Finding a credit card with a low credit score is complex because most banks will deny your application or give you higher interest rates than usual.
Faced with this problem, some consumers have had the option of applying for a line of credit with Credit One Bank, a card issuer that specializes in helping users with this type of inconvenience.
How can I cancel a credit card with Credit One Bank?
You are free to cancel the credit card whenever you want; many reasons will lead you to make this decision, either because the interest rates are too high or because you do not wish to continue having that credit card.
We recommend the PenFed Visa to earn cash back for everyday purchase with no annual fee and a $100 bonus when you spend $1,500 in the first 90 days ➤ Apply here
To do so is as simple as contacting Credit One at 1 – 877 – 825 – 3242 and following the steps in the automated menu to reach customer service. You will be connected with a representative.
After several questions, he will proceed with the cancellation and confirm when the credit card is fully disabled. The phone line is available 24 hours a day, every day of the week, but it is advisable to call at reasonable times to ensure that they will attend to you.
If you cannot reach the phone lines, you should try by mail, make the entire request and send it to Credit One Bank General Correspondence P.O. Box 98873 Las Vegas, NV 89193 – 8873.
It is important to mention that cancellation by mail takes longer, and you should ensure the application is received at the office.
What happens after I cancel my Credit One credit card?
Even if the cancellation is approved, if you have any outstanding debt, you must continue to pay the minimum amount due each month until you become current. Until the debt is paid in full, your Credit One account will not be closed.
However, even though the account is still open, you cannot make any purchase transactions with the credit card; whenever you try, it will be declined. You must also remember to update the payment method on invoices that continue to charge the Credit One card.
If you have any outstanding rewards, be sure to redeem them before you cancel; after that, you will not be able to claim or use them.
When is it time to cancel the Credit One credit card?
The main reason to do so is when you no longer need it; they are credit cards designed for users with bad or regular credit; their interests and limits are usually not the best. Credit One credit card annual fees are very high and tend to vary.
It is time to cancel them when your creditworthiness is good, and you can start applying for credit cards with better rates and higher rewards.
Alternatives to canceling your Credit One credit card
Consider that you can damage your credit score when you cancel your Credit One credit card, depending on your current credit history. Still, it will always be affected after cancellation.
You can keep your account active to access credit when required, saving you from having to open a new one if things don’t go as planned. Aging your account to improve your credit score is also a good choice.
A credit card never hurts; it can be effective for occasional purchases or paying bills. We recommend deleting the account only when you are sure you will not use it again.
How to properly manage a Credit One credit card?
To avoid canceling your credit card or preventing a bad credit history, the best thing to do is learn how to use it properly. To begin with, only charge the account what you know you can pay before the due date; you should avoid creating debt.
It is best to pay the full balance on your statement each month and keep track of your credit score. Remember that this credit card benefits you and improves your credit history.
Was this Content Helpful?
YesNo
You are leaving CreditOneBank.com
If you click the 'Continue' button, you will be directed to a third-party website unaffiliated with Credit One Bank, which may offer a different privacy policy and level of security. Credit One Bank is not responsible or liable for, and does not endorse or guarantee, any products, services, information or recommendations that are offered or expressed on other websites.
Click the 'Return to CreditOneBank.com' button to return to the previous page or click 'Continue' to proceed to the third-party website.
Continue
Credit Basics Financial Education Thinking about canceling a credit card but wondering if doing so could affect your credit? Consider the following before cutting your card into tiny pieces.
About the author:
Sean P. Egen
After realizing he couldn’t pay back his outrageous film school student loans with rejection notices from Hollywood studios, Sean focused his screenwriting skills on scripting corporate videos. Videos led to marketing communications, which led to articles and, before he knew it, Sean was making a living as a writer. He continues to do so today by leveraging his expertise in credit, financial planning, wealth-building, and living your best life for Credit One Bank.
Credit cards can increase your purchasing power. Just one credit card can give card members a convenient way to buy big-ticket items, cover emergency expenses, and pay for vacations without tapping into their checking or savings accounts. Multiply that power by three, and it might seem excessive. But not to everyone.
Many people regard credit scores as an indicator of overall financial health, but lenders primarily view them as a measure of creditworthiness. Credit scores are an extremely useful tool lenders employ to decide if they should offer someone credit and at what interest rate. But how exactly are those three little numbers on your credit report calculated? There are several key factors nearly all credit bureaus look at to determine your credit score, which is presented as a FICO® Score or VantageScore®. By understanding the different components of your score and how they are weighted, you can take control of your credit score today.
So you’re looking to increase your credit score—preferably sooner rather than later.