How Do I Close My Visa Credit Card?

When reorganizing your personal finances, you may be looking at what credit accounts you can close. If you have a Visa credit card, you may be considering removing that account from your active ones, but how do you close your Visa credit card? For guidance, you can contact Visa customer support here, and below is information on how to close your credit card.

Before Closing Your Card

Before you close your credit card, make sure you do the following:

1. If your Visa credit card has a reward program, redeem all your reward points before closing your account. Once you close your Visa credit card, any unused points will be forfeited, so you want to get what you've already earned.
2. Look at your credit utilization ratio and make sure closing your Visa account will not push your ratio over 30 percent overall. When calculating credit scores, your utilization is determined by dividing the amount of credit you are using by the total amount available.
3. Know that your credit score may take a dip initially when you close your Visa credit card, but this dip is usually very short-lived, and your score will rebound quickly.
4. Make sure you don't have an unpaid balance on your Visa credit card.
5. Even after you close your account, you may get one last bill for any interest that may accrue between the request to close the account and when the account actually closes. Your Visa credit card account is not completely closed until your balance is paid in full.

How To Close Your Visa Credit Card

Now that you have reviewed the steps before closing your Visa credit card, you can take the next steps in the process as listed below:

1. Call the lender that issued your Visa card (whether it was a bank, credit union or retailer).
2. Verbally request that your Visa credit card account be closed and ask if there is a balance on the card that must be satisfied before closing the account. If there is a balance, submit that payment over the phone at that time.
3. If the customer service representative offers you retention incentives, politely decline those and reaffirm you wish to close your account.
   
4. Make sure you tell the representative to notify credit reporting bureaus that the account was closed at the customer's request.
5. You can also write a letter to the lender that issued your Visa card requesting the account be closed. In the letter, include the request to notify credit reporting agencies the account was closed at your request.

After You Close Your Visa Credit Card

Once your account has been closed, review your credit report to make sure it is reflected accurately. If it has not been reported that the account was closed at your request, make sure you dispute the inaccurate information with the credit reporting bureaus. Closing your account can give you greater financial freedom. For more information, contact Visa customer support here.