You can close your Capital One credit card account in multiple ways, including online or over the phone. However, there are some things you should know before officially canceling your credit card so you don’t cost yourself money or damage your credit score.
If you’re on the fence about deactivating your Capital One account, there are alternatives you can explore.
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What to know before canceling your Capital One credit card
Closing a credit card has hidden consequences you should consider before you take steps to officially shut down your Capital One credit card account. Here are some things to consider before ending your line of credit:
- You’ll lose your points: According to Capital One, you’ll forfeit any unredeemed rewards on your Capital One credit card when you close your account. Make sure to cash out on your points, miles, or cashback rewards before you formally cancel your card.
- You won’t get your annual fee back: If you’ve already paid an annual fee for your Capital One credit card, you won’t get any of it refunded when you cancel—even if you still have most of the year left. Unless you’re also paying monthly fees, consider waiting to cancel until right before your next annual fee is due so you can continue taking advantage of your Capital One credit card’s benefits in the meantime.
- You’ll still get billed: If you leave an unpaid balance on your Capital One credit card, the debt won’t disappear when you close the account. Instead, you’ll continue to be billed until the balance is paid in full, even if your Capital One account is fully closed.
- You cannot reopen your account: Capital One states that canceling a credit card account is a permanent act (with very few exceptions). So beware that once you close your account, you will not be able to reopen it.
- Your credit score may drop: Canceling a credit card may affect your credit utilization ratio and your credit age (though the latter will only be affected in your VantageScore, not your FICO score). Both of these are factors in your credit score, so you may see a slight drop in points when you shut down your Capital One credit account.
How to close a Capital One credit card account
There are multiple ways to cancel a Capital One credit card. Here are all the ways close your account:
How to cancel a Capital One credit card online
To cancel your Capital One credit card online, follow these steps:
- Go to www.capitalone.com or open your Capital One mobile app
- Log into your account and select the correct card
- Select “I Want to”
- Scroll down and click “Control Your Card”
- Follow the instructions under “Close Account”
How to cancel a Capital One credit card by phone
To cancel your Capital One credit card by phone, call the customer service team at 1-800-CAPITAL (1-800-227-4825).
Have your credit card number and Social Security number on hand, as you will need to give them to the representative.
How to cancel a Capital One credit card by mail
To cancel your Capital One credit card by mail, send a letter stating your card number and request to cancel to the following address:
Capital One
Attn: General Correspondence
P.O. Box 30285
Salt Lake City, UT 84130-0287
Alternatives to canceling your Capital One credit card
If you’re not set on closing your Capital One credit card for good, consider one of these alternatives.
Request a different card
If your current Capital One credit card isn’t serving your needs well enough, consider requesting a credit card upgrade or downgrade.
If your card costs too much in fees that you don’t feel are offset by rewards, call the number on the back of your Capital One credit card and ask if you can downgrade to a less expensive card.
If your current Capital One credit card doesn’t offer enough rewards or benefits, call the number on the back of your card and request an upgrade to a better credit card. Note that whether they accept your request will likely be based on your Capital One borrowing history and current credit standing.
Request a credit limit increase
Considering canceling your Capital One credit card because you need more credit? Don’t pull the trigger until you’ve first tried requesting a credit limit increase.
To get a Capital One credit limit increase, call the number on the back of your credit card or request an increase through your online account.
Negotiate your interest rate
If a high interest rate is what’s giving you pause about your Capital One card, consider calling the number on the back of the card and negotiating your credit card interest rate. You may be able to get a lower interest rate if your credit score has improved or if you’re facing unexpected difficulties (like job loss or divorce).
Freeze your card
You may want to cancel your card to resist the temptation of overspending on credit. If you’ve been purchasing past your limit, putting your card away for a while is a great idea. However, you may want to freeze your card rather than close your Capital One account entirely.
Freezing, or locking, your Capital One credit card renders the card unusable until you choose to unfreeze it. There are no charges or penalties for freezing a Capital One credit card.
