Before you shut a Chase credit card, yous should think long and hard about why you’re considering this move. In the meantime, you should too look into the alternative steps you could take that could modify upwardly your credit game for a goal (i.e., avoiding an almanac fee) without all the downsides that come with closing your account completely.
While ditching your card might ultimately brand sense, the Chase 5/24 rule and other limitations from Chase can make getting a rewards credit bill of fare you’ve had in the by much more difficult if you lot change your mind.
This guide aims to explain how to close a Chase credit card account, as well as some alternate steps you could take instead.
How to shut a Chase credit bill of fare
Chase doesn’t brand it difficult to close your credit card account if that’southward what you really want to exercise. Here are the steps you tin have to close downwardly your credit card account altogether.
If you’re wondering how to close a Chase account over the telephone, you can begin the process by calling the customer service number on the dorsum of your credit card. Once you get a customer service representative prepare to assist you, let them know you want to close your credit card account altogether. While yous’re on the telephone, you’ll need to share information like your ZIP code, name and account number to prove your identity.
If y’all don’t want to call the number on the back of your Chase credit card, you can also achieve Chase customer service at 1 (800) 432-3117.
Cancel your carte du jour online
Chase doesn’t offering an online chat characteristic like American Limited does, just they practise offer a secure fashion for you to contact them online. If y’all bank or manage your credit card account using Chase.com, you can ask Chase to cancel your card through their secure messaging system.
You’ll have to log into your Chase online account direction page to do so. From there, head to your “secure messages” from the driblet-down bill of fare on the left side of the screen. Then, select the option that says “I have a question nearly one of my accounts.”
At that point, you’ll select the credit card account number for the card you lot want to close and write a simple message stating you desire your account airtight and tin can provide additional information if necessary.
Send a letter in the mail
You can also send a letter to Chase in the mail, which may make sense if y’all don’t manage your account online or feel like calling in to speak to someone. In your letter, you’ll want to include your name, account number, address and a cursory bulletin that says y’all desire your Chase credit card account closed right away.
If you are wondering how to close a Chase credit bill of fare via snail post, you can use the following address:
National Bank Past Mail
P.O. Box 6185
Westerville, OH 43086
Does endmost a Chase credit card impact your credit score?
Due to the fashion credit scores are determined, closing a credit card account can injure your credit score—even if the card is rarely used. There are 2 main reasons this is truthful.
First, closing a credit menu business relationship shortens the boilerplate length of your credit history, which is used to make up 15 percent of your FICO score. 2d, and most importantly, endmost a credit carte can reduce the amount of open credit you have and raise your credit utilization considerably.
Since this gene makes upwards thirty percent of your FICO score, raising your credit utilization charge per unit through account closure should exist your biggest business organization. Only, how would this factor come up into play?
Imagine for a moment you currently have two credit cards—a Hunt credit card and a Citi credit card. Each one has a limit of $10,000, and so your total credit is $20,000.
Now imagine you just paid off the balance on your Chase credit carte, merely you even so have $4,000 in debt on your Citi credit card. At this moment in time, your credit utilization rate is 20 percent since y’all owe $4,000 with a total credit limit of $twenty,000. However, closing your Hunt credit menu would leave you owing $four,000 in debt beyond $x,000 in total credit limits, and so your credit utilization charge per unit would increase to xl percent overnight.
Options to consider before canceling your Chase credit carte
If yous are worried about damaging your credit score or yous don’t necessarily want to ditch your Hunt credit card birthday, there are a few smart options to consider:
Ask for Chase to waive the annual fee
If you are canceling your credit card because y’all don’t want to pay an annual fee, keep in mind that you can always telephone call Chase and ask them to waive the fee. They may or may non approve your request, but the worst they tin can do is say “no.”
Request a product change
You can also request a product modify from one Chase credit carte du jour to another, a popular movement among those who want to avert paying high annual fees on rewards credit cards from Chase.
For example, y’all could call and ask to switch from the Hunt Sapphire Reserve® with its $550 annual fee to the Chase Sapphire Preferred® Bill of fare with its $95 annual fee. This would let you save hundreds of dollars per twelvemonth, notwithstanding you could go on earning points for travel in the Chase Ultimate Rewards programme.
You could even product change to a cash back credit card with no almanac fee, such as the Chase Liberty Unlimited®.
Safely store your credit card
Also, remember that you don’t have to shut your credit card just considering you don’t want to utilize information technology. You can store your card in a safe or a sock drawer, and you don’t take to get it out unless you really want to.
By keeping your credit card open without any activity, the account is nevertheless helping to lengthen your boilerplate credit history.
Closing a Chase credit menu: FAQ
Can I close a Chase credit carte du jour with an outstanding residuum?
You tin can cancel a credit bill of fare with an outstanding remainder. Nonetheless, yous volition however have to repay your remaining balance based on your credit card’s current terms and conditions.
Will Chase notwithstanding charge me interest on a airtight business relationship?
Hunt volition still charge interest on remaining balances fifty-fifty after you close your credit carte du jour account. If they are going to raise your interest charge per unit, they are required to give you 45 days of notice before they do.
Can you reopen a airtight chase credit carte du jour account?
You cannot reopen a airtight Chase credit carte business relationship, merely you can employ for another Chase credit card or the one you had before. Only remember that Chase has rules that limit who tin can and cannot get their credit cards or earn a sign-up bonus.
For starters, the Chase 5/24 rule says you cannot get approved for a Hunt carte du jour if you take had five or more credit cards inside the terminal 24 months. Further, Chase has specific rules that govern their families of cards. If yous read the fine print on the Hunt Sapphire Reserve®, for example, yous’ll find it says:
“The product is non available to either (i) current cardmembers of any Sapphire credit card, or (ii) previous cardmembers of any Sapphire credit carte who received a new cardmember bonus within the terminal 48 months. If you are an existing Sapphire customer and would like this product, please phone call the number on the back of your carte du jour to meet if you are eligible for a product alter. You lot will not receive the new cardmember bonus if y’all alter products.”
The bottom line
Closing a credit card tin sometimes exist the right motion, but there are definitely situations where you’re better off switching products or stashing your card away in a sock drawer. Brand sure you consider all the options, as well as potential consequences you’ll face if you shut your Chase card account for good.
There’s no real “right” or “wrong” respond that applies to everyone, but you should brand an informed decision.