How To Cancel Credit One Card ?

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How To Cancel Credit One Card: In the Fast moving world of personal Finance , Credit Card management is an important Skill. If you are facing issue with Credit One Card and thinking of Cancelling your Credit One Card then it can be an important step towards an healthy financial future.

There are several ways of Cancelling The Credit One Card But For Completing this Financial decision with Intelligence you need to know the right way . In this article we will Discuss about ” How To Cancel Credit One Card “

Reasons for Cancelling Your Credit Card

There are many reasons for which an individual can cancel a Credit card. Such as :

  • High Annual Fees: It is one of the major reasons for cancelling an Credit Card for those peoples who are not using their Credit Card Frequently.
  • Low Rewards : It is another reasons for some, as some other credit cards offer’s rewards in terms of Cashback and Reward Point’s (Which Can be redeemed to real Cash). So Some of the Individuals need to switch the Credit Cards.
  • Financial Hardship : If you are struggling with your finances and are unable to pay your Credit One Cards Bill’s on time then you should close your Card to get on Track.

It is important to note that cancelling the credit Card can Have an Negative Impact on your Credit Score so you you should keep the Credit Card open as long as you can. Ultimately, it your Decision whether to Close it or Not.

How To Cancel Credit One Card ?

There can be many reasons for Cancelling or Closing Credit One Card such as either the Card has high annual Fees or Card might be charging an high interest rate etc. If you are one one of them who wants to cancel Credit One Card then Don’t worry here we will tell you 3 ways about ” How To Cancel Credit One Card “

How To Cancel Credit One Card From Phone ?

If you want to cancel the Credit One Card From Phone then simply you need to cal the Credit One Customer care Executive on 1-(877) 825-3242 or (866) 515-5720. Then here you will be asked the reason for which you intend to cancel the card. The Executive will ask you some of your Personal details to verify the correctness of Calling person, Details such as your Name, Date of Birth , Credit One Card Number etc.

If the details given by you matches , your details on their database then your request will be accepted and will be forwarded for processing. and You will receive an confirmation message on the acceptance of your request.

However Prior to cancelling or Closing the Credit One Card you will be asked to pay the Outstanding bill on the Card if any.

How To Cancel Credit One Card from Mail ?

The second way of Cancelling or Closing the Credit One Card is by Mail, it is the traditional method in which can send the mail at their mailing address requesting the cancellation of the Credit One Card and mentioning the reason why you do not want the Card.

The mailing Address for Credit One is Credit One Bank General Correspondence P.O. Box 98873 Las Vegas, NV 89193-8873

After Understanding ” How To Cancel Credit One Card ” , the next things you need to understand is How long does it takes to Cancel, What are the Charges of Cancelling it and what are the disadvantages of Cancelling the Credit One Card.

How long does it take to cancel a Credit One card?

When you cancel a Credit One Card the cancellation process typically takes 5-7 business days. However it can take longer time if you have any outstanding balance on that card. So, you shall first pay the outstanding balance for quick closure of the card.

Will cancelling my Credit One card hurt my credit score?

The Cancellation of any time of Credit Card definitely affect the Credit score of an Individual however it depends on many factors. Such as:

  • Credit Utilization ratio: Credit Utilization ration is the ratio of amount of credit you have now to the total Credit your are offered. The Higher the ratio, you will get an negative impact on your credit score. So when you cancel an credit card the available Credit will be lowered and therefore the Credit Utilization ratio will go up.
  • Overall Credit age: It is another factor which lenders consider , in which check how long is your Credit history, if you cancel your credit card the length of your Credit age will be reduced.

Ultimately , you should keep the card open, as long as you can, as closing the card can have an negative impact on your Card.

Alternatives to Cancelling your Credit One credit card

There are some alternative you can consider, if you have decided to close your card , such as:

  • You can ask Credit One for Annual fees wavier.
  • You can opt for other card with similar specifications but with lowers annual fees.
  • You can transfer your Outstanding Balance of Credit One Card to Another Card with lower APR.

If you are not sure for which option you need to Opt for ? then you should ask to Financial Advisor For Help.

How To Cancel Credit One Card ? : Conclusion

In today’s fast moving financial world different Credit Cards are offering Various Offers and if you feel that you Card is offering low rewards, with higher Annual fees or You are facing Financial Hardship, you can opt for Cancelling or Closing your Credit One Card. Here we have discussed two different ways about “How To Cancel Credit One Card ?“, you can opt for the option which is suitable for you.

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