cancel card

Is it difficult to cancel a credit card?

Cancelling your credit card isn't hard, but you can follow these steps to make it even easier.

Whether you've paid your balance and want to get rid of your credit card, want to move a debt to a 0% balance transfer card or are looking to upgrade, there are plenty of reasons why you may want to cancel your credit card. Cancelling your credit card isn't difficult, but there are a few steps that you'll need to make sure you do properly to keep your credit score intact. You can use this guide to learn the steps you'll need to take to close your credit card account and get your finances in order.

How to cancel your credit card in five simple steps

Cancelling your credit card isn't as simple as cutting up your card. These are the steps you should follow to close your account:

1. Pay off or move your outstanding balance

Before you can close your card, you need to pay off your account in full, so you'll need to pay off your balance (and any interest owed) before you ask the bank to close the account. You should keep in mind that you'll also have to pay off any debts that are coming from direct debits. If you try to close your credit card with an outstanding balance, the bank may refuse, increase the interest rate or demand full and immediate payment.

If you want to cancel your card because you're struggling to repay a debt that's collecting interest, you can move it to a card with 0% on balance transfers to pay it off without interest for a promotional period. Not only will you save on interest costs, but you may also pay down your debt faster.

2. Move direct debits and reward points

If you have any direct debits linked to your account (such as phone bills or rental payments), you will need to cancel these or move them to another account before you close your account. Otherwise, you may not be able to close your account if a direct debit has come out and added to your debt or you could default on a payment if it's connected to a cancelled card. Direct debits can sometimes reactivate a cancelled card, so it's best to do this before you even ask the bank to close the card.

If you have a rewards credit card, you should also spend or move your reward points before you cancel your card. If you have a frequent flyer credit card that's linked to an external program, such as Qantas Frequent Flyer or Velocity, you shouldn't have to do anything with your points. But if it's linked to a bank rewards program such as ANZ Rewards or St.George Amplify, you should either redeem your points for rewards or try to move them to a partnered program (usually a frequent flyer program or hotel loyalty scheme). If you don't and you cancel your card, you won't be able to spend your rewards and they'll go to waste. You can read our guide to transferring credit card rewards points to frequent flyer points for some tips.

3. Call to cancel your card

Once you've paid your balance, you can contact your bank or card provider to cancel your card. When you make the call, you may be transferred to a customer service representative whose job it is to retain customers. They may offer you a lower annual fee, reduced interest rates or bonus points, but if you're determined to close your account, you shouldn't be swayed by these offers. Instead, you should insist that you want to close your account.

You'll usually need to confirm your identity to close your account, and some banks may require that you send a written request or visit a bank branch. If you can cancel your card over the phone, make a record of the date, time and name of the representative you spoke with in case you need to chase up the account closure.

You can find a list of the Australian bank customer service numbers you can call to cancel your card on finder.

4. Check for future statements and confirm the cancellation

Once you've received confirmation that your card is closed, you should try to log into your account or go through your credit card statements following the request to ensure that it has indeed been closed. If it hasn't, you can contact the lender again and request that it be closed immediately.

5. Cut up your card

Once you're sure that your card is closed, you can cut up your card. Although the card won't be of much use if the account is closed, it's wise to cut it into as many pieces as possible and discard them in a few different places (such as in the bin at home, at work and in public areas).

Closing your credit card can be a simple process as long you know the steps to follow. If you've closed your card and are in the market for a new and competitive offer, you can start comparing your options below.

