain a stringent budget or pay off existing debt.

Changes in financial priorities can also drive the decision to close a credit card. For instance, you might have obtained a Chase credit card primarily for travel benefits or cashback rewards. However, over time, your lifestyle and spending habits may evolve, leading you to prefer cards that offer better-aligned rewards or benefits with your current needs.

Dissatisfaction with customer service, unfavorable changes in card terms, or discovering better offers from other credit card companies could motivate you to explore alternative options.

It’s important to weigh the potential impact on your credit score, as closing an account can affect your credit utilization ratio and length of credit history. Considering these aspects can help you make an informed decision about canceling your Chase credit card.

Table of Contents

Reviewing Your Chase Credit Card Terms And Conditions

Before proceeding with the cancellation of your Chase credit card, it’s essential to review the terms and conditions associated with your card. This step will help you understand any potential consequences and obligations involved.

The terms and conditions outline key details about your account, including interest rates, annual fees, and any penalties for late payments. By familiarizing yourself with these elements, you can ensure there are no surprises during the cancellation process.

Pay special attention to any rewards or benefits that your card offers. Some cards come with points, cashback, or airline miles that might be forfeited upon cancellation. Assess whether you have any remaining points or rewards and if it makes sense to redeem them before closing the account.

Additionally, review the terms regarding balance transfers or ongoing promotional interest rates, which could be affected by account closure.

Understand any outstanding balances on the card, as Chase generally requires that these be paid in full before the account is officially closed. If you have automatic payments set up, make arrangements to update or cancel these to avoid errors.

Lastly, be aware of how account closure might impact your credit score. Keeping the terms and conditions in mind not only helps in making an informed decision but also ensures a smoother transition when closing your Chase credit card.

Also read: How to activate chase credit card within minutes

Why do customers cancel their credit card?

Customers cancel their credit cards for various reasons, including:

High Fees: Annual fees, late payment fees, or foreign transaction fees can make a credit card less attractive, leading customers to seek alternatives with lower or no fees.
High-Interest Rates: If a credit card has a high annual percentage rate (APR), customers may decide to cancel it and switch to a card with a lower interest rate to save money on interest payments.
Limited Rewards or Benefits: Some credit cards offer rewards programs or benefits that might not align with a customer’s spending habits or preferences. If the rewards or benefits aren’t valuable enough, customers might cancel the card.
Poor Customer Service: Negative experiences with customer service, such as difficulty resolving issues or long wait times, can prompt customers to cancel their cards.
Consolidating Debt: Customers might cancel a credit card to consolidate their debt onto a single card with a lower interest rate or to simplify their finances.
Financial Changes: Changes in financial circumstances, such as a decrease in income or an increase in debt, may lead customers to cancel a credit card to avoid overspending or accumulating more debt.
Security Concerns: If a customer experiences a security breach or fraudulent activity on their card, they might cancel it for security reasons.
Card Not Needed: Some customers may cancel a credit card simply because they no longer need it or use it.
Negative Impact on Credit Score: Closing a credit card can potentially lower a customer’s credit score, especially if it’s an older account or if it significantly reduces their available credit.

Also read: How to open Chase Bank Checking Account -Easily Steps

How to cancel chase credit card

To cancel Chase credit card kindly follow the steps below:
1. Pay off balance
2. Use rewards
3. Call issuer
4.Check your credit report
5, Destroy card

To cancel your Chase credit card requires careful attention to ensure all aspects are covered effectively.

First, gather all necessary information, including your credit card number, personal identification details, and any recent transactions. Having your latest billing statement can be helpful for reference.

Once prepared, call the customer service number found on the back of your Chase credit card. then follow the steps below:

1.Call Customer Service by Dialing the number on the back of your Chase card or call 1-800-432-3117. A representative will verify your identity and help you close the account.

2.Send a Secure Message Online Log in to your Chase account, go to the “Secure Messages” section, and select “I have a question about one of my accounts.” Choose the card you want to cancel and send a message requesting closure.

3.Mail a Written Request You can also write a letter to Chase requesting cancellation. Include your name and address (but not your full card

Read: How to register for Chase Online and mobile banking

What To Do After You’Ve Canceled Your Chase Credit Card

After canceling your Chase credit card, there are several steps you should take to ensure a smooth transition and maintain financial stability.

First, confirm the cancellation by keeping any documentation received from Chase. This could be a confirmation email or letter that indicates your account has been successfully closed. Such records are crucial in case there are issues or disputes in the future related to the cancellation.

Next, ensure that any automatic payments or subscriptions associated with the canceled card are updated with a new form of payment. This prevents any potential service disruptions or late fees. Take the time to review recent statements and verify that no pending transactions are missed or mistakenly processed.

It’s essential to monitor your credit report in the months following the cancellation. While closing a credit card can impact your credit score, keeping an eye on the report will help ensure that no errors occur and that fraudulent activity is detected early.

If the cancellation was due to high interest rates or fees, think about exploring better financial products or strategies that suit your needs. Strengthen your financial habits by maintaining a budget, managing balances on remaining credit accounts, and exploring rewards programs that might serve you better

Will closing my Chase account affect my credit score?

Closing your Chase credit card account can affect your credit score, —but how much depends on a few key factors:

Credit Utilization Ratio If you close a card with a high credit limit, your overall available credit drops. That can increase your credit utilization ratio (how much you owe vs. your total credit), which may lower your score.
Length of Credit History If the card you’re closing is one of your oldest, it could shorten your average credit age over time. That’s another factor that can slightly ding your score.
Credit Mix Having a variety of credit types (cards, loans, etc.) helps your score. Closing a card might reduce that mix.

That said, if the card has a high annual fee, you don’t use it, or it tempts you to overspend, closing it might still be the right move. Just be sure to pay off the balance first and consider keeping your oldest or highest-limit cards open if possible

How to minimize the impact to your credit

To minimize the impact on your credit score when closing a Chase credit card, follow these steps:

Pay Off the Balance: Make sure to pay off your entire outstanding balance on the card before closing it. Any remaining balance will continue to accrue interest and could negatively impact your credit utilization ratio.
Redeem Rewards: If your card offers rewards points or cashback, redeem them before canceling. You may lose these rewards if you close the account without using them.
Consider Alternatives: Before closing the card completely, explore other options:
Timing is Key: If possible, time the closure of your card after your statement cycle has ended. This ensures that your credit report reflects a zero balance on the closed account.
Maintain Other Credit Accounts: Keep your other credit accounts in good standing by making on-time payments and keeping your utilization low. This will offset any potential negative impact of closing the Chase card.
Monitor Your Credit Report: After closing the account, regularly monitor your credit report to ensure that it is accurately reflected. You can get a free credit report from each of the major credit bureaus annually at AnnualCreditReport.com.

Remember, closing a credit card should not be a hasty decision. Consider the potential impact on your credit score and explore alternatives before making a final choice.

How to calculate your credit utilization ratio

Calculating your credit utilization ratio is simple.Here’s how to do it:

Add up all your credit card balances This is the total amount you currently owe across all your credit cards.
Add up all your credit limits This is the combined credit limit of all your cards.
Divide your total balance by your total credit limit For example, if you owe $2,000 and your total credit limit is $10,000, your ratio is 0.2.
Multiply by 100 to get a percentage In this case, 0.2 × 100 = 20% utilization.

Example: If you have two credit cards with balances of ₦30,000 and ₦20,000, and credit limits of ₦100,000 and ₦50,000 respectively:

($30,000 + $20,000) / ($100,000 + $50,000) * 100 = 33.33%