Capital One offers a great lineup of rewards credit cards for every type of person, so whether you need a travel card, a business card, or even a secured card, you’re sure to find a Capital One credit card option.
But while there are a variety of Capital One cards to choose from when applying, what if your needs change? Over time, the credit card account you originally opened may no longer be a good fit for you. For example, if you get a new job that requires a lot of travel, you might decide it’s time to cancel your current rewards card and opt for a travel credit card instead.
Closing an account may seem risky or troublesome because of the impact it could have on your credit, but in general, it depends on your specific credit factors and the account. Having as much information as possible will help you make the right decision. If you think closing an account is the right choice, follow these steps:
How to Close a Capital One Credit Card Account
Before you begin the steps required to close your Capital One account, you should first pay off your outstanding balance. This is to avoid the possibility that Capital One may increase your interest rate or demand immediate payment of your balance. You can close the credit card either way, but you will remain responsible for any future monthly payments. Once your account is paid off or you have a payment plan in place, you can close your account online, over the phone, or by mail.
Close your account online
Capital One members can close their account online through their website, but not through Capital One’s mobile app. They can also close their account through the mobile app by asking Capital One’s built-in chatbot assistant, Eno, to close the account for them, but Eno simply directs them to a URL in their web browser. To close your account online, you’ll need to follow these steps:
- Please log in to your account. This can be done from a standard computer or mobile phone browser.
- From your dashboard, click on the card account you want to close. If you have multiple Capital One accounts, you may need to scroll through your dashboard until you find your card.
- Click on the link that says “I want to…” next to the little gear icon. This will open the Account Services menu.
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- Select “Close Account.” This option is available in the Manage Cards section.
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- Please follow the instructions until your account is closed. These prompts usually include a survey asking why you want to cancel, as well as information via CreditWise about how closing your card will affect your credit score.
- Check your email inbox for confirmation of your action. Processing may take several days.
Close your account by phone
If you want to cancel over the phone, that’s an option too. A representative will walk you through the process, but be prepared, as they will likely try to keep you as a customer too. Here are the steps to follow:
- Please call us at 1-800-227-4825. You will be connected to your credit card’s customer service department, or you can call the number on the back of your card if it is different from the number listed here.
- Be prepared with all the information you need to provide to your Capital One representative. You may need your account number, the entire number of the credit card you’re trying to close, and the last four digits of your Social Security number.
- A representative will guide you through the process of closing your account. Your representative may also offer you certain incentives or perks for maintaining your account.
- You should receive an email confirming that your account has been closed. Processing may take some time.
Close your account by email
You can also do this by mail. Simply write a letter to Capital One explaining that you want to close your account and include your credit card number, account number, and signature. In the letter, include the date you plan to close the account. You can send the letter to the following address:
To: General Correspondence
Capital One
P.O. Box 30285
Salt Lake City, UT 84130-0287
What to do after closing your Capital One credit card account
There are a few things to keep in mind after you close your account. First, you’re still responsible for any outstanding balances on your card — past charges that haven’t yet been posted to your account — so you’ll need to make all minimum monthly payments until your balance is zero.
You should also cancel any automatic payments or previously authorized recurring charges from that card, and continue to check your account and statements to make sure you don’t miss any required payments.
What to do instead of closing your Capital One credit card account
There may be reasons why you want to close your Capital One account, but it’s probably not the only solution. Depending on your needs, there may be other options you can try besides canceling your credit card, such as:
Request a product change
Many credit card issuers offer customers the option to actually change their card without closing their account. Capital One has a wide range of cards, so you may find that a different card better suits your needs than your current card. Product changes allow you to upgrade or downgrade to a similar card. For example, if you have a Capital One cash back credit card that has an annual fee, you may be able to downgrade to a card with no annual fee. Contact Capital One to discuss which card may be a good option for you.
Locking a card
Capital One offers its members the option to “lock” their cards, which means they cannot be used until they “unlock” them. So, if you have a credit card with no annual fee, you can pay off the balance, lock the card, and keep it in a drawer for the time being. This may be a good option if the card is positively impacting your credit by building a long credit history and lowering your credit utilization ratio. If you choose to lock your card, you will also be notified of any unauthorized activity on your account.
Conclusion
If you’re thinking about closing your Capital One account, consider your motivations for doing so. Another option might be better: switching products, locking your card, or taking advantage of incentives to keep your account open.
If you’re canceling your Capital One account, make sure you’ve completed all the necessary steps and are fully informed. Also, keep in mind that you won’t get a refund for any portion of the card’s annual fee just because the card wasn’t used for the entire year.
Once you close your account, consider researching the best credit cards out there to find an option that better suits your needs.
