How to cancel the credit card in case of theft, loss or any other reason. All the steps to be followed to cancel the credit card
August 18, 2017 by Manuel Gimeno
If you got here, you need to cancel your credit card. Whether due to loss or theft, or simply wanting to stop using the financial product , you must follow a series of very specific steps to cancel the card.
Why do you have to be so careful when canceling the card? Very simple, because if it is not done well, you can risk paying interest and commissions associated with it.
Financial institutions require the client to carry out certain specific actions to cancel the card. Generally, all these actions appear in the contract signed with the entity for its issuance, and it is advisable to read it if this action is to be carried out. However, I will tell you step by step the usual steps you must take to cancel the credit card :
How to cancel the credit card step by step:
- Stop using the card immediately: If the reason for cancellation is simply to get rid of the contracted financial product, you must stop using the card immediately . There are operations on the card that take time to appear, withholdings that may occur when doing certain actions (such as reserving a room at a hotel), and all of which may cause future expenses that may generate interest if the card is no longer operative.
- Pay the outstanding balance of the card: It is the most important condition that must be met before canceling the credit card. If the card has accumulated balance, it must be paid immediately to prevent the interests from running . If the card is canceled and there are still debts associated with it, there is a risk that the bank will raise interest, incur a default and finally have legal problems with the financial institution. So check the balance that there is on the card before anything, and skip it immediately before executing the cancellation of the card. You will save many problems.
- Give the order to the bank to cancel the credit card: If the debt has already been settled, the next step is to give the order for the cancellation of the card . That is, you have to contact the entity and communicate the intention to cancel the credit card. Although the most direct is to appear at the corresponding office, it is possible to do so by registered letter or by telephone. It is not advisable to do so via email, as it is easy for the entity to deny us the cancellation arguing a possible case of mail not received. Once the financial institution receives the request to cancel the credit card, it will check that there are no outstanding debts on the card and that the request for cancellation of the card is correct. At that time, it will issue a cancellation number that will determine that the demand has been accepted.
- Review the last monthly statement of the card: This last step corresponds more to the verification that everything went well than to a requirement for the cancellation of the card. Taking a look at the card statement for the last month, it will be possible to know if there is still a balance to be paid and if the credit card has been canceled correctly.
How to cancel the card in case of theft or loss
If you need to cancel the card because it has been stolen or you have lost it, the procedure is a bit different from the one described above. In this case, you will need the method to be more agile, but it will also require that you take certain actions that accompany the cancellation of the credit card:
- Block the card : It is essential to carry out this action to prevent anyone from using it. Generally, financial institutions allow this action through the mobile application or the bank’s own website.
If you can not do it online, it is advisable to call the financial institution, the corresponding card network or the operator in question. Next, I provide you with the phones with which you can request the blocking of the card:
Entity Phone Visa Spain 900 991 124 MasterCard Spain 900 971 231 4B 913 62 62 00 Euro 6000 902 206 000 Servired 902 192 100 EVO Bank 910 900 900 BBVA 912 249 426 Bankia 916 024 680 The Caixa 900 444 333 Sabadell Bank 900 700 010 Santander Bank 900 811 381 WiZink 900 801 800 ING 912 066 666
- Report the theft in the police station : At the moment of robbery or theft, you should go quickly to the nearest police station to report it. It is possible for the financial institution to request the report at some time.