Last Updated on June 1, 2025 by Amrita Das
Canceling a credit card might seem straightforward, but with Credit One, the process involves a few specific steps. Whether you’re switching to a better card, minimizing fees, or streamlining your finances, this guide will show you how to cancel your Credit One Card step by step.
Also, you will get everything you need to know before you close your account, including the potential impact on your credit score and how to manage your rewards or remaining balance.
Also Read: Can I Cancel The Credit Card After Submission?
Reasons to Cancel Your Credit One Card
Before jumping into the cancellation process, it’s worth considering your reasons for closing the account. Here are a few common ones to help you reflect:
- High Annual Fees: Some Credit One cards come with relatively high annual fees that might not align with the benefits they offer.
- Better Alternatives: You might have found another credit card with better rewards, lower interest rates, or features that better suit your spending habits.
- Simplifying Finances: Managing fewer credit cards can make tracking your finances easier.
- Disuse: If you’re no longer using the card, an unused account might feel unnecessary.
While canceling a card can be a sound choice in many cases, it’s also important to weigh the potential downsides. Understanding the impact of cancellation on your credit score can help you make an informed decision.
What to Consider Before Canceling Your Credit Card
Canceling your Credit One card may seem like a simple decision, but it’s a step that could affect your financial profile. Understanding the following factors will help you decide if closure is the right choice for you.
Credit Score Impact
Your credit score can be affected by closing a credit card due to these reasons:
- Credit Utilization Ratio: Canceling a card reduces your available credit limit, which can increase your credit utilization ratio and negatively impact your score.
- Credit History Length: Older accounts contribute to a favorable average account age. Closing an older card may shorten your credit history, affecting your score.
Pro Tip: If your Credit One card is a long-standing account, you might want to keep it open with minimal activity to preserve your average credit history length.
Rewards and Benefits
Check if you’ve accumulated any rewards with your Credit One card. Once you cancel the account, any unused rewards may be lost. Redeem your points, cashback, or other benefits before initiating the cancellation process.
Annual Fees
If your card charges annual fees, consider whether the benefits outweigh the cost. Canceling a card with high annual fees could save you money, especially if you have other cards with better terms.
Steps to Cancel Your Credit One Card
If you’ve evaluated your options and decided to proceed, here’s how to cancel your account without hiccups.
Step 1: Pay Off Your Balance
Ensure your Credit One account balance is at zero. You cannot cancel a credit card with an outstanding balance. Pay off all dues, including interest and fees, before moving forward.
Important Note: A transaction made shortly before canceling could result in hidden charges. Wait for one to two billing cycles to ensure all charges are accounted for.
Step 2.1: Cancel by Phone
To cancel via phone, here’s what you need to do:
- Dial Credit One customer service at (877) 825-3242.
- Enter your card information in the automated system when prompted.
- Ask to speak to a customer service representative. If there isn’t a clear option to connect with a human, press “0” repeatedly to bypass the system.
- Ask the Credit One representative if you wish to close your card account.
- Consider any retention offers, such as reduced fees or interest rates, but feel free to decline if cancelation is your goal.
Step 2.2: Cancel by Mail
If you prefer to handle the process in writing, follow these steps:
- Write a formal letter indicating your intent to cancel the card.
- Include details such as the last four digits of your card number, your name, and your address (do not include the full card number).
- Mail the cancellation request to Credit One Bank, General Correspondence, P.O. Box 98873, Las Vegas, NV 89193-8873.
- Use certified mail or a service with tracking to ensure your letter is received.
Remember, mailing your request will take longer than canceling over the phone.
What Happens After You Cancel a Credit One Card?
You’ve successfully cancelled your Credit One card, but what’s next? Closing your account doesn’t automatically wipe out your obligations tied to it. From monitoring remaining balances to updating your linked accounts, there’s more to consider.
Here’s what typically happens:
- Outstanding balances remain active: If you still have a balance on your Credit One card at the time of cancellation, you’re obligated to repay it. Your credit card won’t disappear from your financial ecosystem until it’s fully paid off.
- Credit report reflection: Your closed card will remain on your credit report and continue to affect your credit utilization and length of credit history.
Taking proactive measures can prevent unnecessary complications.