Compare other credit card deals

Rates last updated January 21st, 2019
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Platinum Credit Card with a Low Interest Rate *
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
ANZ Low Rate
12.49% p.a.
0% p.a. for 15 months
$58 p.a.
Long-Term Balance Transfer Offer*
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
Westpac Low Rate Card
13.49% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
$0 First Year Annual Fee & Balance Transfer Offer*
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
Bankwest Breeze Classic Mastercard
0% p.a. for 6 months (reverts to 12.99% p.a.)
0% p.a. for 26 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
0% p.a. for 26 months Balance Transfer Offer*
Pay 0% p.a. interest on purchases for the first 6 months and 0% p.a. on balance transfers for 26 months. Plus, a $0 first year annual fee.
Citi Platinum Credit Card - Exclusive Offer
0% p.a. for 13 months (reverts to 20.99% p.a.)
0% p.a. for 13 months
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
0% p.a. Purchase & Balance Transfer Offers*
finder Exclusive:
Save with 0% interest on purchases and balance transfers for 13 months (with no BT fee). Plus, a discounted $49 annual fee for the first year.
Suncorp Clear Options Platinum Credit Card - Online Offer
20.74% p.a.
0% p.a. for 18 months
$49 p.a. annual fee for the first year ($129 p.a. thereafter)
Discounted First Year Annual Fee & Balance Transfer Offer*
Save with a 0% balance transfer offer and earn up to 60,000 Bonus Reward Points. Plus, a discounted first year annual fee when you apply online.
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months
$99 p.a.
Platinum Credit Card with Balance Transfer Offer
Save with 0% p.a. interest for up to 24 months on balance transfers with no balance transfer fee. Plus, platinum perks. Ends 23 January 2019.
Westpac 55 Day credit card - Online Offer
0% p.a. for 13 months (reverts to 19.84% p.a.)
$0 p.a. annual fee for the first year ($30 p.a. thereafter)
Save with 0% p.a. interest for the first 13 months on purchases and a $0 first year annual fee.
Citi Simplicity Card
19.99% p.a.
0% p.a. for 6 months
$0 p.a.
Low Intro Balance Transfer Interest Rate with No Annual Fee
Get 0% p.a. interest for up to 6 months on balance transfers with no balance transfer fee. Plus, a $0 annual fee for life.
St.George Amplify Signature - Online Offer
19.49% p.a.
$0 p.a. annual fee for the first year ($279 p.a. thereafter)
$0 First Year Annual Fee & Bonus Points Offer*
Enjoy a $0 first year annual fee, 100,000 bonus Amplify Points and 2 complimentary lounge passes per year. Ends 23 January 2019.
Bendigo Bank Low Rate Mastercard
11.99% p.a.
$0 p.a. annual fee for the first year ($45 p.a. thereafter)
Low Rate Credit Card Offer*
A no-frills card with a low variable purchase interest rate of 11.99% p.a. and a $0 first year annual fee.
HSBC Platinum Credit Card
19.99% p.a.
0% p.a. for 22 months with 2% balance transfer fee
$129 p.a.
Annual Fee Refund & Balance Transfer Offer*
Offers a 0% p.a. for 22 months balance transfer and an annual fee refund each year when you spend $6,000. Plus, 2 airport lounge passes every year.
NAB Qantas Rewards Signature Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Bonus Qantas Points Offer*
Collect 90,000 bonus Qantas Points when you spend $4,000 within 60 days of account opening. Plus, a $295 annual fee in the first year.
Virgin Money Low Rate Credit Card
11.99% p.a.
0% p.a. for 14 months
$49 p.a.
Low Purchase Rate & Balance Transfer Offer*
Offers a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and 0% p.a. for 14 months on balance transfers.
Latitude Low Rate Mastercard
11.99% p.a.
$69 p.a.
Low Rate Credit Card Offer*
Offers a competitively low interest rate and annual fee, plus up to 55 interest-free days on purchases
Virgin Australia Velocity Flyer Card - Bonus Points Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Up to 60,000 bonus Velocity Points Offer*
Earn up to 60,000 bonus points in the first 3 months and save with a $64 first year annual fee. Plus, a long-term balance transfer offer.
Skye Mastercard - Online Offer
23.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Get 90 days interest-free, $0 foreign transaction fees and a $0 annual fee for the first year when you apply through finder.
NAB Low Fee Card
19.74% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$30 p.a.
Low Annual Fee & Balance Transfer Offer
Receive complimentary purchase protection insurance, a 18 month balance transfer offer and special offers from Visa Entertainment.
Citi Rewards Platinum Credit Card - Online Offer
20.99% p.a.
0% p.a. for 24 months with 1.5% balance transfer fee
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
0% p.a. for 24 months Balance Transfer Offer*
Earn reward Points per $1 spent, take advantage of a 0% p.a. for 24 month balance transfer offer, plus complimentary international travel insurance.
HSBC Platinum Qantas Credit Card
19.99% p.a.
0% p.a. for 12 months
$0 p.a. annual fee for the first year ($79 p.a. thereafter)
$0 First Year Annual Fee & Balance Transfer Offer*
Save with a $0 first year annual fee and a long-term balance transfer offer. Plus, complimentary travel insurance.
Virgin Australia Velocity Flyer Card - Exclusive Offer
0% p.a. for 14 months (reverts to 20.74% p.a.)
0% p.a. for 6 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Discounted First Year Annual Fee & Purchase Offer*
finder Exclusive: Save on credit card costs with half the annual fee for the first year and a 0% p.a. interest rate on purchases for 14 months.
Westpac Altitude Platinum Card - Qantas
20.24% p.a.
$50 p.a. annual fee for the first year ($200 p.a. thereafter)
Bonus Points and Annual Fee Offer*
Earn 60,000 bonus Qantas Points when you spend $3,000 within 90 days of card approval. Plus, a $50 first year annual fee.

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