How to cancel your Australian credit card

While you can cancel a credit card at any time, there are a few important details to check before you can settle the account and cut up the card in your wallet. To help keep things simple, here you'll find steps on how to properly cancel a credit card, contact details for some of the main credit card providers in Australia and some of the other important factors to think about before you completely close the account.

What you'll find in this guide

How to properly cancel your credit card

Follow these steps to cancel your credit card successfully:

1. Pay or transfer the outstanding balance. Your card needs to have a $0 balance before you can cancel it.
2. Transfer any reward points. Redeem them for rewards or transfer them to another program so that you still get value from the points you've earned using this card.
3. Cancel direct debits. Avoid penalty charges and other issues by transferring or cancelling direct debits.
4. Cancel card. If you cancel the card over the phone, make a record of the date, time, and name of the representative you speak with.
5. Cancel your card in writing. If you need to send a cancellation request in writing, include your credit card number and account number in the letter and state your request for the card provider to close the account.
6. Check for future statements. Log into your account following your request to make sure that the card has been cancelled.
7. Destroy your credit card. Cut the card into pieces to make it impossible for anyone to put it back together.
8. Confirmation. Your credit card provider should provide confirmation that your credit card account has been closed. If you haven't received any notice of the account closure within 1–2 weeks, follow up with your provider.

What number do I call when I want to cancel my credit card?

Many credit cards include a phone number on the back that you can call for account enquiries and cancellations. Otherwise, here are details for contacting the major card companies to cancel your card:

What else should I consider before cancelling my credit card?

If you're planning to close your credit card account, make sure you also consider the following factors before you take action.

• Annual fees. Check when your credit card annual fee will be charged and whether or not this will affect the outstanding balance you'll need to pay before closing the account. If you want to avoid paying the annual fee for another year, check the date it was charged in the previous year (or the date when you opened your account) and cancel your card before the anniversary of that date.
• Applying for a new credit card. If your plan is to cancel one card and apply for a new one, keep in mind that applying for a number of cards in a short amount of time can have a negative impact on your credit history.
• Bad credit. Poor creditworthiness is bound to affect your ability to get a credit card in the future. So if you already have a lot of debt, you may want to hold off on cancelling your card while you focus on paying down your debts. This strategy can help improve your chances of approval for a new card down the track.

Compare new credit card offers

If you're not happy with your current card but still want one on hand, you could find a better option by comparing some of the latest credit card offers here.

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Name	Product	Purchase rate (p.a.)	Balance transfer rate	Annual fee	Product Description
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)	0% Balance Transfer Offer & up to 70,000 bonus Velocity Points* Earn up to 70,000 bonus Velocity Points (60,000 in 3 months and 10,000 after first year). Plus, save with 0% p.a. for 18 months on balance transfers.	Go to site More info	Compare	loading Fetching your data...
Commonwealth Bank Low Fee Gold Credit Card		0% for 15 months, reverts to 19.74% p.a.	5.99% p.a. for 5 months	$0 p.a. annual fee for the first year ($89 p.a. thereafter)	Introductory Purchase Rate and $0 Annual Fee Offer* Save with 0% p.a. for 15 months on purchases and an ongoing annual fee waiver when you meet the spend requirement. Plus, included insurances.	Go to site More info	Compare	loading Fetching your data...
Latitude 28° Global Platinum Mastercard		21.99% p.a.		$0 p.a.	International Shopping Credit Card Save with 0% foreign transaction fees on purchases. Plus, complimentary flight delay passes and a global wifi access.	Go to site More info	Compare	loading Fetching your data...
Citi Rewards Platinum Credit Card - Exclusive Offer Exclusive		0% for 13 months, reverts to 21.49% 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.	Go to site More info	Compare	loading Fetching your data...
Coles No Annual Fee Mastercard		0% for 12 months, reverts to 19.99% p.a.	0% p.a. for 12 months	$0 p.a.	0% Purchase and Balance Transfer Offer Offers 0% p.a. on purchases and balance transfers for the first 12 months and an ongoing $0 annual fee. Plus, earn flybuys for your eligible spend.	Go to site More info	Compare	loading Fetching your data...
Latitude Low Rate Mastercard		9.89% 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.	Go to site More info	Compare	loading Fetching your data...
Commonwealth Bank Low Rate Gold Credit Card		0% for 15 months, reverts to 13.24% p.a.	5.99% p.a. for 5 months	$89 p.a.	Long-Term Purchase Rate Offer* Keep interest costs low with a 0% p.a. introductory rate on purchases for 15 months. Plus, access to complimentary insurance covers.	Go to site More info	Compare	loading Fetching your data...
Qantas Premier Platinum		19.99% p.a.	0% p.a. for 18 months	$199 p.a. annual fee for the first year ($299 p.a. thereafter)	120,000 bonus Qantas Points & Balance Transfer Offer Get 20,000 bonus Qantas Points per month for the first 6 months when you spend $1,500/month. Total of up to 120,000 bonus Qantas Points.	Go to site More info	Compare	loading Fetching your data...
Kogan Money Black Card		20.99% p.a.	0% p.a. for 12 months	$0 p.a.	No Annual Fee Offer with $300 Kogan.com Credit* Save with a $0 annual fee and a 0% balance transfer offer. Plus, earn $300 Kogan.com Credit and uncapped rewards points. Ends 30 Nov 2019.	Go to site More info	Compare	loading Fetching your data...
Citi Clear Platinum Credit Card		0% for 9 months, reverts to 14.99% p.a.	0% p.a. for 9 months	$0 p.a. annual fee for the first year ($99 p.a. thereafter)	Platinum Credit Card with a Low Interest Rate* Enjoy a $0 first year annual fee and a 0% introductory rate on purchases and balance transfers. Plus, complimentary purchase insurance cover.	Go to site More info	Compare	loading Fetching your data...

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FAQs about cancelling a credit card

• Why would I cancel my credit card?

  There are many different reasons people cancel a credit card. Some of the most common reasons you might want to cancel your card include:

  • The introductory interest rate offer or $0 annual fee period is about to end.
  • You want to cut down on your interest charges.
  • You're not using the benefits of the card (rewards, complimentary insurance etc) and are paying a high annual fee.
  • You lost your card or suspect it’s been stolen.
  • You don't want to be tempted to spend more than you can afford.

  Whatever the reason, it is important that you cancel your card properly to avoid extra fees and hassles down the track.

• I want to cancel two credit cards. Will this have a negative effect on my creditworthiness?

  Each time you apply for credit or close a credit account, it is listed on your credit file. While lenders might view too many listings as a risk, closing two accounts to minimise available credit is unlikely to hurt your credit score in the long run. Just remember to close the accounts properly so that there are no outstanding debts or defaults for either of the cards.

• I cut my credit card up but did not cancel it. Can I get a replacement card?

  If you haven’t initiated the process to formally cancel your card, you can call your credit card provider to ask for a replacement card. Keep in mind that just cutting up a card won't change the fact that your account is active, so fees and charges may still apply even if you don't have a physical card to use for payments.

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