How to Handle Outstanding Balances?
If you had an unpaid balance when cancelling your Credit One card, leave no room for error when managing it. Here’s how to ensure your financial milestones aren’t disrupted:
Monitor Your Balance
Continue to check statements on your Credit One online account or app. Just because the account is closed to new charges doesn’t mean you can ignore ongoing balances or accrued interest.
Commit to Timely Payments
Ensure you make at least the minimum payments each month. Late payments not only increase interest but can also negatively affect your credit score.
Settle the Amount in Full
Once ready, pay off the full balance owed. Only after this step will Credit One officially complete the closure process for your account.
Pro Tip: Use automated payments to avoid missing deadlines while focusing on clearing your balance quickly.
Redeeming Remaining Rewards
Did you forget to redeem rewards or cashback benefits before cancelling? Don’t worry, you still might have time.
Redeem Rewards Before They Expire
To prevent losing the value you’ve earned:
- Check your rewards balance: Log in to your Credit One account and see if you can still redeem points or cashback for statement credits, merchandise, or gift cards.
- Act fast: Rewards expire once your account is fully closed, so don’t wait too long to claim them.
Exceptions to the Rule
Depending on the cancellation timing, some cards might refund your rewards, but it’s always best to review the fine print in your terms and conditions.
Maintaining Financial Stability Post-Cancellation
When cancelling a Credit One card, disruptions in recurring payments can easily catch you off guard. Here’s how to keep things running smoothly.
Review Recurring Payments
Take note of bills or subscriptions that were linked to your cancelled Credit One card. Examples include:
- Streaming services (Netflix, Spotify)
- Gym memberships
- Utilities or mobile payments
- Online shopping subscriptions
Update Payment Methods
Replace the cancelled card with an active one for these services. Use a credit card with better rewards, lower fees, or higher cashback as an alternative.
Avoid Missed Payments
Ensure all updates are completed before the next billing cycle to prevent service interruptions, late fees, or penalties that can harm your credit score.
Pro Tip: Keep a list of recurring charges linked to specific cards for better financial visibility.
Alternatives to Canceling Your Credit One Card
Canceling isn’t your only option. If you’re unsure about closing your Credit One account, here are a few alternatives to consider.
Keep the Account Active but Minimal
Instead of canceling, keep the card open with small, occasional transactions. This strategy helps maintain your credit history and avoid negative impacts on your credit score.
Contact Customer Service
If your main reason for canceling is dissatisfaction with fees or terms, reach out to customer service to see if they can offer a resolution. Many companies are willing to negotiate terms to retain their customers.
Downgrade to a No-Fee Card
If annual fees are your primary concern, ask if Credit One offers a no-fee version of your card. This allows you to keep your account open without incurring additional costs.
Also Read: SECU Credit Cards: Finding the Perfect Card for Your Lifestyle
Frequently Asked Questions:
Q: Does canceling my Credit One card hurt my credit score?
A: It can, depending on factors like your credit utilization ratio and the age of your credit accounts. However, the impact is often temporary, and your score can recover with proper credit management.
Q: How long does it take to close my Credit One account?
A: The process is usually immediate once you contact customer service, but continue monitoring your account to ensure no additional charges or fees appear.
Q: Can I reopen my Credit One account after canceling?
Most credit card companies don’t allow customers to reopen an account after it’s been closed. But in the case of Credit One, you can do it under the right circumstances.
Q: Will I still owe an annual fee after canceling?
If you cancel your card shortly after being charged an annual fee, try contacting customer service to request a refund. These fees are sometimes reversed on a case-by-case basis.
Additional Reading: How To Record Credit Card Deposits In QuickBooks?
How to Cancel Your Credit One Card? Final Thoughts
Deciding to cancel a credit card is a significant financial step that should align with your overall money management strategy. While canceling a Credit One card may make sense if the fees outweigh the benefits or if you find a better alternative, it’s essential to understand the potential consequences for your credit score.
Always ensure your balance is cleared, redeem your rewards, and follow the proper cancellation procedure to avoid complications. If you’re not entirely sure about canceling, explore the alternatives mentioned above. Taking proactive steps before and after cancellation can help you make the most out of your financial decisions.
