Breaking up with your credit card

Breaking up with your credit card


This article is a contribution towards our financial literacy series. It has been written by a specialist in credit and debt counseling – Satish Mehta, Founder and Director of


Credit-Cards-CutBreak ups are often known to carry the baggage of the past into the future. Some break ups could also haunt you at some stage of your life. You have to make sure that all issues are discussed and mutually settled. Strangely breaking up with credit cards works on the same ideology.

If you feel that you are not using a particular credit card anymore, or are holding too many credit cards, then you might want to cancel a few of them. But how would you ensure that this break up does not haunt you in future? Here is a step by step break up plan for you:

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Step 1
Contact the customer care of the card issuing company or bank and furnish your credit card details to know the exact amount outstanding on your credit card.

Step 2
Repay the outstanding balance and clear all your dues. If the outstanding balance is too high, then you might decide to repay it gradually over the next 2-3 months. Ensure that you do not swipe the credit card again till you clear all your dues.

Step 3
Once the complete payment is done, contact the customer care to place a request for cancelling the credit card. Note down the confirmation request number and follow it up with a written email. The written communication and the confirmation request number would help you a great deal in future.

Step 4
Stand firm with your decision to cancel the credit card. The card issuing company would try to lure you by offering attractive interest rates and offers. Stick to your guns!

Step 5
Wait for the confirmation stating that your credit card has been cancelled. In case, you do not hear from them, then coordinate to know the status on the same and always insist on a written acknowledgement.

Step 6
Check your credit report to ensure that the closure of the credit card also reflects on your credit report. Credit institutions report data to credit bureaus on a monthly basis and keeping that in mind you should check your credit report after 45-60 days from the date it is confirmed that your card is closed.

Step 7
Cut your credit card across the magnetic strip and your signature. Now your credit card is cancelled and closed.
Closing your credit card would hurt your credit score. This is because your credit utlisation ratio (i.e., credit used against the available limit) also forms a part of your score calculation. However, this should not stop you from not cancelling your credit card. Closing the credit card would be much wiser than keeping them dormant.

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Satish Mehta is the Founder and Director of – a credit and debt counselling company that provides end to end customized counselling to individuals by handholding them through their credit life cycle.

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